This release originally appeared on Marketwired.
Corporate Performance Management Vendor Doubles Software Revenues for Fifth Consecutive Year
ALBANY, NY and TORONTO, ON – March 2, 2017 – Vena Solutions, the fastest growing provider of cloud-based corporate performance management (CPM) software, closed a record 2016 with software revenues doubling year over year. Beyond the company’s growth, Vena also raised a major round of funding, earned new industry awards and accolades, and added hundreds of new customers including White Castle, FirstService Corporation and Air Transport Services Group.
“Vena is proud to wrap up 2016 with record numbers and growing market leadership, and we look forward to continuing this momentum moving forward,” said Don Mal, CEO of Vena Solutions. “Vena’s approach to embracing Excel continues to be validated by customers and industry analysts alike, and our commitment to customer success is evident in the recognition we consistently earn for industry-leading customer satisfaction.”
Vena embraces Excel to automate financial processes such as budgeting, planning and forecasting, with enterprise-grade features including workflow, data management and a centralized cloud database. Unlike traditional solutions that try to replace Excel with rigid, hard to use software, Vena is the easiest way for finance professionals to get trusted insights – fast.
“Vena leverages Excel to promote adoption and usability, helping its customers experience a shorter payback period, improved productivity and a significantly reduced learning curve,” said Anne Moxie, senior analyst at Nucleus Research. “To CPM customers, this should be an attractive value proposition in getting their teams to actually use applications in order to experience a positive ROI. We expect that Vena will continue to rapidly attract and retain customers as one of the fastest growing companies in the market.”
In 2016, Vena secured $30 million in funding, led by Centana Growth Partners, a private equity firm that invests in high growth companies in financial services, financial technology and related enterprise technology areas. Vena raised the funds to grow the company’s product, sales and marketing teams, and further accelerate the company’s growth rate.
“These results show precisely why we’re so pleased to be working with the team at Vena, and how they’re putting our investment to work,” said Eric Byunn, partner at Centana Growth Partners. “We backed Vena not only because of its fit with our focus on the financial services ecosystem, but also the tremendous growth potential we see in enterprise-grade software like Vena that is familiar, intuitive and easy to use.”
Additional Vena 2016 milestones:
- Named to the Deloitte Fast 500 as one of the fastest-growing tech firms in North America.
- Named the top-rated CPM vendor in customer satisfaction by business technology review site TrustRadius.
- Recognized by leading industry analysts as a CPM market leader by Nucleus Research and a Core Vendor and a leader in customer satisfaction in the CPM market by BPM Partners.
- Expanded its growing network of global, strategic partners across four continents, including the Commonwealth Trade Initiative to connect with customers and partners across 53 member countries.
- Achieved “Built for NetSuite” status, taking part in the NetSuite SuiteCloud Developer Network (SDN) partner program.
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About Vena Solutions
Vena turns Excel into an enterprise-class business solution with a centralized database, workflow, detailed audit trail and more. With Vena, hundreds of leading global brands now get trusted numbers and insights – fast – with their favorite spreadsheet software. Our customers use Vena for corporate performance management (CPM) applications including budgeting, financial close management and reporting, and automating other spreadsheet-driven processes beyond Finance. Vena is the fastest growing cloud CPM vendor, and the only one to embrace – not replace – Excel spreadsheets. Visit us at www.venasolutions.com.