Fluence Raises Capital to Modernize Financial Consolidation
Fluence's innovative application strategy makes enterprise-caliber information and efficiency accessible to corporations of all size
TORONTO, June 23, 2020 - Fluence Technologies, the next-generation cloud consolidation solution that powers a faster and more confident financial close, has raised capital from investors including MaRS Investment Accelerator Fund (IAF) and has been named Best New Vendor for 2020 by BPM Partners.
"This is the golden age of consolidation systems, but we haven't seen a new vendor in this space in quite some time. Because of their subject matter expertise, the Fluence team has been able to create an enterprise-caliber consolidation solution that's very easy to use and comes at a mid-market price tag,"
said Craig Schiff, CEO of BPM Partners.
The Fluence financial consolidation solution changes how midsize enterprises approach financial close, giving them access to data and efficiencies previously reserved for the world's largest corporations. Financial consolidation solutions eliminate significant manual work, reduce errors, and generate the fast and accurate data needed to drive growth, yet the cost and complexity involved with implementing and maintaining these solutions has traditionally put them out of reach for mid-market enterprises.
"Fluence is solving one of those problems that sound simple but turn out to be this massive pain-point for thousands of companies, Financial consolidation gets incredibly complex and successfully tackling the issue requires a combination of deep expertise in tech, data, and corporate financial management. The Fluence team brings all of that in spades and we're excited to support them on this journey."
said Alexander Barclay, Senior Investment Manager at MaRS IAF.
The Fluence leadership team brings over 200 years of combined experience at companies like IBM, Outlooksoft, Clarity Systems, SAP, Longview, Vena Solutions, and Delbridge Solutions.
"Because of the depth of team expertise, we've been able to overcome the entrenched limitations around serving this market to create the first cloud consolidation solution for midsize enterprises,"
said Fluence Executive Chairman, Don Mal.
Fluence uses generic functional components of an industry leading CPM Cloud based platform, along with a consolidation engine and Microsoft Excel, to create an intuitive user experience that bypasses much of the learning curve and system complexity associated with other technologies. As a result, the solution can be easily owned and maintained by finance, while still offering the security, accuracy and control of a traditional cloud-based consolidation platform.
"CFOs at mid-market companies have the same issues as their larger competitors, but lack the correspondingly large budgets and headcounts, Fluence bridges that gap by significantly streamlining complexity without sacrificing functionality."
said Fluence CEO, John Power.
About Fluence Technologies
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.