Deal complements Fluence’s award-winning consolidation and close solution while expanding global presence with 750 new customers
Fluence Technologies, Inc., the only provider of purpose-built financial consolidation, close and reporting cloud software, announced the acquisition of XLCubed, Ltd., the market leader in data-connected, Excel-centric reporting and analytics software.
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.
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“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.”
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