Among HCM Top 500

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515 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 expanded the boundaries of financial management software by focusing on 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. FinancialForce base of 1,350 customers started running more than three products such as 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.

The FinancialForce HCM application supports the whole HR spectrum, including human resource system of record, benefits & compensation, absence management, performance and talent management, career and succession planning, workforce collaboration, and workforce analytics - all in one unified application. Recent Developments

In October 2021, FinancialForce declared the introduction of Services CPQ to the FinancialForce Professional Services Cloud. Services CPQ helps customers accelerate the services estimation process, enables organizations to initiate an estimate from any opportunity, and seamlessly transfers the estimate directly into the project for delivery.

In June 2021, FinancialForce introduction of FinancialForce Customer Success Operations Cloud (CS Ops Cloud) for general availability in Fall, major new product enhancements for Professional Services Cloud and ERP Cloud, and the general availability of the Summer 2021 Release featuring significant new features.

Slated for Fall, CS Ops Cloud was the latest addition to the FinancialForce solutions suite, which include FinancialForce ERP Cloud and FinancialForce Professional Services Cloud. CS Ops Cloud is designed to help organizations operationalize customer success and deliver greater customer outcomes–all on the Salesforce platform. The new solution is ideal for companies that offer subscription-based products and services and strive to maximize customer relationships.

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 signal related to COVID impact and are 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 its 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.

FinancialForce, a cloud ERP provider on the Salesforce platform, announced a new strategic partnership with ADP, a behemoth in the payroll and human capital management (HCM) space, to replace its HCM offering over the long term.

FinancialForce has its HCM solution, based on its 2013 acquisition of Vana Workforce. FinancialForce will continue to support its existing HCM product until 2022, but the company won’t be further investing in that solution. Some FinancialForce HCM customers have already started migrating to the ADP solution, but most will be on the FinancialForce HCM solution for a while. 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: 900

Functional Market: Absence and Leave Management, Workforce Analytics, Core HR, Benefits Administration, Onboarding, Performance Management, Succession and Leadership Planning, Compensation Management,

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

FinancialForce, HCM and Cloud HCM Applications Revenues, $M:

Type/Year20202021YoY Growth, %
Total Revenues, $M Subscribe Subscribe Subscribe
HCM Applications Revenues, $M Subscribe Subscribe Subscribe
Cloud HCM Applications Revenues, $M Subscribe Subscribe Subscribe

* HCM Applications Revenues = License + Support & Maintenance + SaaS ( Hardware and Prof. Services are Excluded )
** 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:

TypeLicenseProf. ServicesHardwareSupport & MaintenanceSaaSPaaSIaaSOther (Non Enterprise Application Revenues)Total
% of Total Revenues Subscribe Subscribe Subscribe Subscribe Subscribe Subscribe Subscribe Subscribe 100%
Revenues, $M Subscribe Subscribe Subscribe Subscribe Subscribe Subscribe Subscribe Subscribe Subscribe Total and HCM Applications Revenues by Region:

Region% of Total Revenues2021 Total Revenues, $M2021 HCM Applications Revenues, $M
Americas Subscribe Subscribe Subscribe
EMEA Subscribe Subscribe Subscribe
APAC Subscribe Subscribe Subscribe
Total 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: 1350

No. of HCM Applications Customers: 1350

No. of Cloud HCM Customers: x

No. of Cloud HCM Subscribers: x

FinancialForce has more than 1,350 customers 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 November 2021, Huron, a global consultancy, become a new implementation partner for FinancialForce. As a key FinancialForce implementation partner, Huron will help clients realize the impact of running a digital business by deploying FinancialForce’s Professional Services Cloud, an award-winning professional services automation (PSA) solution, with a focus on enterprise customers.

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 lifecycle from the opportunity to renew.

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.

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. Risks and Challenges

Existing customers of FinancialForce HCM will now need to plan a migration before 2022. This is good news for FinancialForce competitors. If customers have to migrate to a new HCM system, that might also open the door for them to consider migrating away from FinancialForce altogether.

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 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 September 2021, FinancialForce published that it will be bringing its ERP and Professional Services Automation (PSA) cloud solutions to organizations on the Salesforce platform in APAC and EMEA region.

As part of this, FinancialForce will be joining hands with Infosys, a global leader in next-generation digital services and consulting, to help organizations accelerate transformation projects to run digital businesses and put customers at the centre of everything organizations do. As more companies throughout EMEA and APAC seek agility and flexibility for business success, FinancialForce and Infosys will speed access to customer-centric ERP and PSA solutions that allow them to streamline, simplify, and automate operations.

In June 2020, FinancialForce entered a partnership with customer success platform leader Gainsight. Also made 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 Platform (PaaS) and Infrastructure (IaaS) Details

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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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