Karbon announces key executive leadership change to continue advancing as accounting practice management leader

SAN FRANCISCO, CA, March 7, 2023 — Karbon, a global leader in accounting practice management software used by over 3,000 accounting firms, today announced a change to its executive leadership team further strengthening its position as the leading industry provider. Effective April 1, Mary Delaney assumes the position of Chief Executive Officer while Stuart McLeod, CEO and Co-founder transitions into a role as advisor, board member, and investor.

“Karbon is experiencing record growth after successfully executing against its product vision in 2022 and is well positioned to accelerate into our next stage. Mary is the ideal person to lead Karbon through this next phase of growth while continuing to elevate customer value. She is a recognized leader who’s made a career of driving company growth and building high-performance teams, and we couldn’t have found a more trusted and experienced executive,” said McLeod.

Delaney and McLeod share a united vision to help accounting firms overcome the challenges of a talent shortage, and the need to accomplish more with less. They believe that Karbon can play a crucial role in enabling firms to achieve greater productivity gains and improved collaboration. "I'm honored to be leading this world-class team which has a reputation for customer excellence, innovation, and employee engagement," said Delaney. "Our strength in collaborative practice management puts Karbon in a unique position to inspire accounting firms to achieve their biggest goals.”

“Mary is seasoned in scaling global SaaS companies, cultivating exceptional company culture, implementing winning go-to-market strategies, as well as fostering product affinity and customer loyalty. Her high-energy, inclusive approach has enabled her to build a reputation for achieving hypergrowth and market leadership. We look forward to her expanded role leading Karbon to new heights,” said Joe Onofrio, Managing Director, Five Elms, who led the Series A investment round.

“Tidemark has been fortunate to work with over a dozen vertical SaaS companies, and we believe that Karbon enjoys an enormous opportunity. Karbon’s powerful but user-centric practice management platform empowers accountants to better serve their small business clients and build profitable and growing practices. Stuart has done an amazing job bringing Karbon to life, and Mary is the exact right leader for Karbon through this scaling phase,” said Dave Yuan, Founder and Partner of Tidemark, who led the Series B investment round.

Since joining Karbon as Chief Revenue Officer, Delaney led the go-to-market team to deliver a record-breaking second half of 2022 while earning the #1 ranking on G2 for practice management. Prior to Karbon, Delaney served as CEO of Broadbean, a global recruitment technology company servicing clients in 183 countries. Prior to Broadbean, she led technology-enabled background screening firm CBES through a smooth transition from family-founded to industry leader.

About Karbon

Karbon, a global leader in practice management software for accounting firms, provides an award-winning, collaborative cloud platform focused on streamlining work and communications within a firm and its clients. Karbon drives unprecedented value for its customers evidenced by its #1 ranking on G2 and customer-reported savings of 16.5 hours per week per employee. Founded in 2014, Karbon has customers in 33 countries with employees across US, Australia, New Zealand, Canada and the United Kingdom. Karbon is well-funded and backed by Tidemark, Five Elms, and Blackbird. 

About Five Elms 

Five Elms Capital is a global growth equity firm that invests in fast-growing B2B software businesses that users love. Five Elms provides capital and resources to help companies accelerate growth and further cement their role as industry leaders. Since its inception in 2007, Five Elms has focused exclusively on software investing, building an unmatched network and deep domain expertise. Today, with over $1.5 billion in assets under management and a global team of over 60 investment professionals, Five Elms has invested in more than 50 software platforms globally.

About Tidemark

Tidemark is a growth equity firm purpose-built to help companies win and scale, powered by a community of investors, entrepreneurs, and operators energized by ideas, a love of competition, and the desire to give back. The firm makes investments of $20 -150M to support the next generation of category leaders, such as Contentful, Dutchie, Kajabi, Karbon, and ServiceTitan. 10% of Tidemark's profits go to its foundation, Tidemark10.