News & Events
International Finance Corporation, part of The World Bank Group, selects Vena 5
Washington, D.C. – The International Finance Corporation (IFC), a member of the World Bank Group, is the largest global development institution focused exclusively on the private sector in developing countries. Offering investment, advisory, and asset management services, the IFC allows companies and financial institutions in emerging markets to create jobs, generate tax revenues, improve corporate governance and environmental performance, and contribute to their local communities.
IFC will initially roll out Vena 5 for Budgeting, Forecasting, and Reporting.
Why Vena?
- The IFC team liked Vena’s “embrace Excel” approach and ability to have business users own and maintain the application.
- Vena’s implementation timeframe is measured in weeks vs. months with alternative solutions.
- Vena is a platform that can be used to address any critical, spreadsheet process within finance and accounting. IFC envisions leveraging Vena 5 for budgeting, forecasting, reporting, salary planning, month-end close (roll-forward schedules, accruals, account reconciliation), and tax.
- Vena is strong in financial services, has deep industry experience, and a rich history of implementing performance management software solutions.
Vena Solutions Recognized as Best New Vendor
Vena Solutions Recognized as Best New Vendor in the Pulse of Performance Management Survey and Market Analysis
Toronto, ON – Vena Solutions, an innovative provider of performance management software for mission-critical finance and accounting processes, was named Best New Vendor in the BPM Partners Pulse of Performance Management Survey and Market Analysis.
This impartial finding by BPM Partners, the leading independent authority on business performance management (BPM) solutions, was conducted through a customer satisfaction survey from hundreds of finance and accounting users across all industries. The selection of Best New Vendor is also based on research of industry trends, and end-user feedback on innovative vendors.
In the annual briefing, Craig Schiff, CEO of BPM Partners, recognized Vena Solutions for their innovative approach to performance management. As stated by Schiff, “Vena Solutions leverages your investments in Microsoft Excel® spreadsheets and models, ties them to a central database and takes the chaos out of the equation”. Schiff went on to explain how Vena’s other features, including a “very powerful workflow capability and a beautiful process designer, detailed audit trails, and version comparisons”, help customers manage and control finance processes.
Schiff points out that Vena Solutions’ ability to extend beyond standard performance management offerings into tax accounting, treasury management, project planning and other areas is an ideal fit for mid-sized to large organizations that are seeking a comprehensive solution that leverages the investments that have already been made in Excel.
“As noted in the BPM Partners survey, nearly 80% of performance management users still use Excel regardless of the systems they have in place. This continued use of Excel makes Vena’s approach ideal for organizations,” said Rishi Grover, Vena Solutions’ president.
“The Vena Solutions’ executive team and staff have a rich history of helping clients solve their most critical business performance challenges. This recognition is an exciting accomplishment and a testament to our commitment to customer satisfaction and product innovation,” added Don Mal, Vena Solutions’ CEO.
ABOUT VENA SOLUTIONS:
Vena Solutions delivers the most flexible performance management solution available for budgeting, forecasting, planning, reporting, analytics, and other mission-critical finance and accounting processes to large and mid-market companies around the world. Vena’s unified web-based software platform embraces all the power and flexibility of Microsoft Excel® yet provides powerful workflow management, control and reporting capabilities. This unique approach is complemented by a dedicated consulting, advisory and training team. The result is fast time to benefit, lower cost of ownership, and a solution that is easily managed by clients. For more information, visit http://venasolutions.com.
ABOUT BPM PARTNERS:
BPM Partners is the leading independent authority on business performance management (BPM) and business intelligence solutions. The company helps organizations address their budgeting, planning, financial reporting, regulatory compliance, profitability optimization, key performance indicator (KPI) development, and operational performance challenges with vendor-neutral experts who can guide companies through their BPM initiatives from start to finish while both reducing risk and minimizing costs. Visit http://www.bpmpartners.com.
Petzl America Selects Vena Solutions for Unique Approach to Performance Management
Clearfield, Utah – Petzl America, Inc. manufactures and wholesales sporting and professional gear and equipment. It offers technical gear and advice for mountaineering, rock climbing, ice climbing, aid climbing, canyoning, and caving. Petzl also offers professional gear and technical advice for work-at-height as well as difficult access and confined space rescue systems including arboriculture, fire and urban rescue, framing and roofing, towers, ski lifts, and structures for events. The company was founded in 1991 and is based in Clearfield, Utah. Petzl America, Inc. operates as a subsidiary of PETZL S.A. which is headquartered in France.
Reasons Petzl America selected Vena Solutions:
- Vena’s unique approach to solving the traditional challenges with spreadsheet supported processes compared to other performance management vendors
- Vena 5′s ability to solve various processes across the organization beginning with budgeting
- Vena 5 will provide immediate benefits as opposed to investing in BPC at headquarters in France after SAP’s implementation is complete in 2-3 years
Codexis Inc. Selects Vena due to Functional Breadth in FP&A, Reporting and Close Management
Redwood Shores, CA – Codexis, Inc. provides biocatalyst and fermentation processes and products. The Company provides its customers research and development services, biocatalysts and fermentation strains, synthetic and natural products. Codexis uses the Molecular Breeding platform to develop enzymes and fermentation strains. These biocatalysts are designed for specific commercial applications, and various manufacturing processes.
Codexis selected Vena for the following reasons:
- Vena’s extended platform could encompass what their current multi-vendor applications collectively provide.
- Vena is a single solution to automate their FP&A, External Reporting and Accounting Close Processes.
Ontario Clean Water Agency (OCWA) Selects Vena 5 for Project-based Planning and Forecasting
Toronto, ON – As a Crown Agency of the Province of Ontario, Ontario Clean Water Agency (OCWA) is committed to ensuring all Ontarians have access to a provider of safe and reliable water and wastewater services. When you want safe, reliable and cost-effective clean water services, OCWA is a name you can trust. In fact, 180 clients already put their trust in OCWA, from municipalities and First Nations, to institutions and businesses. OCWA clients can expect superior value and comprehensive first-rate service solutions.
Reasons for selecting Vena included:
- Vena was a much more complete solution compared to competing vendors.
- Vena’s true 100% native MS-Excel was a positive differentiator compared to other CPM vendors and custom solutions when it came to modeling capabilities
- Vena’s experience and ability to meet the needs of OCWA for areas such as Budgeting, HR Planning (including salary allocations), and Revenue Planning
- Additional areas for Vena reporting included trend analysis – FTE by Facility (%), Actual to Budget variance analysis, and project summaries
- Vena’s workflow, process maps, and audit trail were all significantly better than the competition
Hudbay Selects Vena due to Application Flexibility
Toronto, ON – Hudbay (TSX: HBM)(NYSE: HBM) is a Canadian integrated mining company with operations, development properties and exploration activities across the Americas principally focused on the discovery, production and marketing of base and precious metals. Today Hudbay is an international mining company with properties under exploration, development and operation in Canada, the United States, Peru, Chile and Colombia.
Hudbay selected Vena for the following reasons:
- Vena’s Professional Services Team won Hudbay’s trust early with their knowledge & experience across multiple Finance areas
- Vena’s workflow, process maps and audit trail were all significantly better than the other solutions in the evaluation
- Vena’s true 100% native MS-Excel interface was a positive differentiator compared to other CPM vendor’s MS-Excel-like interface when it came to modeling capabilities
- Vena’s extended CPM capability will be applied to six different automation projects
Morpho Detection Selects Vena 5 for Budgeting, Planning & Reporting
Newark, CA: Morpho Detection, a high-technology company in the Safran group, is a market leader in security solutions. As a pioneer in identification and detection systems, and a major player in e-documents, Morpho is recognized for its excellence in key technologies, advanced skills and benchmark expertise. With integrated systems already deployed in over 100 countries, Morpho seeks to create a climate of confidence by contributing to the safety and security of people, transportation, data and countries around the world. The company has:
- More than €1.4 billion revenues
- 7,200+ employees in over 40 countries worldwide
- More than 85 subsidiaries and branches across 5 continents
- Over 8% annual turnover dedicated to R&D
Business Problem and Issues
The Accounting and Finance team at Morpho Detection are buried in spreadsheets. They use Excel Spreadsheets for all of the corporate budgeting/planning/financial reporting as well as in their accounting close process. Along with the flexibility and power of Excel comes the significant drawbacks including version control, lack of audit trail, multiple versions of the truth.
Why Vena Solutions was selected:
The finance team at Morpho Detection wanted minimize change-management and they felt that Vena offered the best of both worlds – A solution that integrates financial budgeting, planning, reporting, consolidations, analytics in a single unified application with MS-Excel as the user interface.
Vena Solutions continues to expand in the U.S.
Toronto, ON - In order to meet the demand for Vena’s software applications for Corporate Performance Management (CPM), Vena Solutions has expanded its U.S. operations with recent business development field offices in Arizona and DC and a new sales office in Boston, MA.
Vena Solutions provides software for spreadsheet based processes such as Financial Planning & Analysis, Month-End Close, Consolidation and Financial Reporting.
