Business 3 min read By Callum Montgomery
Startup Numica buys retiring owners' accounting firms and automates their work with AI
New York startup Numica, backed by $21 million in equity and debt, is acquiring small US accounting practices from retiring owners and using AI to handle most routine workflows while a licensed CPA signs off on final work.
A New York startup called Numica is buying small accounting firms from owners who are nearing retirement, and it is using artificial intelligence to run much of the day-to-day work once the practices change hands. The company, which is led by founder and chief executive Slava Orekoff with cofounder Victor Lysenko, announced on Thursday that it had raised $21 million in equity and debt. Its investors include Roosh X, the investment arm associated with Roosh, and the London-based firm Flashpoint. The bulk of the new capital is earmarked for further acquisitions.
Numica launched in June 2025 and has so far bought seven practices. Together they serve about 6,000 clients across New York, New Jersey, Florida, Texas and California. The client base spans restaurants, trucking companies, real estate businesses and health care providers. The company's most recent deal closed on Monday, and another is expected to complete next week.
The acquisitions address a structural problem in the sector. According to the company's figures, there are about 87,000 small accounting firms in the United States, and roughly half of their owners are expected to retire within the next five to seven years. At the same time, the pipeline of new entrants is thinning. The American Institute of CPAs reported that 55,152 accounting degrees were awarded in 2023 and 2024, a fall of 6.6 per cent. One firm cited in the reporting saw its internship intake drop from around 150 candidates to fewer than 60.
Numica says it keeps staff and clients in place after a sale, and that former owners may remain involved on a part-time basis for up to four years. Target firms are identified partly through AI tools that scan business listings, and referrals have now become the company's largest source of new deals. The company says its AI systems handle about 75 per cent of workflows in a firm's first year under new ownership. A licensed certified public accountant still reviews and signs off on the final work.
The company has also reported financial gains. It says profit margins at its New York practices have risen from 37 per cent to 52 per cent, with a target of 70 per cent. These figures have not been independently verified and rest on the company's own reporting. Numica sends client consent letters after each deal, but the reporting indicates that clients are not generally told how much of the work is carried out by AI.
It remains unclear whether clients will leave because of the company's use of AI. Numica's account of its results is self-reported, and the wider effect of AI-driven ownership on small firms and their customers has yet to be tested over a longer period.
Source: fortune.com
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