Rivio Merges With CPA2Biz
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CPA2Biz, Inc., the New York-based strategic partner of the American Institute of Certified Public Accountants (AICPA), announced today that it has merged with Rivio, Inc., the Santa Clara, Calif.-based application service provider (ASP) for small businesses.
"Rivio has proven applications and a technology platform that allows full private labeling by CPAs," says Brett Prager, President and CEO of CPA2Biz, Inc.
"Our objective since founding CPA2Biz has been to strategically assist CPAs in providing an integrated suite of business applications for better serving their clients and organizations they serve," he adds, arguing that the merger better positions the firm to assist CPAs.
"We had been looking for the right business partner for our services and we found it in the CPA," says Navin Chaddha, President and CEO of Rivio, Inc.
"We saw the opportunity to merge with CPA2Biz as a strategic way to meet the increasing demand among CPAs and their small business clients and employers for a technology platform that can be integrated with all of the business solutions they need."
Rivio says its underlying technology, Integrated Business Services Network (iBSN), will allow CPA2Biz to offer private label solutions to CPA firms and provide a framework for integrating its own application, content and services or those offered by CPA2Biz's existing strategic partners such as Microsoft and VeriSign.
Says Prager: "The Rivio platform, integrated with CPA2Biz financial services, allows CPAs to use and offer a fully integrated human resources management and financial services suite."
"The Rivio technology platform allows CPAs - in public practice or in business and industry - to improve the success rate of small business by offering to their clients or employers core business application solutions that are necessary for small businesses to compete in today's marketplace," said Barry Melancon, CPA and President and CEO of the AICPA.
CPA2Biz and Rivio will each contribute members to the combined company's management and board of directors. Brett Prager, will serve as CEO, and Navin Chaddha will serve as President.
Navin Chaddha and Gary Rieschel of Mobius Venture Capital will join the CPA2Biz Board of Directors.
"The proposed merger offers tremendous synergies between the companies' management, investors, products, businesses strategies and sales channels to provide a quantum leap in building the small business distribution channel," says Gary Rieschel, Executive Managing Director of Mobius Venture Capital.
Additionally, the merger brings together a strong investor base, including Accenture Technology Ventures, Aon, Bank of America, Marsh & McLennan Capital, Microsoft, Mobius Venture Capital, Opportunity Capital Partners, Thomson and VeriSign.
Founded in February 1999, Rivio has more than 25,000 registered small business clients, operates business services centers for more than 30 distribution partners, including Bank of America, BellSouth, Metavante Corporation and Verizon Communications.