Centage Corporation, which makes cloud-based budgeting, forecasting, analytics and reporting solutions, has raised a Series C funding round of $8.5 million. The company also recently entered into a partnership with Acumatica, a provider of cloud-based ERP business management software solutions, to provide Centage’s Maestro Suite to Acumatica’s customers.
Centage plans to use the money to invest heavily in product development, technology, marketing and customer support, according to a spokesperson for the company.
The funding was led by TVC Capital with participation from institutional investors and investors from prior funding rounds.
Centage reports significant growth in the last several years, including a record year of revenue growth in 2018. The company attributes the success to its cloud SaaS offering, which provides planning, forecasting, budgeting and analytics tools and built-in business and financial logic.
“Centage is helping CFOs, controllers, and FP&A teams adopt the next generation in planning, budgeting, forecasting, and analytics technology, empowering them to become strategic change agents for their businesses,” said John Murdock, Centage’s CEO, in a statement. “With the new round of funding, we’ll continue to innovate in the FP&A market and invest further in product development, technology and support of the market and our customers, ultimately making the Maestro Suite the cornerstone of the modern office of finance.”
“Centage has continued to impress us with its leading-edge technology development and dedication to its customers,” added Jeb Spencer, co-founder and managing partner at TVC Capital and chairman of the Centage board of directors, in a statement. “Financial teams have a greater need for sophisticated and flexible software that allows them to address the needs of their organization in a fast-paced, agile business world.”
