Vena Solutions is celebrating a strong start to 2019. It has announced a growth of 60% in ARR year over year. It also received $115 million in a funding round led by JMI Partners and existing investors, Centana Growth Partners. Don Mal, who last year took back the role of CEO, Vena Solutions commented: “Vena’s historic $115 million funding started 2019 off with a huge bang, and we haven’t slowed down since. From being recognized as the undisputed leader in FP&A software usability again, to announcing the lineup for the biggest user conference in the company’s history, 2019 is clearly going to be another banner year for Vena.”
The company has also won plaudits from analyst firm Nucleus Research. It ranks Vena Solutions number one in usability for the second year in a row. For the sixth year in a row it appeared as a leader in its annual CPM Technology Value Matrix.
The company will shortly hold its annual conference in Nashville between 15-17 May. Vena Nation 2019 will be its largest yet and another indication of the growth it has experienced. Internally, it has also launched an initiative to promote an increase of women within the tech sector. Vena’s Network for Women has already held its first event and will continue to do more through 2019.
Enterprise Times: What does this mean
Corporate performance management has attracted a lot of interest with PE and investors looking to invest in the sector. That interest is justified it seems, from the success of Vena Solutions and others. Accounts departments are realising that laborious, manual processes can be replaced with automation delivered through integrated solutions to their ERP. There are still a lot of firms relying on spreadsheets.
Vena and others such as Anaplan, Adaptive Insights and Host Analytics are all trying to grab market share. However, ERP vendors are starting to wise up to this lost revenue. Workday’s acquisition of Adaptive and NetSuite launching its Financial Budgeting and Planning solution a case in point. As long as the CPM vendor can maintain a healthy lead over the vendor solutions they should be in a good place.