Extends FinancialForce Accounting to create the only end-to-end solution for services companies on the same cloud platform;
First acquisition driven by a shared cloud platform emphasizes the growing importance of salesforce.com’s Force.com ecosystem
San Mateo, CA, December 07, 2010: FinancialForce.com, the global leader in online cloud accounting solutions built natively on the Force.com platform from salesforce.com, today announced an agreement to purchase the PS Enterprise cloud solution from Appirio. The acquisition will extend FinancialForce.com’s strategy of providing complementary solutions built on the Force.com platform. Together, the solution sets create the first end-to-end solution for services for project-based companies on the same cloud platform.
Unlike other application acquisitions, the line between the PSA, accounting and Salesforce CRM functions is indiscernible, and the three applications are literally embedded together on the highly secure and scalable Force.com platform. As a result, services companies can run all of their core systems – including marketing, sales and customer management; services management and delivery; and accounting and reporting – on a single solution. And by taking advantage of FinancialForce Billing, Appirio customers can now make the process of invoicing and collecting cash as swift as possible, maximizing cash flow during the lifecycle of a project.
This will be the first acquisition driven by a shared cloud platform, demonstrating the increasing importance of platforms and the growing pre-eminence of Force.com. By leveraging the Force.com platform, customers will benefit from having their data and their applications on the same platform, improving their business processes and giving them powerful, real-time visibility and reporting across their entire operation.
“PS Enterprise customers can be assured that the solution will be actively developed, supported and marketed as we seek to build on its position as one of the leading cloud based PSA solutions worldwide,” said Jeremy Roche, president and CEO of FinancialForce.com. “We will continue to focus on this and delivering world class cloud accounting applications. This acquisition brings together two of the leading application development teams on Force.com. Our increased applications footprint means that customers benefit from our ever greater platform expertise and enjoy greater choice as the areas of functional support grow.”
FinancialForce.com is backed by two of the biggest players in the applications business, majority stakeholder UNIT4 (NYSE Euronext: UNIT4) and Salesforce.com (NYSE: CRM). The acquisition aligns well with the strategies of both as UNIT4 has a strong focus on solutions for services based organizations and salesforce.com has a high penetration in the services sector.
“PS Enterprise has been very successful as a standalone solution, but combined with FinancialForce.com and its domain experience, it will be even more compelling to a wider range of customers,” said Todd Bursey, VP of PS Cloud at Appirio, who will be joining FinancialForce. “PS Enterprise together with FinancialForce Accounting gives services organizations of any size a more complete solution to tackle how they get the work, do the work and bill the work.”
Both solution sets will continue to be sold and supported separately. PS Enterprise will continue to integrate with customers’ existing finance systems, both cloud-based or on-premise.
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FinancialForce.com builds cloud accounting applications on Force.com, the world’s leading enterprise cloud computing platform from Salesforce.com. FinancialForce applications are designed for growing organizations, helping them to align Finance, Sales and Service in a way that enables them to increase the bottom line, not just the revenue. The expertise behind the company is based on 30 years of experience in developing accounting systems. FinancialForce.com is backed by two of the biggest players in the business, UNIT4 and Salesforce.com.
To learn more please visit www.FinancialForce.com.