For nearly three decades, Cyprus-based software company Zygos has built practice management software for law firms, accountants, and corporate service providers. Today, the company serves close to 400 clients across multiple jurisdictions, helping firms manage onboarding, compliance, workflows, reporting, and day-to-day operations through a centralized platform.

In a recent conversation with FastForward, CEO Nikolas Chatziavraam discussed how AI, regulation, and digital transformation are reshaping the professional services industry, while also revealing details about a major new version of the Zygos platform launching this June.

The Growing Pressure on Legal and Accounting Firms

According to Chatziavraam, firms operating in sectors like law, accounting, and corporate services face increasing operational and regulatory pressure. Beyond handling everyday workflows, companies must also navigate growing compliance requirements and risk management obligations.

Zygos was designed to simplify this complexity by combining multiple operational functions into one system. Instead of relying on scattered tools, firms can manage onboarding, project workflows, compliance procedures, reporting, and time tracking within a single platform.

The software is also built to support organizations of different sizes. Smaller firms typically prioritize agility and simplicity, while larger enterprises require advanced security, permissions systems, and detailed reporting capabilities.

AI Is Changing the Professional Services Industry

A major focus of the discussion was the rapid impact of artificial intelligence on legal and accounting work.

Chatziavraam described AI as one of the biggest transformational forces currently affecting professional services firms worldwide. While Cyprus may still be in the early stages of adoption compared to larger international markets, he believes the shift is already underway.

Many repetitive tasks traditionally performed by junior lawyers and accountants can now be automated, fundamentally changing how value is delivered to clients.

Despite the opportunities, Chatziavraam warned that firms adopting AI too quickly without preparation could face major challenges.

One of the biggest issues is data quality and structure. AI systems are only as effective as the data they rely on, meaning firms without proper data management policies may struggle to fully benefit from new technologies.

He also pointed to risks involving hallucinations, cybersecurity, and data exposure, emphasizing that firms must approach implementation carefully while still adapting to inevitable technological change.

On the Cyprus front, he argued that while the country has successfully attracted technology companies and investment, the digital transformation of the public sector still lags behind. Projects related to e-government and digital justice systems, he said, need to accelerate significantly in order to support the next phase of AI adoption.

Why Zygos Chose to Focus on One Niche

After joining the company around 15 years ago, Chatziavraam helped steer the business toward a more specialized direction by focusing entirely on legal, accounting, and corporate services software rather than serving multiple industries.

Although the decision meant walking away from certain clients and revenue opportunities at the time, he believes it ultimately allowed the company to strengthen its product and establish itself as a leader in its niche.

“You have to have a good product and you have to solve real problems,” he said during the discussion.

A New Version Launches This June

One of the biggest announcements from the interview was the launch of a completely rebuilt version of the Zygos platform on June 9.

The current version has been on the market for roughly a decade, but the company decided it needed a fresh foundation to improve the user experience and properly integrate AI capabilities into the future of the product.

According to Chatziavraam, the new release introduces a redesigned interface, updated architecture, and a stronger framework for future AI-driven functionality. Existing clients will gradually migrate to the new platform as the company sunsets the older version over time.

Looking ahead, Zygos plans to continue expanding internationally while investing heavily in product development and AI integration.