Vena Accelerates Growth With US$25 Million from CIBC

About CIBC Innovation Banking

CIBC Innovation Banking delivers strategic advice, cash management and funding to North American innovation companies at each stage of their business cycle, from start up to IPO and beyond. With offices in Atlanta, Austin, Chicago, Denver, Menlo Park, Montreal, Reston, Toronto and Vancouver, the team has extensive experience and a strong, collaborative approach that extends across CIBC’s commercial banking and capital markets businesses in the U.S. and Canada.

About Vena

Vena connects people, existing systems and data to power finance-led business planning and real-time reporting. Our Excel interface combines unmatched integrated planning capabilities with the world’s leading spreadsheet platform so cross-functional teams can work together under a shared vision. Vena gives you ease of use, flexibility, performance and scalability on a connected platform. Integrate data in real time and perform finance-led planning processes, such as budget orchestration, agile forecasting, scenario modeling, reporting and analytics, financial consolidation and more with ease. Over 800 of the world’s smartest companies map out their growth journeys with Vena. For more information, visit: www.venasolutions.com

Vena Closes FY24 With Record-Setting Quarter, Customer Growth, Product Innovation and Industry Recognition

Company propels into FY25 unveiling Vena Copilot to revolutionize how FP&A teams work TORONTO – April 16, 2024 – Vena, the Complete Planning platform loved by finance and trusted by business, today announced it entered its fiscal year 2025 in February with momentum from a successful 2024. Notably, its record-breaking fourth quarter, increasing demand and innovative strides with the launch of Vena Copilot, a gamechanger for FP&A teams. "Vena's exceptional performance in fiscal 2024 reflects the unwavering dedication, agility and innovative spirit of our team, as well as the enduring trust placed in us by our valued customers," said Hunter Madeley, CEO of Vena. Vena experienced significant customer and revenue growth over its last fiscal year. Currently, more than 1,700 organizations across diverse industries, such as banking and credit unions, insurance, real estate, higher education, healthcare, professional sports and more, rely on Vena to plan with confidence in an ever-evolving economy. Meg Bear, Controller at Turner Enterprises and speaker at this year’s Excelerate Finance 2024, highlighted the increased value and agility their finance team is now driving for the business since using Vena: "We've hooked our train to an engine that's going to allow us to change as we go. Not just as our business evolves and the workforce evolves, but as the markets evolve and our business lines change. The pandemic taught us all that nothing is for sure, and we've got to be able to be responsive and pivot more quickly. And that's one of the things that Vena has allowed us to do." Other highlights from Vena’s 2024 fourth quarter include: Strategic leadership changes to elevate the customer experience and deliver industry-leading customer value, including an expanded role for Tina Goulbourne as Chief Operating & Customer Officer, and the addition of Ilene Landon as Vena’s Senior Vice President of Professional Services. Industry-specific solutions launched: One for legal firms with ProLytics Consulting Group (Vena for Legal by ProLytics) and for franchises with Citrin Cooperman (Vena for Franchising by Citrin Cooperman). Strategic partnership with Cloud Security Alliance (CSA) as a Trusted Cloud Provider. Recognition from leading analyst firms, including Gartner’s 2023 Magic Quadrants for Financial Planning Software and for Financial Close and Consolidation Solutions, Dresner Advisory Services, The Hackett Group, Nucleus Research and Ventana Research. An earned spot on the Team True North Roster of Canada’s Top-Performing Tech Companies for the second consecutive year. 2023 TrustRadius Best Of Awards in three categories: Best Feature Set, Best Relationship and Best Value for Price. Recognition as one of Greater Toronto's Top Employers and recertification as one of Canada’s Most Admired Corporate Cultures. Acknowledgment of Vena’s recruiting practices by the Brandon Hall Group for excellence in leadership development, diversity, equity, inclusion and talent acquisition for the second consecutive year. Looking ahead, Vena is continuing to drive its commitment to customer value and product innovation, including Vena Copilot, through this year’s Excelerate Finance 2024, its annual flagship industry conference for finance professionals and business leaders. “It’s an exciting time at Vena as our Complete Planning platform and robust community of finance and operations professionals continue to evolve and leverage new technologies and capabilities. The teams choosing Vena are achieving operational excellence and unlocking the strategic potential of their organizations. Seeing our customers doing amazing work with the platform is what excites us most as we build value together,” added Madeley. About Vena Vena is the only Complete Planning platform natively integrated with Microsoft 365. Vena streamlines financial and operational planning, simplifies reporting and analysis processes, and provides advanced analytics and modeling capabilities to help business, finance, and operations leaders make agile and more informed business decisions. With Vena, you can leverage the power of Excel and AI-powered insights in a unified, cloud-based platform that enhances productivity, collaboration and insights. Over 1,700 of the world’s leading companies rely on Vena to power their planning. For more information, visit  venasolutions.com.  Media Contact  For immediate inquiries or more details regarding our latest company press release, please contact: Jonathan Paul  Vice President, Content Marketing  jpaul@venacorp.com 

April 16, 2024 |

Read Release

Vena Introduces Vena Copilot, a Complete Planning AI Assistant Purpose-Built for FP&A Teams

Vena Copilot for FP&A harnesses the power of Microsoft Azure and Azure OpenAI Service to unlock the strategic potential of FP&A teams and the organizations they support TORONTO - April 3, 2024 – Vena, the Complete Planning platform loved by finance and trusted by business, today announced that it is bringing state-of-the-art generative artificial intelligence (AI) capabilities to financial planning and analysis (FP&A) teams with Vena Copilot. Vena Copilot for FP&A combines Vena’s category-leading FP&A expertise with Microsoft Azure OpenAI Service large language models, including GPT-4, to help FP&A teams and their collaborators increase productivity, operational efficiency, and business agility so they can focus on driving strategic impact. Today, 75 % of an FP&A team's work is gathering data and administering processes. That stops now with Vena Copilot. Vena Copilot acts as an extension of the FP&A team, doing tactical work and producing insights using the most intuitive interface there is—natural language—to unlock everyone’s strategic potential. With Vena Copilot for FP&A, teams can: Easily create and train a dedicated Complete Planning AI assistant that is built on their organizational knowledge, and learns from feedback and preferences to get smarter over time. Gather data, generate reports, analyze trends, optimize forecasts and more, doing work that used to take hours in minutes with a simple prompt. Empower anyone to interact with data and insights quickly and easily using natural language, such as identifying seasonal patterns in revenue by product or identifying departments that have the highest in period actual to budget variances. Create a seamless flow of work alongside Copilot for Microsoft 365 only through Vena’s native integrations with Microsoft 365, from unlocking insights to visualizing data. "Vena Copilot for FP&A is a game-changer for FP&A teams, empowering them to do more with less effort and better use of their resources," said Hunter Madeley, CEO of Vena. "It’s not just a new tool, it's a trusted ally that helps FP&A teams and their collaborators achieve their full strategic and operational potential, driving agility and resilience in the face of dynamic business conditions." Vena Copilot uses the combined power of Microsoft Azure OpenAI Service advanced AI models including GPT-4—the largest and most powerful language model in the world—and Vena’s central analytical data model, CubeFLEX™, enabling FP&A teams to put the power of generative AI to work across Complete Planning use cases and unique data sets. Vena Copilot is also enterprise-ready, built with industry-leading generative AI enterprise security, compliance, and privacy capabilities driven by ethical principles, including role-based access controls and prompt compliance management. This allows FP&A teams to deploy Vena Copilot easily, safely, and responsibly within compliance requirements—no IT, data scientists, or AI engineers required. "Vena Copilot for FP&A is the result of our close collaboration with Microsoft to bring together the best of both worlds: Microsoft's world-leading AI technology and Vena's deep FP&A domain expertise," said Hugh Cumming, Chief Technology Officer, Vena. "By integrating Microsoft Azure OpenAI Service large language models with Vena CubeFLEX, we are giving our customers a powerful addition to their Vena Complete Planning solution that leverages their existing data, systems, and workflows and enables generative AI capabilities that are tailored to their specific FP&A requirements." "Vena’s use of Microsoft Azure OpenAI Service to create Vena Copilot for FP&A has resulted in a transformative generative AI assistant that empowers all teams to be more productive, efficient, and strategic," added Sylvia MacPherson, National Unicorn Leader, Microsoft Canada. “This solution is a great example of how our partners are using Microsoft AI technology to build innovative and customized AI solutions that address specific business challenges and opportunities, and how Vena is transforming the strategic office of finance."  Vena Copilot is the latest addition to Vena’s industry-leading AI offering, which harnesses Microsoft AI technology for Complete Planning. This includes Vena Insights, an intelligent, AI-powered reporting and analytics solution, and native integration with Copilot for Microsoft 365 as well as Microsoft Excel’s powerful AI toolset. Vena Copilot is currently in beta. To learn more about Vena Copilot and see it in action, register for Excelerate Finance 2024, the annual conference where attendees can discover the skills, methodologies, and next-gen technologies that will empower them to architect the future of finance. About Vena Vena is the only Complete Planning platform natively integrated with Microsoft 365. Vena streamlines financial and operational planning, simplifies reporting and analysis processes, and provides advanced analytics and modeling capabilities to help business, finance, and operations leaders make agile and more informed business decisions. With Vena, you can leverage the power of Excel and AI-powered insights in a unified, cloud-based platform that enhances productivity, collaboration and insights. Over 1,700 of the world’s leading companies rely on Vena to power their planning. For more information, visit  venasolutions.com.  Media Contact  Jonathan Paul  Vice President, Content Marketing  jpaul@venacorp.com 

April 3, 2024 |

Read Release

Vena Unveils Best-Practice Preconfigured Solution for Franchises in Conjunction With Industry-Leading Services Firm Citrin Cooperman

The Complete Planning platform provider has integrated operational and financial data for strategic management of franchisor and franchisee businesses TORONTO - March 12, 2024 – Vena, the Complete Planning platform trusted by diverse industries and businesses, announced the availability of Vena for Franchising by Citrin Cooperman, a preconfigured solution (PCS) designed for the unique needs of franchise professionals. Vena for Franchising by Citrin Cooperman includes pre-built planning templates, data models, report templates, business logic and workflows designed to meet the needs of the franchise ecosystem. Working on top of the world’s most widely used spreadsheet platform, Microsoft Excel, Vena for Franchising by Citrin Cooperman provides franchise businesses with the ability to make data-driven decisions, enhance customer satisfaction and improve the bottom line. The PCS provides predefined workflows for planning, budgeting, reporting and forecasting and comes with integrations to enterprise resource planning systems including Microsoft Dynamics 365, Netsuite and Quickbooks. “For more than 40 years, Citrin Cooperman has been a critical provider to the franchise community, having the opportunity to work with and learn from many different types and sizes of franchised systems,” said Citrin Cooperman’s Partner and Franchise Practice Co-leader Michael Iannuzzi. “Vena for Franchising by Citrin Cooperman,” benefits from that experience by consolidating our best practices into an easy-to-use platform, providing franchisors and franchisees with the tools they need to optimize their operations and achieve their growth objectives. This solution is designed to empower franchised businesses with the insights and efficiencies necessary to succeed in today’s competitive marketplace.” Franchise finance is complex for both the franchisee and the franchisor, with laws and regulations that vary by state or country. As one of the largest professional services firms in the U.S., Citrin Cooperman has supported some of the biggest franchise operations and has incorporated its decades of experience into Vena for Franchising by Citrin Cooperman. Agile financial reporting and modeling can improve financial decision making in the franchise industry, as well as forecasting and performance measurement, enabling these companies to adapt to changing customer expectations and market trends. For franchisors, Vena for Franchising by Citrin Cooperman provides tailored reporting structures that provide insight into up-to-date topline revenue and key operating metrics so they can better deliver value and real-time operational performance statistics to their franchisees by reducing manual reporting and allowing the franchisees to see live data and benchmarking across the system. The solution enables them to track key performance indicators (KPIs) in real time, identify trends, and analyze the information by region, state, or other groupings the franchisor deems appropriate, and compare their performance against industry benchmarks and competitor data. The solution also supports franchisees with personalized management reports, centralized and improved budgeting processes, projections and streamlined labor planning for multi-unit franchisees. The offering can reduce costly and time-consuming manual data collection and eliminate errors and version control issues by providing a single source of truth. “Vena for Franchising by Citrin Cooperman demonstrates how the strength of collaboration delivers more value to our mutual customers,” said Vena Chief Marketing & Ecosystem Officer Allison Munro. “It combines Citrin Cooperman’s trusted industry expertise with Vena’s Complete Planning platform to increase financial intelligence across a business, empowering businesses to model, plan and scale based on their specific needs. We're excited for our franchise customers to benefit from this solution.” Vena for Franchising by Citrin Cooperman is available now. For more information on this solution, please visit venasolutions.com/industries/franchising. About Vena Vena is the only Complete Planning platform natively integrated with Microsoft 365. Vena streamlines financial and operational planning, reporting and analysis processes, and provides advanced analytics and modeling capabilities to help business, finance and operations leaders make agile and more informed business decisions. With Vena, you can leverage the power of Excel and AI-powered insights in a unified, cloud-based platform that enhances productivity, collaboration, and insights. Over 1,700 of the world’s leading companies rely on Vena to power their planning. For more information, visit venasolutions.com.  About Citrin Cooperman "Citrin Cooperman" is the brand under which Citrin Cooperman & Company, LLP, a licensed independent CPA firm, and Citrin Cooperman Advisors LLC serve clients’ business needs. The two firms operate as separate legal entities in an alternative practice structure. The entities of Citrin Cooperman & Company, LLP and Citrin Cooperman Advisors LLC are independent member firms of the Moore North America, Inc. (MNA) Association, which is itself a regional member of Moore Global Network Limited (MGNL). All the firms associated with MNA are independently owned and managed entities. Their membership in, or association with, MNA should not be construed as constituting or implying any partnership between them. Media Contact  Jonathan Paul  Vice President, Content Marketing  jpaul@venacorp.com 

March 12, 2024 |

Read Release

Vena Accelerates Growth With US$25 Million Financing From CIBC Innovation Banking

About CIBC Innovation Banking

About Vena

Contacts

Recommended

Vena Closes FY24 With Record-Setting Quarter, Customer Growth, Product Innovation and Industry Recognition

Vena Introduces Vena Copilot, a Complete Planning AI Assistant Purpose-Built for FP&A Teams

Vena Unveils Best-Practice Preconfigured Solution for Franchises in Conjunction With Industry-Leading Services Firm Citrin Cooperman