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March 26, 2015

FinancialForce raises $110m to expand cloud-based ERP solutions

FinancialForce offers cloud based ERP built on the Salesforce1 Platform.

By CBR Staff Writer

FinancialForce, a cloud ERP provider on the Salesforce1 Platform, has raised $110m to capitalise on the demand for cloud based ERP solutions.

Currently, FinancialForce’s ERP solution includes Financial Management, Professional Services Automation (PSA), Supply Chain Management (SCM) and Human Capital Management (HCM).

The company will use the funds on innovative technology, product development, sales, marketing, alliances and customer support.

The latest funding round was led by Technology Crossover Ventures (TCV), while the existing investor Salesforce Ventures is also participating in the funding. CEO and president Jeremy Roche said, "Our goal has always been to transform the ERP market in the same way that Salesforce has for CRM.

"As our growth indicates, the industry is responding to our customer-centric approach to ERP where our apps, built natively to run alongside the Salesforce Customer Success Platform, help businesses create meaningful relationships with customers and employees to grow their top and bottom lines.

"With TCV and Salesforce Venture’s contributions, can continue our rapid rate of growth and become the cloud ERP choice for all forward-thinking companies."

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After the funding, TVC general partner Tim McAdam will join the FinancialForce board.

Tim McAdam said, " exemplifies the type of market-defining cloud software innovator that is central to our investment strategy.

"The company uniquely allows end-users to gain a unified, informed view of the customer experience across the entire organisation.

FinancialForce’s ERP solution includes Financial Management, Professional Services Automation (PSA), Supply Chain Management (SCM) and Human Capital Management (HCM).

The funding round follows spectacular revenue growth last year, which saw its annual subscription growth of 91%, with revenue rising from $30m to $50m.

Tim McAdam added, "Already the market’s fastest growing cloud ERP provider, is now poised to transform the future of back-office applications. We are delighted to partner with Jeremy and the team to help the company accelerate its growth and market penetration, and achieve its objective to reshape the world of enterprise software."

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