Re-invigorated brands emerged across business software as Forterro (see below) changes its leadership. Cin7 made two major acquisitions, and IFS rebranded, keeping its beloved purple and focussing on Moments of Service.
Nintex updated its Workflow Cloud platform and expect to hear more from TigerGraph after it closed a $105 million funding round from Tiger Global. Tiger Global has had a busy week as it also co-led a round for OutSystems (see below). Finally, the new Unit4 CTO, Dmitri Krakovsky, talked to Enterprise Times about the future of ERP in a podcast
Pick of the week
Forterro announced a new leadership team to lead the company on its next phase of growth. Dean Forbes, most recently president of The Access Group and CEO of CoreHR, will become CEO. Paul Smolinski, previously CFO of CoreHR, will rejoin Forbes as CFO. Enterprise Times spoke to Forbes in an interview that will shortly be published. Forterro has grown rapidly over the last few years, making strategic acquisitions with funds from Battery Ventures. It has acquired a mix of cloud-based manufacturing ERP solutions from across Europe.
Corcentric, the business spend management and revenue management software and services company, acquired Vendorin from Juvo Technologies for a purchase price of $100 million. Vendorin is a high-growth B2B integrated payments network that makes it easy for buyers to enrol and pay their suppliers via any payment method.
The Asite Digital Engineering team is now a member of the British Standards Institution’s Associate Consultant Programme.
Celigo is to open its third major office in the US. It will create 150 jobs in Indiana.
Cornerstone revealed Q4 and full years results this week. Revenue for Q4 increased by $209.9 million, mainly due to the Saba acquisition, though it still rose 4.7% without its contribution. Full-year revenues reached $740.9 million, a rise of 28.5%; without Saba, it would have been 6.5%. Losses increased, but it still has $113.9 million free cash flow.
In partnership with the Hispanic Heritage Foundation, Intuit TurboTax will award educational grants and scholarships to high school seniors and college students who are currently making an impact in their Latino communities and are seeking financial support to pursue a higher education diploma or complete their college degree.
Nice fourth quarter 2020 total revenues increased by 1.0% to $434.6 million compared to $430.2 million for the fourth quarter of 2019. For the full year 2020, total revenues increased 4.7% to $1,648.0 million compared to $1,573.9 million for the full year 2019.
OutSystems has raised £150 million in a round led by Abdiel Capital and Tiger Global. The deal valued OutSystems at $9.5 billion. The funding will be used to expand investments in its R&D and GTM strategy. Other participants in the round included Goldman Sachs, KKR, Guidepost Growth Equity, and Armilar Venture Partners.
A campaign to help eradicate digital poverty amongst the North East’s children has received a significant boost due to a £30k donation by Sage.
Showpad, the global sales enablement leader, and Threekit have partnered to bring enhanced 3D visualization and augmented reality to Showpad’s platform. The intent is to improve buyer engagement and boost the effectiveness of virtual sales experiences.
Vena has launched a new partner programme. Partners will now be designated Official, Advanced or Distinguished partners. Jeff Scheepers, Vena’s VP of Global Partner Strategy and Operations, commented: “Our new and improved Partner Program reflects Vena’s ongoing commitment to establishing trust in the market and helping businesses plan to grow with our platform. With the new tiered structure, we’re doubling down on community—a key aspect of the Vena Partner experience—and giving our Partners what they need to deliver maximum value for their clients.”
Workiva announced its Q4 and Full Year 2020 financial results. Key figures included:
- Q4 Subscription and Support Revenue of $81.0 Million, up 22.4% from Q4 2019
- Q4 Total Revenue of $93.8 Million, up 16.9% from Q4 2019
- Full Year 2020 Total Revenue of $351.6 Million, up 18.0% from 2019
- It had 3,723 customers as of December 31, 2020, a net increase of 213 customers from December 31, 2019.
It also revealed that Stuart Miller, CFO, will retire effective February 27th, and Jill Klindt, currently Workiva’s Senior Vice President, Treasurer and Chief Accounting Officer, will become CFO.
Ohio-based institutions, University of Rio Grande (URG) and Rio Grande Community College (RGCC), have selected Anthology’s CampusNexus suite of products to complement their current deployment of Anthology’s Course Evaluation solution.
Casey’s General Stores selected Coupa spend management software to transform its procurement operations amid the chain’s significant growth.
HedgePoint Global Markets LLC has selected Infor gold partner TouchstoneEnergy to implement Infor’s financial management solution Infor SunSystems.
Brazil’s Ministry of Health is collecting, processing, validating, refining, and distributing data relating to the COVID-19 pandemic using the Kryon full-cycle automation suite.
Mavenlink published a case study about how startup Collective Insights Consulting is leveraging the Mavenlink platform to support its growth.
Collin Crowdfund, a Netherlands-based financial services firm, has used the Mendix low-code platform to build its crowdfunding platform.
Brazilian restaurant chain Cabana Burger has deployed Oracle MICROS Simphony Point-of-Sale (POS) to serve customers better and support its rapid growth during the pandemic.
The State of Missouri; the City of Sacramento; Chickasaw Nation in Oklahoma; Winnebago County, Illinois; and Oakland County, Michigan are all using Qualtrics experience management platform to assist with COVID vaccine response. More than 200 states are now using Qualtrics XM
The Flint Group, a major supplier of inks, digital printing presses, and other products to the printing and packaging industry, centralized and digitalized its indirect materials and services procurement processes with SAP Ariba solutions.
ADP launched StandOut Coaching Intelligence to encourage team connection and engagement. The platform is designed to generate talking points based on employees’ input for conversations between an employee and a business leader.
Ephesoft announced that its cloud-based, AI-enabled Semantik Invoice solution is now available on the Microsoft Power Automate platform
insightsoftware has launched Bizview, its enterprise performance management (EPM) solution for small to mid-market companies in North America.
Pulseway has redesigned its Automation Workflows, adding copy and paste support for actions and conditions. It will enable users to increase the complexity and usefulness of their workflows rapidly.
Recent minor enhancements in Xero include the ability to upload a PDF to a new expense claim. Credit limits now apply to repeating invoices; they will be saved as a draft rather than sent.
Research by Sage has highlighted that SME businesses’ outlook is dark as repayment to the national debt looms closer.
- The average SME could face an additional debt of £173K per year, with only 63% confident they can repay.
- There is still a redundancy time bomb waiting to land post furlough. 20% have already made redundancies; an additional 25% will still make them.
- 71% of SME’s support a cut in VAT to stimulate demand.
A new study from Forrester Consulting LLC, commissioned by SAP, Qualtrics, an SAP company, and EY, looked at the importance of employee experience in HR strategy. It found that employee experience has tripled in importance over the last two years. However, there is much work to do in organisations still. Other findings revealed that:
- 71% say it is a challenge to gather real-time information about employee experience.
- Only 17% of HR organizations say they track KPIs that reflect cultural strength.
- 81% of employees believe creating and sustaining a positive culture is the most important aspect of creating a good employee experience.
Research by SugarCRM found that 48% of sales professionals believe that their CRM systems are unfit for purpose. A consequence is that customer churn is costing mid-market companies an average of $5.5 million a year. The CRM and Sales Impact Report from SugarCRM with data from the US, the UK, Germany, and Australia includes additional findings including:
- 53% of sales leaders are fatigued and frustrated with the CRM admin burden placed on their sales teams
- 56% reported customer churn increased in the last 12 months
- 57% of respondents having trouble predicting when customers would churn
- 48% of sales professionals reported not knowing why customers churned.