Cloud-based corporate performance management [CPM] software vendor Vena Solutions has announced a strategic partnership with Sage Intacct, the cloud financial management solution within the Sage portfolio. The integration will see Vena’s financial planning and analysis solution integrated into the Sage Intacct cloud-based accounting software. The integration is available now in the Sage Intacct Marketplace.
Vena is a Toronto-based company with a global footprint. Their CPM software handles budgeting, planning, reporting and revenue forecasting, leveraging native Excel and the other Microsoft Office 365 software, with their primary focus being on the midmarket and the enterprise. While they began in 2011 as a software solution, they moved to the cloud in 2014, and are now purely SaaS.
Intacct was created in 1999 as a born-in-the-cloud ERP vendor which provides financial management primarily to mid-market and SMB companies. Their capabilities include accounting, cash management, purchasing, vendor management, financial consolidation, revenue recognition, subscription billing, contract management, project accounting, fund accounting, inventory management, and financial reporting applications. Sage acquired Intacct last year.
This relationship is non-exclusive on both sides. Vena already has existing relationships with key Sage Intacct competitors like Netsuite and FinancialForce. Sage Intacct also has other CPM options with which they integrate available on their marketplace. Nevertheless, Don Mal, Vena’s founder and CEO, said that this is an exceptionally strong integration, which combines two vendors who are top-rated in their markets for customer satisfaction.
“All accounting software says they can help doing budgeting, but that is really just within the accounting context,” Mal said. “It’s in no way comparable to a CPM solution like ours. We add the ability to analyze data systematically, with our software that has workflow associated with it. Our Excel-based front end and proprietary database drive financial planning analysis and reporting.” It allows Sage Intacct users to create budgets, forecasts and reports with real-time general ledger numbers using Excel models and templates that are familiar to them.
Sage has many other accounting products, none of which Vena is presently integrated with. While several of them are aimed rather low in the market for Vena, others are not.
“Strategic integrations are an important part of our growth strategy,” Mal said. “Integrations with any of the other Sage accounting or ERP products would be a nice complement for us, although there is nothing specific being discussed.”