Fluence Technologies has acquired Britain’s XLCubed, a provider of data-connected, Excel-centric reporting and analytics software. No financial terms were disclosed. Toronto-based Fluence, a provider of financial consolidation, close and reporting cloud software, earlier this year raised a $10 million Series A financing led by Banneker Partners.
Fluence Acquires XLCubed for Excel-centric, Enterprise-ready Reporting and Analytics
November 02, 2021
TORONTO–(BUSINESS WIRE)–Fluence Technologies, Inc., the only provider of purpose-built financial consolidation, close and reporting cloud software, today announced the acquisition of XLCubed, Ltd., the market leader in data-connected, Excel-centric reporting and analytics software.
“It also brings to the company more than 750 loyal customers, a strong global partner network and a dedicated employee base with deep Excel ‘DNA’ that has been committed to delivering high-impact analytics to finance and business professionals for years.”
The acquisition builds on Fluence’s strategy to deliver the broadest technology platform to address the varied needs of organizations throughout the financial consolidation, close and reporting processes. In particular, XLCubed provides Fluence with world-class financial reporting, analytics and dashboarding capabilities designed specifically for the self-service needs of finance and business professionals.
XLCubed will continue to be sold on a standalone basis to organizations ranging from the mid market to global enterprises for financial, management and operational reporting use cases.
“This is a critical step in our long-term strategy. With XLCubed, Fluence broadens its consolidation and close solution offering and provides our customers and partners with an innovative financial, management and operational reporting capability that capitalizes on the power and familiarity of Excel,” said Michael Morrison, CEO of Fluence Technologies. “It also brings to the company more than 750 loyal customers, a strong global partner network and a dedicated employee base with deep Excel ‘DNA’ that has been committed to delivering high-impact analytics to finance and business professionals for years.”
Founded in 2002, XLCubed provides a self-service, interactive reporting and analytics experience powered by data-connected Excel. It balances the agility required by finance and business users with the governance and data integrity demanded by IT. XLCubed’s global customer base spans mid-market organizations to enterprises and includes premier brands such as BP, Bertelsmann, Bell Food Group, Denner and IMMOFINANZ.
“XLCubed has been successful over the years because we recognized how business and particularly finance professionals use Excel and their need to connect to corporate data directly whilst providing flexibility and enhanced data visualization,” said Mark Scanlon, managing director of XLCubed. “We believe this combination represents a great opportunity for the entire XLCubed community. Our organizations are very complementary, and I am confident they will blend together to create a new leader in the financial performance management market.”
“It’s hard to overstate the prevalence of Excel and the essential role it plays in the office of finance, something we’ve seen consistently over nearly 20 years of research and financial reporting and consolidation vendor selection projects,” said Craig Schiff, president and CEO of BPM Partners. “With this in mind, it’s easy to see why Fluence’s acquisition of XLCubed, combining two Excel-centric and data-connected solutions, is a compelling, significant development in this market.”
“Fast-time-to-value and ease-of-use are essential requirements for any software investment, and the combination of Fluence and XLCubed is designed to deliver both,” said Robert Kugel, senior vice president and research director at Ventana Research. “Today’s leadership teams want immediate answers to what-if questions as well as the ability to see integrated financial and operational views. Fluence with XLCubed makes that possible.”
Stephen Davis, managing partner at Banneker Partners, which is the primary investor in Fluence, commented: “This XLCubed acquisition furthers Banneker’s initial vision for Fluence to build the leading consolidation and reporting platform that’s easy-to-use and quick to implement. We are pleased with the progress Fluence has made to date and see continued opportunity to accelerate organic and inorganic growth in this exciting market.”
About Fluence Technologies – www.fluencetech.com
Fluence is the only purpose-built financial consolidation, close and reporting cloud software. Our customers go live in weeks, close their books in days and report intelligence in real time. We deliver game-changing efficiency gains and trusted, timely numbers so finance professionals get the time, control and confidence they deserve. Fluence is out-of-the-box, no-coding software with a full Excel interface for immediate adoption and quick time to value, all in a truly finance-owned solution. Welcome to Fluence…we close early.
About XLCubed – www.xlcubed.com
XLCubed provides self-service, Excel-centric and Web-enabled financial and finance-led reporting software to more than 750 customers worldwide. Finance and business users rely on our software daily for financial, regulatory management, dashboard and ad hoc reporting. Our data-connected Excel interface puts an end to relying on IT and puts report design, authoring, and distribution in the hands of finance. We give finance the power to deliver insightful, interactive reports for any business user.
About Banneker Partners – www.bannekerpartners.com
Banneker Partners invests in growing, mission-critical software businesses to drive long-term, sustainable value. Banneker collaborates with management teams through capital, strategic, and operational support to enable accelerated growth guided by the focus on enhancing value to the end customers of the software. For more information on Banneker Partners, visit www.bannekerpartners.com.