Toronto-based FinTech software startup Fluence Technologies is set to be acquired by Miami-based Anaplan for an undisclosed amount.
The companies have signed a definitive agreement for the deal, which is expected to close in early May. After closing, Anaplan will integrate Fluence Technologies’ software into its platform, a process that will be co-led by Adam Thier, Anaplan’s chief product and technology officer and Hervé Capo, co-founder and vice president of product at Fluence Technologies.
“This marks the beginning of an exciting new chapter for our company—opening tremendous opportunities for our customers, partners, and employees,” Fluence Technologies wrote in a LinkedIn post last week. “With this powerful combination of Anaplan and Fluence, we will be able to accelerate innovation and enhance our ability to serve the office of finance with even better products and services.”
Founded in 2019, Fluence Technologies develops financial close, consolidation, and reporting SaaS solutions. The solution is targeted towards finance teams at high-growth and highly acquisitive companies. Its customers include oil and gas giant BP, chocolate maker Thorntons, and construction firm Marshalls.
Financial close and consolidation refer to the process of finalizing accounts at the end of a reporting period and merging financial data from multiple business units into a single set of financial statements, ensuring that the data is both accurate and compliant with accounting standards and regulations. Fluence Technologies’ software aims to bring speed, efficiency, and accuracy to the financial consolidation and account reconciliation process.
In 2021, Fluence Technologies closed $12.5 million CAD in Series A funding, coinciding with Michael Morrison taking over the role of CEO from founding CEO John Power. Fluence Technologies has itself been relatively acquisitive during its history, purchasing United Kingdom-based XLCubed in 2021, and Italian startup Sturnis365 in 2022.
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Anaplan offers a platform for what it calls “connected planning,” which brings together financial, strategic, and operation plans into one platform. The company counts 2,400 firms from 50 countries among its customers.
In a statement announcing the deal, Anaplan said the integration of Fluence Technologies will provide three new features to its own customers: software for financial consolidation, a disclosure management solution, as well as Excel reporting, allowing companies to keep track of certain metrics, such as revenue, cash flow, and profit, in real time.
“A key tenet of both companies’ software development philosophy is that the user interface should be simple, but powerful, intuitive, and easy to use – our Excel add-in, FluenceXL is a great example of this principle,” Morrison said in a statement. “It is this software tenet that will guide the integration of Fluence into the Anaplan platform, extending the benefits of Anaplan’s market-leading finance planning solution to financial consolidation.”
Feature image courtesy of Unsplash. Photo by Scott Graham.