Toronto FinTech company Vena Solutions has signed a definitive agreement to acquire Chicago competitor 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.
This transaction helps Vena create “the first Microsoft-native environment for orchestrated 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. That platform 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.
The financial terms of the deal, which remain subject to customary closing conditions and regulatory approval, were not disclosed. BetaKit has reached out to Vena for more details on the proposed transaction and how it fits into the company’s overall strategy.
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.”
“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 CEO Mike Zack said in a statement. “It’s the solution enterprises have been waiting for to align strategy, systems and execution across the Microsoft stack.”
RELATED: With $100 million USD in revenue, Vena becomes Canada’s latest centaur
Vena 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 annual recurring revenue. Last fall, the company announced that it had grown to more than 2,000 business customers. For its part, Acterys caters to more than 300 global organizations.
Feature image courtesy Vena Solutions via LinkedIn.