ICAEW welcomes CLA’s acquisition of Engine B
Engine B is a UK-based technology company that specialises in delivering generative AI solutions for the professional services industry, providing deeper insights and opportunities for their clients
Chartered accountancy body ICAEW has welcomed the acquisition of technology business Engine B by US accounting firm CLA (CliftonLarsonAllen LLP).
As part of the deal, ICAEW has sold its existing stake in Engine B to CLA.
Engine B, a next-generation AI-driven, is a UK-based technology company that specialises in delivering generative AI solutions for the professional services industry, providing deeper insights and opportunities for their clients.
The acquisition underscores CLA’s commitment to harnessing cutting-edge technology to enhance client service and enable CLA professionals to focus more on client engagement, pursuing new business opportunities, and delivering value-added services.
Harnessing the power of generative AI and Large Language Models, Engine B’s cutting-edge technology is designed to transform the way accounting professionals work, allowing for deeper business and financial insights for clients.
Alan Vallance, ICAEW chief executive, said: “ICAEW identified the potential of Engine B at an early stage, and we invested in the company to give it the time and space to develop a platform which could accelerate the adoption of data integration and artificial intelligence across the accountancy profession. We are delighted that our investment has paid off: Engine B’s customers now include accountancy firms of all sizes, and with the backing of CLA, we are confident it has a great future.
“ICAEW has therefore decided that this is the right time for us to divest our stake in Engine B. We look forward to maintaining a strong working relationship with CLA and exploring further areas for collaboration which address the evolving needs of the profession.”
Jen Leary, CEO of CLA, added: “CLA is investing in the future of our people, of our clients and our profession. With the addition of Engine B, CLA is becoming a force for positively disrupting the profession, creating a path for our professionals to spend more time directly with clients, leaning into our promise to know and help them.
“Engine B’s generative AI-powered technology aligns closely with our vision of leveraging digital solutions to drive operational excellence and deliver greater value to our clients.”
Shamus Rae, founding partner of Engine B, concluded: “This connection is the right step for Engine B and for CLA. Our technology will seamlessly integrate into CLA’s existing systems and give us all a head-start in ingesting client information and extracting clear data sets to provide strategic client initiatives. For both firms, this is a strategic step toward growing revenue while further investing in our professionals.”
