What's Happening?
Grant Thornton, a top 10 accounting firm, has sold its quality management application, qm.x, to Tellen, an accounting AI software company. Despite the sale, Grant Thornton will continue to use the platform under a multiyear commercial agreement and will promote its use across the Grant Thornton International Limited network. The specific terms of the deal were not disclosed. The qm.x platform, launched in 2022, was initially developed to help accountants comply with the International Auditing and Assurance Standards Board's International Standard on Quality Management 1. It provides a cloud-based framework for designing and documenting quality management processes. Tellen will now serve as the long-term product owner and primary technology partner
for all existing qm.x users, including those within and outside Grant Thornton's network. Tellen plans to rebrand the platform as Tellen QM and expand its capabilities to better support firms during the audit process.
Why It's Important?
This transaction signifies a strategic shift for Grant Thornton, allowing the firm to focus on its core accounting services while leveraging Tellen's expertise in software development to enhance the qm.x platform. By partnering with Tellen, Grant Thornton ensures that the platform can evolve more rapidly and support a broader range of firms, aligning with its original intent for the solution. For Tellen, acquiring qm.x represents an opportunity to expand its AI-enabled audit solutions, potentially increasing its market share in the accounting software industry. Existing users of qm.x will benefit from continued service and enhancements without disruption, ensuring stability and continuity in their quality management processes.
What's Next?
Tellen plans to integrate the qm.x platform into its own system, rebranding it as Tellen QM. The company aims to enhance the platform's capabilities to support AI-enabled workflows across audit quality and execution. Grant Thornton will continue to use the platform and provide input into its development, ensuring that it meets the evolving needs of the accounting industry. This partnership may lead to further innovations in audit technology, potentially influencing how firms worldwide approach quality management and compliance.
