Fluence Technologies Inc., a developer of cloud-based financial consolidation and closing management software, announced the acquisition of XLCubed Ltd., which provides Excel-centric reporting and analysis software.
The agreement is part of Toronto-based Fluence’s goal to expand its technology platform to help organizations with their financial consolidation, closing and reporting processes, adding strong reporting capabilities, analysis and dashboard.
“This is a critical step in our long-term strategy,” Fluence CEO Michael Morrison said in a statement. “With XLCubed, Fluence expands its offering of consolidation and closeout solutions and provides our customers and partners with an innovative financial reporting, management and operations capability that capitalizes on the power and familiarity of Excel.
He also noted that the acquisition brings over 750 clients to XLCubed, as well as its global network of partners.
“XLCubed has been successful over the years because we recognized how business and especially finance professionals use Excel and their need to connect directly to business data while providing flexibility and enhanced visualization. data, ”CEO Mark Scanlon said 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 principal investor in Fluence, said: “This acquisition of XLCubed reinforces Banneker’s initial vision for Fluence to create the premier, easy-to-use consolidation and reporting platform. to use and quick to implement.
Founded in 2002, XLCubed is based in the UK