Unit 4 Agresso to launch a new company to develop, sell and support the only accounting application delivered in the cloud 100% on the Force.com platform
FinancialForce.com is a spinoff from Unit 4 Agresso; salesforce.com is a minority investor in the new company with Unit 4 Agresso retaining the controlling stake in the company
Investment represents significant commitment to accounting in the cloud
SLIEDRECHT, the Netherlands and SAN FRANCISCO, September 30, 2009 - Unit 4 Agresso (NYSE Euronext: U4AGR), parent company of financial software specialist CODA has announced that it has joined forces with salesforce.com (NYSE:CRM), the enterprise cloud computing company to create FinancialForce.com, a new company that delivers finance and accounting applications in the cloud. Both Unit 4 Agresso and salesforce.com are investing in FinancialForce.com, which leverages CODA’s cloud accounting application formerly known as CODA 2go, which has been transferred into the new company.
FinancialForce.com aims to change the future of accounting and finance by delivering unique accounting applications in the cloud that give finance professionals and CFOs the efficiency, success and confidence they desire. Built on salesforce.com’s enterprise cloud-computing platform, Force.com, FinancialForce.com offers accounting solutions delivered via the cloud for both salesforce.com and non-salesforce.com customers alike.
FinancialForce.com delivers the power of a real-time, enterprise accounting system to organizations of all sizes. It will support such businesses as they evolve, expand and outgrow more traditional accounting systems while offering all the benefits of cloud computing including ease of implementation, rapid return on investment and reduced cost and complexity. FinancialForce.com’s rich functionality is built using CODA’s 30 years’ experience in designing and building world class financial applications combined with the security, reliability and availability of salesforce.com’s trusted real-time Force.com service infrastructure.
The CODA 2go team and products have transferred to FinancialForce.com, which will be run from the company’s new corporate headquarters in San Mateo, California as well as from its EMEA headquarters in Harrogate in the UK. FinancialForce.com already has established sales, pre-sales and support teams in North America and the UK to take the new solution to market. Salesforce.com will provide first line support for FinancialForce.com, giving customers of both Salesforce CRM and FinancialForce applications a single consistent point of contact.
Jeremy Roche, CEO of CODA, has been appointed President and CEO of FinancialForce.com. George Hu, Executive Vice President, Marketing and Alliances at salesforce.com, Chris Ouwinga, Chairman and CEO of Unit 4 Agresso, Edwin van Leeuwen, CFO of Unit 4 Agresso and Jeremy Roche make up the FinancialForce.com Board of Directors.
Jeremy Roche, CEO for FinancialForce.com, commented: “In establishing FinancialForce.com we are revolutionizing the future of accounting. FinancialForce.com will do for finance and accounting what salesforce.com has done for CRM. We are enabling customers of all sizes to choose accounting as part of a broader, integrated cloud computing solution and giving them the power of enterprise accounting without the pain of owning the software themselves. As a pioneer on the Force.com platform, CODA has worked closely with salesforce.com while developing and launching CODA 2go. We believe that having a native solution built on the Force.com platform will give us a significant competitive advantage when selling to salesforce.com customers and is key to our go to market strategy.”
For customers using or evaluating Salesforce CRM, FinancialForce.com comes with an unequalled level of integration between its accounting functions and salesforce.com’s Sales Cloud and Service Cloud. This allows users to make the most of customer relationships - from making initial contact to ensuring smooth accounting processes and accurate invoicing, right through to the ongoing customer relationship. For non-Salesforce CRM users, FinancialForce.com offers a new choice of a comprehensive accounting solution built around salesforce.com’s enterprise cloud-computing platform. FinancialForce.com will revolutionize the future of accounting by delivering a cloud computing application that helps companies get real-time insight into data from across customer services, sales and accounting, giving a complete view of the business position at a time when cash flow has never been more important.
FinancialForce.com customer Sallie Kennedy, CFO for Compliance Team, Inc., said: “Since selecting FinancialForce.com we have benefited from the improved efficiency and agility that cloud computing delivers. In addition, we have cost effective, real-time access to FinancialForce.com’s best in class financial management capabilities but without the headache of owning, managing and maintaining the software ourselves. We can access business critical financial information at anytime and from any Web-enabled device and can act on the information quickly and decisively. We also have peace of mind knowing that FinancialForce.com is built on salesforce.com’s infrastructure so our data is secure.”
George Hu from salesforce.com, said: “FinancialForce.com’s mission is to create applications that make the finance department as successful as sales and service teams are with salesforce.com. That means creating and delivering the world’s only finance applications that are as easy to deploy and use, and as customizable and trusted as Salesforce CRM. Together with Salesforce CRM, FinancialForce.com gives existing salesforce.com customers one solution for the front and back office delivered on the Force.com platform.”
FinancialForce.com – Revolutionizing the Future of Accounting with Cloud Computing
FinancialForce.com provides rich functionality for businesses around the world:
Pricing and Availability
FinancialForce.com is now available to salesforce.com customers as well as non-salesforce.com customers. Pricing for the current release of FinancialForce applications starts from $125 per user per month. To order, or for more information, please visit: http://www.FinancialForce.com.
FinancialForce.com aims to revolutionize the future of accounting by doing for finance what salesforce.com has done for CRM. It delivers unique cloud accounting applications that give accountants and CFOs online, real-time financial information, always in balance and always up to date. This gives them a better understanding of their business, with the confidence of reliable figures, from secure systems, looked after for them by the world's most trusted enterprise cloud computing platform.
FinancialForce.com is backed by Unit 4 Agresso (parent company of accounting software specialist CODA) and salesforce.com. It combines CODA’s 30 years of designing and building financial applications, with the salesforce.com platform’s decade of dependability, availability and security.
The result is a range of revolutionary cloud computing applications, including FinancialForce Accounting – a full Software as a Service (SaaS) accounting application, delivered on a subscription basis; the first international SaaS accounting system developed on salesforce.com's cloud computing platform, Force.com.
Headquartered in Sliedrecht, the Netherlands Unit 4 Agresso was founded in 1980. Today, Unit 4 Agresso is the 4th largest mid-market ERP solution provider in the world according to analyst IDC (2008). It develops, sells, implements and supports business software for running, managing and optimising a wide range of private and public sector organizations across the globe. The group has 3,500 staff in offices across 14 European countries and 5 countries outside Europe, from where it supports customers and partners in all regions of the world. It is publicly quoted on the NYSE Euronext Amsterdam (U4AGR).
CODA was founded in 1979 and has around 500 employees working at 18 offices in 14 countries. It creates, markets and implements a comprehensive range of software systems designed specifically to meet the needs of financial directors and finance departments. These include financial management systems, analysis applications and business process management and control software to implement compliance solutions. Its service-oriented architecture also makes CODA software easy for clients and other vendors to integrate with their business applications.
CODA software is designed for multi-currency, multi-language, multi-country, multi-company and multi-site operations. It is used by around 2,600 medium and large organizations in more than 100 countries in a variety of markets and within both public and commercial sectors. CODA is a Unit 4 Agresso company.
Any unreleased services or features referenced in this or other press releases or public statements are not currently available and may not be delivered on time or at all. Customers who purchase salesforce.com applications should make their purchase decisions based upon features that are currently available. Salesforce.com has headquarters in San Francisco, with offices in Europe and Asia, and trades on the New York Stock Exchange under the ticker symbol “CRM.” For more information please visit http://salesforce.com, or call 1-800-NO-SOFTWARE.