Fluence Technologies Inc., a developer of cloud-based financial consolidation and close management software, announced that it has acquired XLCubed Ltd., which provides Excel-centric reporting and analytics software.
The deal is part of Toronto-based Fluence’s goal of broadening its technology platform to support organizations in their financial consolidation, close and reporting processes, by adding strong reporting, analytics and dashboarding capabilities.
“This is a critical step in our long-term strategy,” said Fluence CEO Michael Morrison in a statement. “With XLCubed, Fluence broadens its consolidation and close solution offering and provides our customers and partners with an innovative financial, management and operational reporting capability that capitalizes on the power and familiarity of Excel.”
He also noted that the acquisition brings in XLCubed’s more than 750 customers, as well as its global partner network.
“XLCubed has been successful over the years because we recognized how business and particularly finance professionals use Excel and their need to connect to corporate data directly whilst providing flexibility and enhanced data visualization,” said managing director Mark Scanlon in a statement. “We believe this combination represents a great opportunity for the entire XLCubed community.”
In a statement, Stephen Davis, managing partner at Banneker Partners, the primary investor in Fluence, said: “This XLCubed acquisition furthers Banneker’s initial vision for Fluence to build the leading consolidation and reporting platform that’s easy to use and quick to implement.”
Founded in 2002, XLCubed is based in the U.K.
