PwC announces alliance and investment with Codebase

PwC has announced an alliance with CodeBase, Europe’s largest incubator, to help accelerate its growth in a move that reinforces the professional services firm’s commitment to startup and scale-up technology companies in Scotland.

More than quadrupling in size since its March 2014 launch, CodeBase in Edinburgh is home to over 90 startups - including Administrate, QikServe, TVSquared and Care Sourcer - which employ more than 600 people. A Stirling incubator was announced earlier this month.

CodeBase’s mission is to build and scale the next great tech companies out of Scotland and it has helped to incubate scale-up companies which have raised over half a billion dollars of investment since its 2014 launch by co-founders Jamie and Stephen Coleman and others.

The alignment will see PwC offer business support concentrating on a number of tailored services focussed around its My Financepartner offering which offers a low-cost subscription service providing business advisory services.

The My Financepartner suite includes cloud-based accounting software, state of the art management information reporting, payroll and traditional accounting and tax services in an easy to access format that fast growth businesses demand.

The deal was pulled together by At PwC’s My Financepartner team and head of innovation for Scotland, Douglas Shand.

Mr Shand said: “I’ve been involved with a lot of startups and scale-ups and very often they are companies which initially struggle to justify the cost and complexity of a traditional back office function. Reflecting that, My Financepartner lets them pick and choose the services they may want to use and pay for them as needed on a subscription payment model.

“Some of the work coming out of Codebase is cutting edge stuff. It’s fantastic to see the passion and enthusiasm for what’s being created. Stephen and Jamie did a fantastic thing when they set this up and it’s exciting to be involved with it as it goes to the next level from Edinburgh to Stirling and elsewhere.”

As part of the agreement, PwC will take up a presence at Codebase, with the team led by newly-appointed My Financepartner leader for scotland Ian Marshall.

Stephen Coleman, CEO and co-founder of CodeBase, said: “The partnership with PwC allows us to both accelerate development at Argyle House on our journey to build a tech powerhouse in Edinburgh and for our companies to tap into the firm’s global expertise and networks.”

PwC regional chair Lindsay Gardiner, said: “Professional services is changing and PwC in Scotland has attempted to be at the forefront of that change where it makes sense for our clients and the Scottish economy. We were one of the first to recognise the growing importance of cybersecurity and now we have the largest team in Scotland. Additionally, our digital forensics team is one of the strongest and most robust in the country

“This deal and the development of My Financepartner also reflect these exciting, changing times. Startups and scale-ups don’t want or need a traditional financial advice service so we’ve adapted to that. My Financepartner lets the companies take care of the majority of their own accounting and business requirements but with the back-up and pro-active support of our experts if and when they need to talk to them.

“Many say it’s about wanting to be – or looking for – the next Skyscanner, but to me that misses the point. Yes, it’s fantastic that Scotland can produce unicorns and we hope there are many more of them. Private businesses are the lifeblood of Scotland and the advice companies get at Codebase is set to help them be amongst the next generation of fast growth and big success firms. Being able to help all of these companies to that level will be a fantastic achievement.

“These companies – and CodeBase itself – are making a positive difference not only to Scotland but to people across the globe and it’s exciting to be part of that.”