FinancialForce secures $50m from Advent

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ecommercePrivate equity firm Advent has invested $50m in FinancialForce.com, which provides cloud-based enterprise resources planning (ERP) on the Salesforce1 Platform.

The deal is part of a broader investment in FinancialForce.com’s majority investor, UNIT4. Last year the company saw its revenues surge 80 per cent.

After the latest funding round, UNIT4 will continue to be its majority shareholder and Salesforce will retain a significant minority stake.

Advent managing partner Fred Wakeman said, “To be successful in today’s market, companies must transform into customer centric organizations.

“FinancialForce.com’s ERP offering provides end-users with a family of cloud solutions that allow them to gain a unified, informed view of the customer experience across the entire organization.

“The company’s unique customer proposition differentiates it, making the business an exciting investment opportunity for UNIT4 and Advent.”

Earlier this month Advent bought medical claims company iHealth Technologies from Goldman Sachs to merge it with its portfolio company Connolly.

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