TimeSolv Press Release

Lightyear Capital Announces the Formation of ProfitSolv


Scott Clasen
TimeSolv - Director of Marketing
Phone (651) 687-0090 x 7011

Elliot Sloane
ThroughCo Communications
Phone (917) 291-0833

NEW YORK–(BUSINESS WIRE), September 24, 2020 – Lightyear Capital LLC (“Lightyear”), a New York-based private equity firm focused on financial services, announced today that investment funds affiliated with Lightyear have established ProfitSolv (or the “Company”) to acquire integrated billing, payments, and software solutions for legal, accounting, and other professional services firms including consulting, architecture, and engineering firms. ProfitSolv has made three acquisitions to date:

  • Rocket Matter, a leading cloud-based legal billing, practice management, and payment processing software business;
  • TimeSolv, a provider of cloud-based software for legal billing and timekeeping; and
  • ImagineTime, a practice management and payments company serving accounting and other professional services firms.

Investment funds affiliated with Lightyear are the Company’s lead investor, and Greater Sum Ventures (“GSV”) holds a significant minority stake. The Company will seek to execute strategic acquisitions that will help expand its footprint within the professional services software and payments solutions industry, a highly fragmented market with a large number of small providers. Lightyear estimates the total addressable market for these solutions is approximately $1.4 billion in the legal vertical alone.

Kelley Castell has been appointed Chief Executive Officer of ProfitSolv. Mr. Castell joins ProfitSolv after having served in a variety of senior leadership roles at fintech and payments companies including Bluefin Payment Systems, Oasis Outsourcing, and First Data. “I am excited to be working with the experienced teams from Lightyear and GSV to build on ProfitSolv’s strong customer- and product-oriented strategy, achieve strong organic growth, and expand the business through acquisitions,” said Mr. Castell.

“Our investment in ProfitSolv reflects our long-term investment thesis that embedding payment solutions in vertically integrated, sector-specific software will continue to gain market share from more traditional software providers,” said Mark F. Vassallo, Managing Partner of Lightyear. “We believe that solutions which integrate and automate billing, invoicing, and electronic payments will deliver stronger, more efficient receivables management, particularly since most small businesses still process paper checks.”

Lightyear’s affiliated investment funds have successfully invested in embedded and vertically integrated payments companies, including realized investments in HigherOne, which serves higher education institutions, and Alegeus, which manages consumer-directed healthcare payments, and a current investment in Therapy Brands, which serves behavioral and mental health professionals. In addition, Lightyear has accumulated considerable expertise in building companies through mergers and acquisitions with over 90 acquisitions made through its affiliated funds’ portfolio companies since 2000.


TimeSolv helps lawyers and other professionals increase their billable time and get paid faster. TimeSolv is the most comprehensive yet easy-to-use cloud time and expense billing software proven since 1999, with over $6 billion billed. TimeSolv can be used offline and online.  Data can sync bidirectionally between TimeSolv and QuickBooks. Compatible with PCs and Macs, iPad, and other tablets, iPhones, and Android App. TimeSolv is headquartered in Eagan, Minnesota.

About Lightyear Capital LLC

Founded in 2000, Lightyear is a financial services-focused private equity firm based in New York. Through its affiliated private equity funds, Lightyear makes primarily control investments in North America-based, middle-market companies associated with financial services, including asset management and wealth management, banks and brokerage, commercial and consumer finance, financial technology, healthcare financial services, insurance, and tech-enabled business services. Lightyear brings focus and discipline to its investment process, as well as operating, transaction and strategic management experience, along with significant contacts and resources beyond capital. For more information, please visit www.lycap.com.

About Greater Sum Ventures

Greater Sum Ventures (GSV) is an entrepreneurial growth equity firm that invests in lower-middle market tech-enabled business services companies. With entrepreneurial roots and proven operational and investing experience, GSV builds platforms of growing technology companies that revolutionize the industries they serve. Guided by a unique perspective and playbook, GSV adds exceptional value to its growing portfolio, which includes Community Brands, Inhabit IQ, Therapy Brands, Transit Technologies, and Government Brands, among others. The firm was established in 2015 by the founders and leadership team of Ministry Brands, which would become the 2017 Private Equity Deal of the Year. Headquartered in Knoxville, Tennessee, GSV provides access to capital and consulting services to startups all over the world. To learn more, visit GreaterSumVentures.com.

The Right Tools for Every Profession

Manage projects, track progress in real-time, send invoices and record payments


The ability to efficiently break your business down and track by client, task, frequency, and more brings new clarity to your work and saves you valuable time. Use customized, professional invoices with your company’s logos and style for a polished look that elevates your brand. Comprehensive reports about your invoices give you clear data on which clients are best for your business and which customers should be reconsidered.


With Intuit QuickBooks Online or Desktop integration, TimeSolv its seamlessly into your workflow. Accounting is time-consuming enough—you want your time-tracking and invoicing solution to be as simple as possible. Leave the filing cabinet behind and use our invoicing dashboard to create and send customizable, robust invoices. The Intuit QuickBooks integration is flawless for superior user experience with bank reconciliation features and other time-saving features for small businesses.


To thrive, self-employed freelancers and small business owners need excellent time-management and expense reporting software. Don’t let business expenses, organizing receipts, and invoicing take up too much of your time. Track each billable minute and create invoices in seconds so you can maximize your billable hours, manage cash flow, and set reasonable quotes for value billing to grow your small business.   

Use the best invoicing software for self-employed and small business owners to create recurring invoices for any clients on retainer to automate your billing completely. Send professional invoices and payment reminders customized with your business logos to attract and retain high-quality customers. Accept customers’ payments via credit cards and bank account drafts to keep your AP/AR in check.

PR Firms

Tracking time accurately provides important insights to all PR professionals for budgeting and bidding on new fixed-fee projects. Clients often want to pay a single rate in a fixed-fee project, but you need to stay profitable. One of the features of TimeSolv is that you can use our invoicing software to track time to set rates and use the entries to invoice quickly and send payment reminders to reduce your accounts receivable and receive payments at the end of the month. Tracking time accurately provides important project management insights to all PR professionals for budgeting and bidding on new fixed-fee projects. 


Mac Firms

TimeSolv was designed for companies that are used to products that work seamlessly from one device to another. TimeSolv’s invoicing software matches Mac’s simple interface and can sync across devices, so it’s easier to communicate with everyone on your team and stay on top of project management. With our integration features and accounting tools you can Become an invoice ninja and finish your invoicing and billing fast, no matter where you’re located or what device you're on with our easy integration and user experience.

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