This release originally appeared on NASDAQ Global Newswire.
Fastest-Growing Cloud Corporate Performance Management Vendor Continues to Set Industry Standards for Growth, Ease of Use, Customer Satisfaction and Service
TORONTO – March 20, 2018 – Vena Solutions, the fastest growing provider of cloud-based corporate performance management (CPM) software, today announced continued upward momentum after wrapping up 2017 with year-end annual recurring revenues (ARR) up more than 100 percent from the previous year. Additional 2017 milestones include the company’s first global user conference, significant new products and features, more awards and recognition, and over 200 staff moving into Vena’s new Toronto headquarters.
"I'm thrilled that Vena keeps setting the pace in the CPM space both for rapid growth and customer satisfaction," said Don Mal, chief executive officer of Vena Solutions. "Another great sign is that our 2017 revenue growth came from both new customers, and a growing number of existing customers expanding their use of Vena to new departments, processes and users. All told, we're squarely on track to be a $100 million ARR company.”
Vena has more than 400 customers worldwide, in sectors ranging from financial services and high tech to manufacturing and hospitality. Among financial services firms, the company now counts three of the top ten U.S. banks as customers who trust Vena's cloud platform for budgeting, regulatory reporting and other critical processes.
"Vena is the fastest growing vendor and software of choice in the CPM sector," said Eric Byunn, partner at Centana Growth Partners, the lead investor in Vena’s 2016 $30 million funding round. "With its unique value proposition and Wall Street firms doubling down on its platform, Vena stands out among the hundreds of financial and related technology companies Centana sees every year."
Vena is unique in that it embraces Excel to automate financial processes such as budgeting, planning and forecasting, with enterprise-grade features including workflow, data management and a centralized cloud database. Unlike traditional solutions that try to replace Excel with rigid, hard-to-use software, Vena is recognized by customers and analysts alike as the easiest way to get trusted numbers and insights – fast.
Vena’s additional milestones in the second half of 2017 include:
- The introduction of Revenue Performance Management (RPM), an industry-first solution designed for SaaS and subscription-based businesses to better allocate resources and align departments to maximize revenues, profitability and business growth.
- Named to the 2017 Deloitte Technology Fast 500 awards program, recognizing North America's fastest growing technology companies, for a second year in a row.
- Certified by BPM Partners in its inaugural Performance Management: The Next Generation report, one of only nine vendors that represent the next generation of CPM.
- Appointment of Shawn Cadeau to chief operating officer (COO), overseeing Vena’s sales, marketing, customer success and professional services departments.
- Additional software updates to facilitate company-wide, integrated financial planning, including new collaboration, data discovery and modeling features designed for finance and business end users.
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About Vena Solutions
Vena Solutions redefines how medium and large sized companies manage their budgeting, planning and revenue forecasting. Vena combines a centralized database, sophisticated workflow, powerful reporting and advanced analytics with Excel to create a cloud-based corporate performance management (CPM) solution. The best companies in the world use Vena to get trusted numbers and insights fast. Vena is the fastest growing cloud CPM company and the only one to embrace – not replace – Excel. Visit us at www.venasolutions.com.