FINANCIALFORCE.COM RECEIVES $50 MILLION IN FUNDING FROM ADVENT INTERNATIONAL
Funding will fuel company’s continued investment in cloud ERP
FinancialForce.com, a leading cloud ERP provider on the Salesforce1 Platform, announced today that funds managed by Advent International, one of the largest and most experienced global investment groups dedicated solely to private equity, have committed an additional $50 million for the growth of FinancialForce.com as part of a broader investment in FinancialForce.com’s majority investor, UNIT4. After this additional funding, UNIT4 will continue to be the majority shareholder and salesforce.com will continue to be a significant minority investor in the company.
With this funding, FinancialForce.com will further transform the ERP industry by expanding its cloud-based offering.
“We are changing the way people think about ERP by making it more customer-centric and social with the cloud as the underpinning,” said Jeremy Roche, President and CEO at FinancialForce.com. “With UNIT4 and Advent’s contribution, FinancialForce.com can expand its ERP solution on the fastest growing platform in cloud computing, Salesforce1. The company is on track to transform the ERP market in the same way that salesforce.com has for CRM.”
The funds will also enable the company to accelerate investments in all facets of the business including product development, sales, marketing and customer support.
“To be successful in today’s market, companies must transform into customer-centric organisations. FinancialForce.com’s ERP offering provides end-users with a family of cloud solutions that allow them to gain a unified, informed view of the customer experience across the entire organisation,” said Fred Wakeman, Managing Partner and Head of Advent’s Technology, Media and Telecom team. “The company’s unique customer proposition differentiates it, making the business an exciting investment opportunity for UNIT4 and Advent. Together we are focused on maximising FinancialForce.com’s potential and positioning it for long-term growth.”
Forrester Research has written extensively on the importance of being customer-obsessed, stating in a recent report: “This is the age of the customer. We have begun a 20-year business cycle in which the most successful enterprises will reinvent themselves to systematically understand and serve increasingly powerful customers.”
This announcement follows a year of rapid growth for FinancialForce.com. In addition to growing its revenue run rate by 80 percent year-on-year in 2013, the company also launched FinancialForce HCM with its acquisition of Vana Workforce, a global human capital software provider, and created FinancialForce SCM with its purchase of Less Software, a supply chain management software provider. Both products are included in FinancialForce ERP and built on the Salesforce1 Platform.