Financial Close Management Helps Drive Record Quarter for Vena

Financial Close Management Helps Drive Record Quarter for Vena

August 18, 2015 Evan Webster  
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Enterprise-class spreadsheet provider more than doubles quarterly sales – again

August 18, 2015 (Albany, NY) – Vena Solutions, the fastest growing cloud-based provider of corporate performance management (CPM) software, today announced its fourth consecutive quarter of record growth. Driven in part by the company’s recently launched Financial Close Management (FCM) application, Vena’s Q2 2015 growth figures include (all figures Y/Y):

  • 120% increase in sales bookings;
  • 270% increase in annual recurring revenue;
  • Increase in deal size (seats) by a factor of 2.2.

“Vena’s success stems from letting our customers use their existing Excel spreadsheets to automate complex financial processes,” said Don Mal, CEO of Vena Solutions. “FCM is a particularly challenging one involving numerous detailed tasks, including account reconciliations, consolidation and an ever changing set of regulatory reporting requirements.”

In addition to FCM, significant drivers of Vena’s continued record growth include:

  • Significant investments – more than doubling resources – in its Customer Success program to ensure clients continue to get the most out of Vena;
  • Achieving National Association of State Boards of Accountancy (NASBA) accreditation for the company’s Continuing Professional Education (CPE) credit training and educational courses;
  • Building on its regulatory reporting product offering through a strategic partnership with disclosure management leader Certent;
  • Rapidly deploying new applications for a changing regulatory landscape for financial institutions, namely the Dodd-Frank Act Stress Test (DFAST) and Comprehensive Capital Analysis and Review (CCAR);
  • Signing an almost $50-billion a year financial services company onto Vena’s cloud-based solution.

Added Mal, “our clients know the role spreadsheets play in the way you get work done, which is why our approach – embracing Excel – is really the way you think.”

About Vena Solutions –

Vena turns Excel into an enterprise-class business solution with capabilities including a centralized database, workflow, version control and a detailed audit trail. With Vena, hundreds of leading brands are now getting trusted numbers and insights – fast – without sacrificing the Excel spreadsheets they know and use. They use Vena for financial and strategic corporate performance management (CPM) applications including budgeting, forecasting, financial close management, reporting and disclosure, in addition to managing a growing array of operational drivers and KPIs. Vena is the fastest growing cloud CPM vendor, and the only one to embrace – not replace – Excel spreadsheets. And the results speak for themselves.

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