The $50 Million Day for Cloud ERP
Dare I say, one big step for FinancialForce.com one giant leap for Cloud ERP? Yesterday marked a milestone day for both, with the announcement that funds managed by Advent International, one of the largest and most experienced global investment groups dedicated solely to private equity, committed an additional $50 million for the growth of FinancialForce.com as part of a broader investment in FinancialForce.com’s majority investor, UNIT4.
When any investor commits $50 million to finance a company’s growth, you know that investor believes there’s a huge market opportunity ahead. It’s a signal that cloud ERP – and our specific variety at FinancialForce.com built on the Salesforce platform – has now reached critical momentum. Why? I go into greater detail in a piece here that ran on Diginomica yesterday, but I’ll highlight the reasons here.
1. Cloud ERP is now the default. The conversation has shifted from “why cloud?” to “which cloud?” and ERP is primed for the taking.
2. Salesforce1 is the platform. You can literally run your whole business on one platform – where all your apps are unified, using a single database, and sharing reporting and collaboration tools.
3. ERP of today has to be customer-centric. The impervious, change resistant and anti-social ERP apps of the past won’t cut it in this Age of the Customer. Old ERP doesn’t play nice with others, including your customers.
4. It’s time for a change. Companies have come to realize that systems designed for another era are simply not going to cut it.
FinancialForce ERP encompasses what today’s ERP needs to be. We purposefully built our solution on the Salesforce platform so that applications can work harmoniously together, where your systems of engagement and systems of record can now live in one cloud. We have taken a customer-centric and social approach to ERP which is in lock step with most companies’ business strategies. I believe it’s for all these reasons why FinancialForce.com is poised, as our CEO Jeremy Roche has long said, “to do for ERP what salesforce.com has done for CRM”.
The $50 Million? It will be put to good use and the industry is taking notice. Here are just a few of the stories that ran covering our funding news. Me thinks it’s going to be a good year.
Accounting Today, FinancialForce.com Receives $50 Million in Funding
AltAssets, FinancialForce secures $50m from Advent
Dow Jones, Advent Investing $50M in Unit4 Business FinancialForce.com
Forbes, FinancialForce Picks Up $50M To Extend Its Mid Market ERP Footprint
Fortune, Deals of the day: Biomet sold for $13 billion
IT Business Edge, FinancialForce.com Gets $50M Lift for ERP Cloud App
PE Hub, Advent International invests in FinancialForce.com
San Francisco Business Journal, FinancialForce gets a $50 million infusion
TechCrunch, FinancialForce Gets $50M Cash Infusion