Fluence Technologies Inc., a developer of cloud-based financial consolidation and close management software, announced the acquisition of XLCubed Ltd., which provides Excel-centric reporting and analytics software.
The deal is part of Toronto-based Fluence’s goal to expand its technology platform to support organizations in their financial consolidation, close and reporting processes, adding robust reporting capabilities, analysis and dashboard.
“This is a critical step in our long-term strategy,” Fluence CEO Michael Morrison said in a statement. “With XLCubed, Fluence expands its offering of consolidation and proximity solutions and offers our customers and partners an innovative financial, management and operational reporting capability that capitalizes on the power and familiarity of Excel.”
He also noted that the acquisition brings more than 750 customers from XLCubed, as well as its global network of partners.
“XLCubed has been successful over the years because we recognized how business and especially finance professionals use Excel and their need to connect directly to business data while providing flexibility and enhanced visualization. data,” chief executive Mark Scanlon said in a statement. “We believe this combination represents a great opportunity for the entire XLCubed community.”
In a statement, Stephen Davis, managing partner at Banneker Partners, Fluence’s lead investor, said: “This acquisition of XLCubed furthers Banneker’s original vision for Fluence to build the leading easy-to-use and fast consolidation and reporting platform. to implement.
Founded in 2002, XLCubed is based in the UK