Where legacy meets innovation: How Bifrost Partners are redefining firm succession
Bifrost Partners is a US-focused acquisition vehicle founded by the team behind Scaleup Finance and Nume. They’re on a mission to modernize smaller accounting firms, using Karbon as the foundation.
They signed up to Karbon and joined the Practice Marketplace in order to identify, acquire, and transform traditional firms through technology, AI, and process excellence, creating a new model for global firm scalability.
The challenge of the industry
After conducting extensive market research, Bifrost uncovered a defining truth about the accounting industry:
“There are 88,000 accounting firms in the US, but only around 500 with EBITDA over $5 million,” says Jonathan Riemann Feilberg, Managing Director at Bifrost Partners. “The rest are mostly analog, owner-led firms, and over half of those owners are nearing retirement.”
That landscape presents both a massive opportunity and an urgent risk. Thousands of firms risk closure as owners retire, leaving clients without accountants and staff without leadership. At the same time, business owners’ expectations for advisory services are higher than ever—especially in the age of AI.
Bifrost’s research also found that most firm employees are not native to AI or modern systems. Many lack access to training and guidance on how to adopt the tools that could multiply their efficiency and protect their future employment.
A vision of the future
Rather than disrupt the industry from the outside, Bifrost aims to elevate it from within.
They believe that the future of accounting lies in augmenting human expertise with technology. “AI and humans working together,” as Jonathan puts it.
Their goal is to help firms evolve at their own pace, introducing clients and staff to automation and insights gradually and at the right pace, rather than all at once.
“Silicon Valley builds for tech-native users. We’re building for everyone else: for the firm owners and business clients who want to modernize but need a bridge to get there. Your best clients and your best staff shouldn’t have the rug pulled out from underneath them. They need time and guidance to adapt to change.”
Bifrost sees themselves as that bridge. The name itself—taken from Norse mythology—symbolizes the rainbow bridge between two worlds.
In their model, one side is traditional accounting; the other, a tech-powered, AI-assisted, client-centric firm of the future. And they want to guide clients and staff through this journey.
The solution: Karbon as the operating system
From their experience building Scaleup Finance and Nume, the Bifrost team knew success depended on process and visibility. That’s why they chose Karbon as the core operating system for every firm they acquire.
Using Karbon templates, Karbon AI, and structured workflows, Bifrost is designing a scalable architecture where:
Every firm runs on standardized best practices.
AI assists with data collection, task management, and communication.
Advisors focus on high-value insights instead of administrative work.
They liken this approach to switching views in Google Maps—from street view, to satellite, to public transport.
Karbon enables them to view each firm through multiple lenses: technology stack, organization structure, AI adoption, and client communication. They want to enable accountants to be the superheroes they want to be by removing the administrative burden.
« Too many firm leaders only see their business through one lens. Karbon helps us see the entire ecosystem—how people, tools, and AI connect. »
The impact
Bifrost’s model promises a triple win:
For retiring firm owners: a fair exit and continuity for their clients and teams.
For staff: upgraded tech, training, and longevity in their careers.
For clients: better service, faster turnaround, and reduced costs.
“Every accountant we empower through better tools can help more businesses,” Jonathan says. “That unlocks economic growth and liberates people from the mental strain of accounting admin.”
Looking ahead
Bifrost is already in motion to acquire US firms and bring them onto Karbon. Their goal is to replicate the success of Scaleup Finance’s operations—a tech-first, human-centered accounting model where AI and advisory coexist.
As they build this new US network, Karbon will be the thread connecting each firm, ensuring operational consistency, scalability, and long-term value creation.
In fact, they’re building their entire acquisition thesis on Karbon. By empowering traditional firms to evolve into AI-driven, client-first organizations, they’re redefining what it means to scale in accounting.
In their words, this is “benevolent disruption”—helping an aging industry find new life, one firm at a time.
Key Results
Consistent and powerful core operating system for all acquired firms
Complete visibility across all functions of acquired firms
Standardized and templated workflows across all acquired firms
Staff at all acquired firms receive upgraded tech, training, and longevity in their careers
Fair exits for firm owners, and continuity for clients and staff
The ability to browse accounting practices for sale via the Practice Marketplace
