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FinancialForce.com Expands into a Much Broader Cloud Suite

Written By: Predrag Jakovljevic
Published On: November 20 2013

Founded in 2009 as a joint venture between UNIT4 and salesforce.com and built on the Salesforce Platform, FinancialForce.com’s accounting, billing, professional services automation (PSA), and revenue recognition apps have been eliminating barriers and inefficiencies between the front- and back-office to help companies grow their top and bottom line.  During the Dreamforce 2013 conference, the cloud company announced that it has acquired Vana Workforce, a human capital management (HCM) software provider on the Salesforce Platform.

FinancialForce.com has also acquired Less Software’s business and assets to add significant supply chin management (SCM) capabilities to its back-office solutions. Those SCM solutions include configure, price, quote (CPQ), order fulfillment, service contracts, inventory management, and supplier and spend management. Less Software’s suite of SCM products will be rebranded as FinancialForce SCM.



Handling Talent

Vana Workforce, to be rebranded as FinancialForce HCM, provides integrated human resource management system (HRMS), talent management, and recruitment capabilities, with a consistent user experience. As a native application built on the Salesforce Platform, the new application will be instantly unified with FinancialForce Accounting and FinancialForce PSA, creating a single line of sight across an organization.

Customers using salesforce.com’s customer relationship management (CRM) products, FinancialForce HCM, FinancialForce Accounting, and FinancialForce PSA are able to take advantage of cross-departmental reporting, analytics, workflow, and collaborative capabilities, including Salesforce Chatter. This unified and social working environment, along with the inherent mobile capabilities, is critical to the adoption of self-service HCM applications that touch every employee in a company.

For its part, the FinancialForce SCM suite is a set of native Force.com packages that were architected to work with FinancialForce accounting, billing, and PSA from the outset. FinancialForce.com already has more than 10 customers in common, including Pandora and Bluewolf.

Tackling Material Management

Like FinancialForce HCM, FinancialForce SCM is a native application on the Salesforce Platform providing users with a consistent experience across the enterprise, including single sign-on, a single reporting database, the same workflow, dashboarding and reporting tools, mobile device support, and integration with Salesforce Chatter, salesforce.com’s leading enterprise social network (ESN).

When combined with the billing, accounting, revenue recognition, and PSA applications, organizations should be armed with all the information they need to serve customers, including shipment status, contract changes, reverse logistics information, invoices, payments, professional service project status, discrete margin analysis, and general business profitability. The solution seems well suited for companies with multi-element revenue models that might combine traditional product sales, professional services, and recurring revenue line items on a single customer invoice, which is a growing trend in businesses today.

With Less Software, FinancialForce.com has more than 20 common customers, including Nexius Insight and Fusionstorm. Businesses such as value-added technology resellers that sell hard goods, software subscriptions, maintenance services, and professional service projects seem good candidates for this type of functionality. FinancialForce HCM and FinancialForce SCM are available today on the AppExchange and can continue to be used as a standalone solution or with any other FinancialForce.com application. Both acquired companies' employees, including their founders, will remain within FinancialForce.com.

What This Means

With this portfolio of solutions, FinancialForce.com has come a long way from being a cloud financials management software provider to becoming a well-rounded cloud enterprise suite. The vendor, currently with 250 employees and a revenue run rate of more than $22 million (and with a fairly consistent yearly growth rate of 80 to 90 percent), is definitely on a collision course with NetSuite (given its own recent acquisition spree), Acumatica, and Microsoft Dynamics, to name only some potential competitors. FinancialForce.com's intent is to continue to partner closely with Rootstock Software, since manufacturing is not yet its forte, but it will be interesting to watch how Rootstock’s recent diversification into distribution will play out here.
 
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