FinancialForce.com, a cloud ERP provider on the Salesforce1 Platform, announced that funds managed by Advent International, a global investment group dedicated to private equity, have committed an additional $50 million for the growth of FinancialForce.com as part of a broader investment in the company’s majority investor, UNIT4.
After this funding, which FinancialForce.com will use to expand its cloud-based offering, UNIT4 will continue to be the majority shareholder and Salesforce.com will continue to be a significant minority investor.
“We are changing the way people think about ERP by making it more customer-centric and social with the cloud as the underpinning,” stated 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 company will also be using the funds to accelerate investments in product development, sales, marketing and customer support.
“To be successful in today’s market, companies must transform into customer-centric organizations,” stated Fred Wakeman, managing partner and head of Advent’s technology, media and telecom team. “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 organization. The company’s unique customer proposition differentiates it, making the business an exciting investment opportunity for UNIT4 and Advent. Together we are focused on maximizing FinancialForce’s potential and positioning it for long term growth.”
FinancialForce.com’s growth in 2013 included increasing its revenue run rate 80 percent year-on-year, the launch of FinancialForce HCM, the acquisition of global human capital software provider Vana Workforce, and the creation of FinancialForce SCM with the purchase of supply chain-management software provider Less Software.