Financial forecasting solutions provider continues to expand customer base in SaaS, professional services markets
AUSTIN, TEXAS (BusinessWire)November 12, 2020
Place Technology (Place), the comprehensive financial forecasting solutions provider for SaaS and professional services companies, today announced a 1,400 percent increase in net new customer acquisitions and subscription revenue growth of 4,400 percent year-to-date.
Following a successful $3 million seed round in October 2019, Place concentrated its core business to serve small and medium-sized SaaS and professional services companies, leading to significant year-over-year revenue growth. As uncertainty continues to surround today’s markets, companies are increasingly seeking to enhance their ability to quickly forecast recurring and non-recurring contract revenues, cash flow, sales pipelines and operational expenses without the burden of manual data management.
Notable customer acquisitions include:
- Nylas, a leading provider of communications APIs for software developers.
- Robots & Pencils, a mobile first strategy, design and development firm.
- Skaled, a B2B sales and management consultancy.
“Finance teams are caught between the day-to-day grind of manual reporting and the need to get more information in the hands of their executives faster,” said Brandon Metcalf, co-founder and CEO of Place. “The problem is that today’s small and medium-sized businesses usually have only two options: Stay in spreadsheets or adopt a financial forecasting solution that’s built for much larger organizations. We’re filling that gap for them.”
Earlier this year, Place launched several platform upgrades, including entity consolidation, currency management and improved data integration for actual and forecasted financial data. Combined with existing benefits like executive dashboards, on-demand forecasts and customizable reports, Place arms finance teams and executives with the tools and confidence to make faster, more informed decisions about their business.
“PlaceCPM has been an immediate value-add for our rapidly growing SaaS business,” said Wesley Thomas, controller and CPA at Nylas. “Our team needed a way to more efficiently forecast revenue and cash flow, improve our real-time executive reporting and model a wide range of financial scenarios, all while reducing the burden that comes with manual data management. We’ve been able to scale the platform’s functionality and depth in ways that make sense for us, without the hassle of lengthy implementation timelines or being forced to use features we don’t need.”
Place’s go-forward market strategy will expand on its notable customer and revenue growth to date, including the development of new platform upgrades that cater to SaaS and professional services companies and deliver tangible business value in times of financial turbulence.
About Place Technology
Founded in 2018 by serial entrepreneurs Brandon Metcalf and Kabe VanderBaan, Place Technology is the comprehensive financial forecasting solution for SaaS and professional services companies. Place Technology’s core solution, PlaceCPM, delivers unrivaled flexibility and accuracy that finance teams need to generate more models with greater business impact in less time. Armed with an arsenal of accurate, on-demand financial models and dashboards, companies can improve their business preparedness and enhance profitability. Place Technology has raised more than $4 million in funding to date led by Geekdom Fund.