Centage Corporation Receives Second Capital Infusion from Massachusetts Growth Capital Corporation
Natick, MA – August 28, 2014 – Centage ™ Corporation, a leading provider of budgeting and forecasting software (Budget Maestro™) for small and medium sized businesses, today announced the company has secured a second round of debt funding from the Massachusetts Growth Capital Corporation (MGCC). This news underscores a successful second quarter, earmarked by continued customer adoption, an expanded executive leadership team and consistent revenue growth. The additional investment from MGCC will enable Centage to direct further funds towards continued product innovation, including the creation of additional engineering and customer support jobs, the marketing roll-out of its dramatic new version (7S) of its Budget Maestro product, and support of the company’s aggressive growth plans.Q2 momentum highlights include:
- Increased headcount by more 30%, year to date
- Achieved nearly 35% revenue growth, year to date, and have tripled the amount of revenue from channel sales year to date over the previous year.
- Extended leadership team with the hire of former IBM executive, Piyush Jain, as Vice President of Engineering
- Promoted Chris Howard to Vice President, Customer Experience and Dave Winterhalter to Vice President, Marketing Communications
- Named Core Vendor in BPM Partners Pulse Survey 2014, as well as one of the 10 Most Promising Financial Planning & Analysis Software Providers by CIO Review
“As a rapidly growing company, in a burgeoning market, we are grateful for the ongoing support of MGCC to support our momentum,” said Barry Clapp, President & COO, Centage Corporation. “The additional investment will allow us to create new jobs in Massachusetts as we develop innovative products – including a cloud computing offering – and expand into new markets.”“Small businesses drive the Commonwealth’s economy and face a unique set of challenges as they balance execution on existing business plans while seeking opportunities for growth. Mass Growth is thrilled to help local companies like Centage direct their energy towards activities that create jobs, and fuel growth and expansion opportunities. Their successes help build a stronger economy across the state,” said Neil Martin, Chief Operating Officer, Massachusetts Growth Capital Corporation.