From Yahoo Finance: 2025-06-04 09:02:00

Crete Professionals Alliance plans to invest $500 million to acquire U.S. accounting firms in the next two years. With AI technology, the company aims to boost efficiency and transform traditional industries. Founded in 2023, Crete has seen rapid growth, now generating $300 million in annual revenue.

Venture capital firms like Thrive Capital are funding a buying spree to equip local businesses with AI technology. Crete PA has raised funds from investors like Thrive and plans to acquire majority stakes in local firms. Co-founder Jake Sloane believes AI tools can help expand accountants’ customer base.

Thrive Capital, known for big bets in Silicon Valley companies, is working with OpenAI to build customized tools for the accounting industry. AI tools have saved Crete-owned accounting firms hundreds of hours monthly. The roll-up approach allows accounting practices to maintain a minority equity stake in the business.

Venture capital firms are increasingly investing in traditional services like accounting. Thrive Capital aims to create value in the accounting industry through roll-ups, giving more ownership and control of businesses. The goal is to enhance service quality with AI while maintaining human relationships.

Crete PA aims to use technology to enhance service quality, not replace accountants. Technology has played a significant role in enhancing productivity in the industry. Other VC firms like General Catalyst are also pursuing roll-ups in professional services, believing AI technology can boost profitability.

Read more: Thrive-backed accounting firm Crete to spend $500 million in AI roll-up