Centage Corporation Completes $13.5 Million Series A Funding Led by TVC Capital
Revenue growth and expansion of new cloud based product offering triggered final $4 million investment
Natick, MA – February 29, 2016 – Centage™ Corporation, a leading provider of budgeting and forecasting software (Budget Maestro™) for small and medium-sized businesses, today announced it has completed its Series A funding for $13.5 million from TVC Capital, the San Diego-based growth equity firm focused on investments in, and acquisitions of, business critical software firms. Also participating in the round was Northgate Capital, a global private equity and venture capital investment firm. The latest infusion of cash will help to support continued expansion of the Budget Maestro suite of products and fuel sales and marketing to continue the company’s consistent double digit growth trajectory.
Over the last 12 months, Centage has achieved significant milestones, most notably in the ongoing development and deployment of its cloud-based Budget Maestro offering. Designed to offer customers seamless access to the budgeting, planning, forecasting, and analytics suite of products, from anywhere via any web browser, without maintaining any IT infrastructure, Budget Maestro for the cloud accounted for over 50 percent of all sales in Q4 2015. With powerful built-in business and financial logic, Budget Maestro offers a sophisticated but easy-to-use budgeting and planning solution—either on premise or in the cloud—designed for productivity, confidence, and insight into financial operations.
“We are impressed with Centage’s momentum in the marketplace, continual product innovation and enhancements, and increased customer adoption,” said Jeb Spencer, managing partner at TVC Capital. “Financial professionals recognize the limitations of a spreadsheet based approach to financial management. With over 7,000 users worldwide, Budget Maestro offers a unique and powerful alternative, designed to streamline the entire budgeting and planning process and provide a unified financial picture for more strategic planning. Centage continues to achieve the growth milestones that we targeted and the company has accelerated its growth in cloud sales faster than planned. We are committed to helping drive their business expansion.”
“Budget Maestro is redefining the accessibility, value and impact that budgeting, planning and forecasting systems can have across entire companies. Budget Maestro can arm today’s financial professionals with accurate, reliable, and valuable data to more strategically manage the financial health of their organizations, and can help them to engage operational management more in the process. This latest round of funding further validates our unique offering and drives us to continue to innovate on behalf of our customers,” said Barry Clapp, president and CEO, Centage Corporation.
Centage Corporation’s Maestro Suite enables faster, more accurate budgeting, forecasting, analytics and reporting for small to mid-market organizations via their award winning Budget Maestro, Analytics Maestro and Link Maestro products. Cloud-based and collaborative, the Maestro Suite of products eliminate the time-consuming and error-prone activities associated with using spreadsheets. It shows how a business is performing and helps accurately forecast and report on its future financial health. It is the only solution that offers synchronized P&L, balance sheet and automatically generated cash flow reporting, to speed up decision-making and deliver useful business information year round. Centage serves over 10,000 users worldwide. Visit Centage.com, follow on Twitter, or visit the Centage Blog for the latest insights.
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Centage and Budget Maestro are registered trademarks of Centage.