Jonathan Davey, NAB’s EGM, Digital and Innovation

Accounting, invoicing and receipt-tracking software company, Wave Financial Inc. is to be acquired by accounting and tax-prep firm H&R Block for AU$583 million. Post the deal closing, Wave will operate as an independent subsidiary from H&R Block.

Managing Director, NAB Ventures, Melissa Widner noted: “It’s been a privilege to work with CEO and Co-Founder Kirk, Peter and the team. This successful outcome is the result of over a decade of exceptional work and tenacity from the entire Wave team. NAB Ventures is delighted to have such a successful exit so early in our fund.” Melissa also served as a Wave board observer.

Wave’s last AU$32 million funding round was led by NAB Ventures along with Royal Bank of Canada, Social Capita, BDC IT Venture and many more.

NAB’s Executive General Manager, Digital and Innovation, Jonathan Davey said: “We are thrilled with the signing of this agreement. Wave is a leading global accounting platform for micro-businesses used by over 400,000 small businesses globally. Their success was built on the company’s ability to understand the needs of small business owners and to service them accordingly. This ‘early’ exit really speaks to the quality of the product offering and we couldn’t be more pleased with the outcome.”

Established in 2010, Wave Financial Inc. provides software solutions and related services specifically designed to help small business owners manage their finances. Wave provides accounting, invoicing, payroll, and payments software solutions, as well as bookkeeping services, built into a comprehensive platform.

by Megha Bhattacharya
Market Analyst at IBS Intelligence
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