If AI is the catalyst for the next breakout accounting platform, why hasn’t anyone built the unicorn yet? After dozens of private equity deals since 2020 and nearly every firm experimenting with AI, you’d think the arbitrage would be gone.
It’s not. The opportunity is still open because most platforms are stalled somewhere between experimentation and execution. The winners will be those who treat AI adoption as a business model change, not a software rollout.
Three Reasons the Arbitrage Still Exists
1. Deployment Gap
Most accounting platforms are trapped in what insiders call “pilot purgatory.” They’re testing AI tools in isolated pockets but haven’t standardized or scaled them across the portfolio. According to Accounting Today, many firms are still running pilots without clear ROI frameworks or governance structures to support scale.
Field data shows that even modest AI deployment can reduce close cycles by more than a week and shift staff time toward advisory work. Still, few platforms are capturing that value because their systems and data models remain fragmented.
2. Governance Paralysis
AI governance is the new frontier of compliance. More than half of North American PE and VC firms expect formal AI restrictions within the next 12 to 18 months, according to Ocorian. Regulators like the PCAOB and IESBA are already signaling increased scrutiny, especially around independence and audit ethics.
That uncertainty has paralyzed many sponsors. They’re waiting for perfect clarity before acting, when in reality, first movers who establish credible frameworks now will own the trust advantage. PCAOB- and IESBA-aligned policies aren’t just about risk mitigation; they’re differentiators that attract acquisition targets and reassure clients.
3. Integration Complexity
AI value isn’t realized by buying the right tool. It depends on standardizing data, processes and workflows across firms. Most roll-ups still operate as loose federations of independent practices with fragmented systems. True scale requires unified charts of accounts, shared SOPs and centralized quality assurance. That level of integration is difficult, but it’s also the moat. The first platform to treat AI adoption as a structured change-management program rather than a tech experiment will pull ahead fast.
Why Time Is Running Out
This window won’t last forever. The arbitrage closes when two things happen:
- Multiple platforms demonstrate standardized AI operations at scale
- Top independent firms develop internal AI capabilities strong enough to stay independent
Industry watchers estimate a 24- to 36-month runway before the market re-rates the sector. After that, AI capability becomes table stakes, not a multiplier.
The Contrarian Threat: Independence from PE
Here’s the risk that could rewrite the entire roll-up thesis. The best firms may decide they don’t need PE at all. As AI lowers the cost of scale, capital stops being the differentiator and capability becomes the edge.
Top 50 firms like Sensiba and Bennett Thrasher are already vocal about their commitment to independence, as covered by Accounting Today. The economics support it. A firm generating $200 million in revenue at 22% margins can expand to 27% and add 12% organic growth through AI, creating $40 million in value without giving up ownership.
For sponsors, this means one thing: you have to bring more to the table than capital.
What Winning Platforms Will Offer
Independent firms won’t sell for funding alone. They’ll join platforms that create real, irreplaceable value:
- M&A Execution at Scale: The ability to consolidate 20 or more firms in 36 months
- Shared Data Standards and Centralized QA: Platform-wide SOPs, unified technology stacks and measurable quality improvements
- AI Governance Infrastructure: PCAOB- and IESBA-aligned frameworks that stand up to audit and regulatory scrutiny
- Talent Density: Access to top-tier AI, data and operations leadership that no single firm can afford independently
If your pitch is “we’ll give you money and leave you alone,” the best firms will walk. If your pitch is “we’ll make you 40% more profitable and future-proof your operations,” they’ll listen.
What Comes Next
In Part 3, we’ll break down the math behind the multiple, specifically how AI translates into valuation uplift, which KPIs to track from day one, and what an evidence-backed 100-day plan looks like.
Learn more about Netgain’s AI Enablement Services for CPA firms building operational leverage through governed AI adoption.