THE Ayala Corp.-backed IQ BackOffice said net revenue across clients from various industries for its accounting solutions increased 156 percent, driving the company’s growth last year.
In a statement, the El Segundo, California-based subsidiary of LiveIt Investments Ltd. (Liil) added sales of its accounting solutions were in the restaurant space, “which saw 196 percent of growth this year.”
Liil is the holding company for Ayala Corp.’s investments in the business-process outsourcing sector.
IQ BackOffice said it “implemented a high volume of clients in 2014, including Five Star Food Service, Vantage Oncology, CIG Logistics and Mancha Development.”
“With increased client demand, the firm has expanded globally with the opening of a new office in Ambattur, Chennai, India—more than doubling the size of its previous office to increase its capacity to deliver customized solutions to global clients,” the company said in a statement.
President and CEO David Schnitt was quoted in the statement as saying that his company is seeing “ample opportunity” with both new and existing clients.
“Midsized firms are realizing that outsourcing is more than just cost savings, but is an effective way to quickly gain best practice business processes and technology to help them grow their businesses.”
Schnitt said he expects more midsize enterprises as clients for this year.
He added the company has partnered with Intacct, a provider of cloud financial management and accounting software, for an “all-inclusive offering.”
Intacct’s capabilities enable IQ BackOffice to deliver both financial and operational information and reports, including cloud-based drill-down financial statements, in real-time to clients, according to Schnitt.
The company said in the statement that Intacct’s accounting software also integrates with third-party applications such as CRM (customer relations management) and payroll, “allowing IQ BackOffice to customize the solution to each client’s industry and unique requirements, whether it is for restaurant and hospitality, manufacturing, real estate or clients in many other industries.”
IQ BackOffice, however, didn’t give a value to this partnership with Intacct.