Toronto FinTech SaaS startup Fluence Technologies has acquired United Kingdom-based XLCubed, a provider of reporting and analytics software.
Formed in 2002, XLCubed developed an interactive reporting and analytics platform powered by spreadsheet software program Microsoft Excel. Targeting finance and business professionals, XLCubed’s product can be leveraged for financial, regulatory management, dashboard, and ad hoc reporting.
Launched in October 2019, Fluence wants to bring speed, efficiency, and accuracy to the financial consolidation and account reconciliation process. The startup currently serves mid-market companies across North America and Europe.
By purchasing XLCubed, Fluence is aiming to become “the broadest technology platform” in the financial services space. Although it will continue to operate as a standalone business, XLCubed’s financial reporting, analytics, and dashboarding capabilities will be integrated with Fluence’s product suite. The financial terms of the deal were not disclosed.
In May, Fluence raised $12.5 million CAD in Series A funding from Banneker Partners, an enterprise software-focused investment firm based in San Francisco.
The funding follows a switch up in executive management, where Fluence appointed performance management software veteran Michael Morrison as its CEO, replacing founding CEO John Power. Power took on the role of COO, and focuses on customer success and guiding the company’s product vision.
Morrison called Fluence’s acquisition of XLCubed a critical step in the company’s long-term strategy, as it intends to expand its offering.
“It also brings to the company more than 750 loyal customers, a strong global partner network and a dedicated employee base with deep Excel ‘DNA’ that has been committed to delivering high-impact analytics to finance and business professionals for years,” he said.
As a result of the acquisition, both companies are offering a new standalone financial reporting solution powered by XLCubed and built on Fluence’s cloud platform with added controls; data connectivity; and automated data collection, approvals, and distribution.