Codas Web-based accounting application Coda 2go has been spun off into a separate company, known as FinancialForce.com, headed by Coda CEO Jeremy Roche.
The new company is backed by Codas Dutch parent company, Unit 4 Agresso, with a minority investment from Salesforce.com, whose Force.com technology is used by Coda 2go. The company will leverage the cloud computing model used by Coda 2go and Salesforce.com.
The Coda 2go team and products have transferred to FinancialForce.com, which will be run from the company's new corporate headquarters in San Mateo, Calif., as well as from its offices in Harrogate, U.K. FinancialForce.com already has established sales, pre-sales and support teams in North America and the U.K. to take the new solution to market.
Salesforce.com will provide first-line support for FinancialForce.com, giving customers of both Salesforce CRM and FinancialForce applications a single consistent point of contact.
Roche has been appointed president and CEO of FinancialForce.com. George Hu, executive vice president of marketing and alliances at salesforce.com; Chris Ouwinga, chairman and CEO of Unit 4 Agresso; Edwin van Leeuwen, CFO of Unit 4 Agresso; and Roche make up the FinancialForce.com board of directors.
FinancialForce.com will do for finance and accounting what salesforce.com has done for CRM, predicted Roche.
One of the company's competitors, Intacct CEO Mike Braun, dismissed the venture. "This announcement is just PR, and does very little to change the landscape of the market," he said.
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