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147 Strengths, Domain Expertise, and Key Differentiators

FinancialForce has become a front-runner in the Cloud ERP applications market thanks to the support from parents Salesforce and Unit4, which are among top vendors in the Cloud CRM and ERP apps markets, respectively. After selling Cloud ERP apps for eight years, FinancialForce has been able to expand the boundaries of financial management software by focusing on the customer, partner, and employee engagement.

By leveraging the Salesforce platform and its technologies for analytics and mobile-first user experience, FinancialForce has enjoyed healthy growth over the past year. In 2016, FinancialForce saw a 40% growth in revenues as 80% of its base of 1,200 customers started running more than three products such as those for billing, GL, revenue management, HR, and resource management. The increased consumption underscores the fact that its Cloud-based financial management and professional services automation products are gaining traction in the service-driven economy with the same intensity as Salesforce has done to sales-driven organizations.

Another thing in common is that FinancialForce is going after leaders in the new economy where successes are often determined by first-rate customer services and rapid responses as Salesforce likens itself as a Customer Company. Customers running traditional software will have a hard time keeping up with those using modern tools written for the mobile world.

For example, Motus, a mobile workforce management company, switched from Intuit QuickBooks to FinancialForce because of its real-time financial reporting capabilities, enabling its salespeople to have greater visibility into the financial impact of the sales pipeline, ultimately making them more accountable to the end to end financial processes. Recent Developments

In June 2020, FinancialForce published the availability of two new tools to help organizations manage risk and collaborate efficiently in the pandemic environment, whether they are currently stabilizing their business, getting back to work, or growing. FinancialForce Risk Tracker helps organizations assess risks to their revenue and cash flow, thus improving decision making and the speed of remediation. The application monitors signals related to COVID impact and is now available on the Salesforce AppExchange. FinancialForce’s new PSA Zoom Connector enhances productivity for remote and distributed professional services teams, allowing them to quickly convene Zoom meetings while collaborating on projects in FinancialForce PSA.

FinancialForce, a customer-centric ERP cloud vendor built on the Salesforce Platform, unveiled their innovations across its product portfolio suite with its Spring 2018 Release. These new capabilities help organizations better serve their customers and run their businesses with greater speed and predictability. Natively built on the Salesforce platform, FinancialForce business applications uniquely address the needs of services-centric organizations by being architected around the customer lifecycle, and connecting the entire opportunity-to-renewal process on a single platform. Customers in ARTW Customer Database

Leveraging a rigorous data-centric research methodology, APPS RUN THE WORLD asks the simple question: Who’s buying applications and why? And we provide the answers – supported by decades of research – to our clients around the world. Our Customer database has over 100 data fields that detail company usage of and other enterprise apps by function, customer size, industry, location, implementation status, partner involvement, Line of Business Key Stakeholders and IT decision makers contact details. List of Verified FinancialForce, customers. Overview

Ownership: -, Technology Crossover Ventures, UNIT4 and Advent International

Number of Employees: 750

Functional Markets: ERP Financial Management,

Key Verticals: Communication, Healthcare, Life Sciences, Media, Professional Services, Key Enterprise and Cloud Applications

FinancialForce, Revenues, $M:

Type/Year20182019YoY Growth, %
Total Revenues, $M Subscribe Subscribe Subscribe
Enterprise Applications Revenues, $M Subscribe Subscribe Subscribe
Cloud Applications Revenues, $M Subscribe Subscribe Subscribe

* Enterprise Applications Revenues = License + Support & Maintenance + SaaS
** All revenue figures are estimates based on public records, Cloud and Non-Cloud business models in Apps Run The World's vendor database, and annual survey results including vendor feedback. Revenue Breakdown By Type, $M:

TypeLicenseServicesHardwareSupport & MaintenanceSaaS
% of Total Revenues Subscribe Subscribe Subscribe Subscribe Subscribe
Revenues, $M Subscribe Subscribe Subscribe Subscribe Subscribe Revenues By Region, $M

Region% of Total Revenues2019 Total Revenues, $M2019 Enterprise Applications Revenues, $M2019 Cloud Applications Revenues, $M
Americas Subscribe Subscribe Subscribe Subscribe
EMEA Subscribe Subscribe Subscribe Subscribe
APAC Subscribe Subscribe Subscribe Subscribe
Total Subscribe Subscribe Subscribe Subscribe Direct vs Indirect sales

RegionDirect SalesIndirect SalesTotal
Type % Subscribe Subscribe Subscribe
Revenues, $M Subscribe Subscribe Subscribe Customers - Breakdown by Geo, Size, Vertical and Product

List of Verified Customers

No. of Customers: 1200

No. of Enterprise Applications Customers: 1200

No. of Cloud Customers: 1200

No. of Cloud Subscribers: x

FinancialForce has more than 1,200 customers including many in software, high-tech, healthcare, financial services and the public sector. Recent wins included Cincinnati Bell Inc., The National Audit Office (NAO), The Warranty Group, Lieberman Research Worldwide, and SThree Group. Market Opportunities, M&A and Geo Expansions

In May 2018, FinancialForce partnered with Appirio, a Wipro company. This partnership will help enable companies to compete in the new services economy to leverage FinancialForce cloud technology to respond more rapidly to customer demands. The burgeoning new services economy demands a shift in the way businesses reach and serve, customers. Professional services companies must find the right balance in revenue growth and customer satisfaction to increase agility and drive success.

The partnership will offer enhanced customer-centricity to professional services teams or companies. Appirio's deep experience with the Salesforce Platform, coupled with FinancialForce's PSA solution, provides a total solution to customers. The solution will help service organizations cope with the many pressures regularly encountered, including optimizing billable utilization, revenue, average project margin, customer satisfaction, and backlog management. FinancialForce is riding the next big wave in the service-driven economy where customer expectations are quite different from those of brick and mortar industries.

Many of these services companies depend on subscription sales where revenue forecasting and renewals are important. Contingency planning and what-if scenarios are also being taken seriously given the pace of change at a virtual company. What FinancialForce has in mind is to map financial, project and resource management to a flexible solution that meets the needs of these services-based companies. In 2016, the vendor introduced FinancialForce Billing Central, which unifies billing, revenue management and accounting operations on the Salesforce Platform. The product enables customers to consolidate billing sources across multiple customer contract types and gain insights into customer lifecyclefrom opportunity to renewal.

In 2017, FinancialForce partnered with ADP to deliver a broader set of HCM and payroll applications to its customers. The alliance will enable FinancialForce customers to migrate from its current HR offerings to Workforce Now and Vantage for Core HR, tax filings, benefits administration and payroll from ADP. ADP payroll will be integrated into FinancialForce Accounting in late 2017. Both moves are setting the stage for FinancialForce to become the system of record for services-based companies requiring full visibility into their sales, customer service, financial management as well as people operations to boost top-line growth, while keeping customers and employees engaged. Risks and Challenges

Since its founding in 2009, FinancialForce has been one of the strategic ERP partners of Salesforce and through the years, the latter has expanded its ecosystem by adding ERP partners like Sage and Kenandy.

Through 2020, FinancialForce made several leadership appointments. Such as in February Tony Kender was appointed as Chief Revenue Officer. As a recognized leader in creating and directing high-performance sales organizations that maximize customer value, Kender will be responsible for developing and managing strategies to accelerate and scale global revenue. Kender is a proven leader in creating and driving high-performance go-to-market organizations. With more than three decades of experience in applications software and information services, he has led sales, global marketing and channels teams across all industries and selling motions.

In March 2020, Melissa Fruge was appointed as Chief Legal Officer. In this role, Frugé will be responsible for managing all global legal matters for FinancialForce. Frugé brings a proven track record of achieving key business goals while reducing risks, developing key policies and processes, and driving worldwide regulatory and legal compliance. She also specializes in complex transactions, including IPOs, acquisitions, and strategic transactions. In May, Michael Ni was appointed as Chief Marketing Officer. Ni will focus on accelerating the adoption of FinancialForce’s offerings to help organizations achieve digital transformation and customer-centric business models.

In June 2020, bolstered its executive sales team with the appointments of David Schloss as VP and General Manager, Americas, and Stewart Monk as VP and General Manager, EMEA. Recognized for their leadership in building and developing top-performing sales teams, Schloss and Monk will be responsible for spearheading sales initiatives that maximize customer value and further accelerate global growth.

In January 2017, FinancialForce named Tod Nielsen, a former Salesforce executive, as its new CEO. That followed its last round of financing in 2015 when it received additional capital from Salesforce Ventures and other investors.

Going forward, FinancialForce is expected to align itself more with Salesforce than Unit4, which now stands squarely in the camp of Salesforce's rival Microsoft. Because of the backing of Salesforce, customers may now view FinancialForce as a default ERP extension for Salesforce. That certainly will help FinancialForce move up a notch or two. The real challenge is how FinancialForce can move beyond the Salesforce sphere of influence.

The alliance with ADP, which essentially replaces a fair amount of IP that FinancialForce has acquired from Vana Workforce in 2013, suggests that FinancialForce is aiming to build out its own ecosystem as well. Partnering with Salesforce has served FinancialForce well over the past eight years.

The next eight years will prove to be more challenging as FinancialForce needs to strike out on its own by playing equally well in other ecosystems without losing its special association with Salesforce. Ecosystem, Partners, Resellers and SI

In June 2020, FinancialForce made a partnership with customer success platform leader Gainsight, and an integration with data network provider Plaid. Through these integrations, FinancialForce further extends the value it can offer to customers through complementary technologies.

In January 2020, FinancialForce started working with Xenogenix, ION Industries, and Cloud Coachers to fast-track adoption and implementation of its cloud ERP offering in Europe as Sage prepares to shutdown its Salesforce-based solution. Sage has disclosed plans to withdraw the service by 31st December 2020, or at the end of its customers’ existing subscription contract.

Organizations that want a modern ERP solution are increasingly standardizing their back office on Salesforce to gain the benefits of running their entire business on the number-one business cloud platform. In partnership with ION and Xenogenix in the UK, and Cloud Coachers in Spain, FinancialForce is providing organizations that had previously used Sage with a convenient way to maintain and advance their ERP strategy leveraging the Salesforce platform.

FinancialForce partners closely with Salesforce. FinancialForce implementation partners include Appirio, CLD Partners, HRMS Solutions, ICON, LADD Partners, NTT Data, Nubik, OAC Services, OPMentors, Top Step Consulting, Traction On Demand, and VFP Consulting. Cloud Infrastructure Insights

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Research Methodology

Data used in research reports are derived from publicly available documents, continuous surveys of applications vendors, customers, resellers, Independent Software Vendors, systems integrators and other verifiable sources.

Vendor shares and market forecast results are based on a combination of existing databases as well as demand side and supply side research conducted throughout the year with validation from vendors, customers, channel partners and documentations such as earnings releases and 10Q and 10K filings, vertical industry studies, regional and country-level statistics from public and private institutions(i.e. colleges, universities, government agencies and trade associations).

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