Toronto FinTech company Vena Solutions has signed a definitive agreement to acquire Australia’s Acterys to expand its financial planning and analysis (FP&A) capabilities.
Founded in 2011, Vena sells FP&A software to finance teams at medium and large-sized companies. The company’s AI-powered, Microsoft-focused platform helps clients manage budgeting, forecasting, and business planning.
The transaction is set to combine Vena’s Microsoft Excel-native FP&A software with Acterys’ enterprise-grade operational planning and app development platform. The latter allows IT clients to write data directly into Microsoft’s Power BI business intelligence software and provides unified analytics across Microsoft Fabric, the American tech giant’s data platform.
Vena aims “to become the most widely-adopted and highly valued planning platform within the Microsoft ecosystem.”
The cash-and-stock deal, which remains subject to customary closing conditions and regulatory approval, is expected to close during this quarter. Vena did not share the acquisition price with BetaKit, but did confirm that Acterys is profitable and growing by 100 percent year-over-year, with approximately $13 million USD ($17.8 million CAD) in annual recurring revenue (ARR) and more than 300 customers.
Vena says the acquisition will expedite its move into “orchestrated planning,” which “aligns finance-led planning and IT-enabled execution.” Whereas integrated planning simply connects different financial plans, Vena says that orchestrated planning will give finance and IT teams a shared environment to build and implement those plans.
The FinTech company claims this transaction will deepen Vena’s presence across the Microsoft ecosystem and help it create “the first Microsoft-native environment for orchestrated planning.”
“This is a strategic acquisition in support of our mission to become the most widely-adopted and highly valued [financial] planning platform within the Microsoft ecosystem,” Vena CEO Hunter Madeley told BetaKit.
In a statement, Acterys CEO Mike Zack claimed, “Vena and Acterys bring together the best of both worlds—Excel for finance and Power BI for IT—to deliver a unified planning and analytics experience.”
Acterys marks Vena’s “first full-scale acquisition” to date (the company previously acquired part of an India-based product and engineering firm to support its Indian expansion).
RELATED: With $100 million USD in revenue, Vena becomes Canada’s latest centaur
“With Acterys’ technology, Vena now supports a broad continuum of planning use cases across FP&A, extended planning, and beyond,” Madeley added.
Vena most recently closed a $300-million CAD Series C round from Vista Equity Partners in 2021. According to The Globe and Mail, $100 million of that amount was for Vena, while the remaining $200 million went to existing backers JMI Equity and Centana Growth Partners, which sold shares but retained stakes in the company.
In 2022, a Vena client alleged that the company misrepresented its System and Organization Controls compliance. A source claimed that this led to a loss of customers for Vena, which told BetaKit at the time that the company had addressed the matter.
In 2024, Vena shared that it had become a centaur, meaning it had surpassed $100 million USD in ARR. Last fall, the company announced that it had grown to more than 2,000 business customers.
A Vena spokesperson told BetaKit that the company is currently earnings before income, taxes, depreciation, and amortization positive and expects to end 2026 “closing in very quickly” on $200 million USD in ARR, with over 3,000 clients.
CORRECTION (02/06/26): This story has been corrected to reflect that Acterys is based in Sydney, Australia, not Chicago, as well as the fact that Acterys is not a direct competitor to Vena. It has also been updated to include additional information and commentary from Vena.
Feature image courtesy Vena Solutions.