Fluence Technologies delivers another record year of growth

April 13, 2022

Record year includes global partnerships and acquisition as demand for close and consolidation solutions from mid-size companies globally becomes a top priority for finance executives

TORONTO - April 12, 2022 - Fluence Technologies, the only purpose-built financial consolidation, close and reporting software for midmarket businesses, announced today yet another year of unprecedented growth. The company exceeded expectations by growing customer acquisition by 3x, annual recurring revenue (ARR) by 4x, and international partnerships by 2x. Fluence also won the award for Financial Consolidation Vendor of the year from BPM Partners and further broadened its reach and capabilities by acquiring XLCubed.


  • Three times growth in the number of customers
  • Quadruple growth in ARR
  • Doubled the number of international partners
  • Acquisition of XLCubed, the most robust Excel-centric, data connected financial reporting solution
  • Awarded #1 Financial Consolidation Vendor at the BPM Partners Pulse Awards

Organic Growth:

The midmarket’s need for financial consolidation, close and reporting capabilities that the office of finance can own and use independently continues to grow, which contributed to Fluence’s customer base growing to triple in size.

Commenting on the impressive progress this past year, CEO Michael Morrison said "The acceleration of our revenue growth and the pace of our customer acquisition reflects Fluence's commitment to market leadership driven by product innovation.  We are addressing a gap that has long existed in the midmarket, and doing so aggressively."

This midmarket solutions gap was also reflected in a global study of midmarket finance leaders commissioned by Fluence, in which 100% of respondents said they want software that automates the close process, and 95% want agile, light-weight financial packages over legacy software suites to better respond to volatile business conditions. Yet fewer than 2% considered the technologies they use to be cutting edge.

In addition to the growing market demand for Fluence’s offerings, the growth in Fluence’s customer base was accelerated by two factors: its strong international partner network, and the acquisition of XLCubed.

International Partner Network:

Fluence’s partner network more than doubled in size over the last year and now spans six continents. It includes partners of all sizes, from internationally recognized enterprise consulting companies to solo practitioners who are committed to and work every day with finance teams in mid-market organizations.

To celebrate the achievements of its partner network, Fluence is launching its first Partner of the Year awards this month and winners will be announced in the upcoming weeks.

Acquisition of XLCubed:

In Q3 of last year, Fluence announced its acquisition of XLCubed, which enhances the world-class financial reporting, analytics and dashboarding capabilities that Fluence offers its customers. XLCubed is designed specifically for the self-service needs of finance and business professionals through a familiar Excel interface.

This important acquisition was supported through Fluence’s strategic partnership with Banneker Partners, who bring a depth of resources, access to new markets, and a shared vision for strategic growth.

"Our acquisition of XLCubed has allowed us to broaden our reach and our offerings,” said Michael Morrison, CEO of Fluence Technologies. “ We can further capitalize on the power and familiarity of Excel to provide richer, more powerful capabilities to our customers."

Industry and Customer Recognition:

Fluence’s leadership position in financial consolidation was celebrated by BPM Partners who awarded Fluence the #1 Financial Consolidation Vendor award at the BPM Partners Pulse Awards. Fluence was the only company to earn a perfect score for consolidation customer satisfaction. Fluence also earned a 100% recommendation rating, which measures the inclination of Fluence customers to recommend the company to friends and colleagues.

About Fluence Technologies

Fluence is the only purpose-built financial consolidation, close and reporting software for midmarket businesses. Our customers go live in weeks, close their books in days and report intelligence in real time. We deliver game-changing efficiency gains and trusted, timely numbers to over 800 customers so they get the time, control and confidence they deserve. Fluence is out-of-the-box, no-coding software with a full Excel interface and enterprise-grade capabilities for immediate adoption and quick time to value, all in a truly finance-owned solution. Welcome to Fluence...we close early.

Fluence Technologies offers a next-generation cloud consolidation solution that powers a faster and more confident financial close for companies of all size. It combines the ease, and flexibility of Excel with the control and efficiency of a traditional enterprise consolidation platform.
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