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 Tranche
NATICK, Mass., 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.
Budget Maestro™ by Centage is an easy-to-use, scalable, automated budgeting, planning, and forecasting application. It is designed for small to mid-market companies and automates many of the time-consuming and error-prone activities associated with using spreadsheets to generate accurate budgets and forecasts. It features built-in financial and business logic that allow users to create and update their budgets and forecasts and never worry about formulas, functions, links or any custom programming. It is the only solution in the market that offers synchronized P&L, balance sheet, and cash flow reporting that generate automatically and update seamlessly. Budget Maestro serves more than 7,000 users worldwide. Visit us at www.centage.com. For more information, follow us on Twitter @Centage or visit our blog http://blog.centage.com/ for the latest insights on budgeting and forecasting strategies.
About TVC Capital
TVC Capital is a San Diego-based growth equity firm with over $235 million under management. TVC is focused on investments in and acquisitions of business critical software firms. TVC targets a wide spectrum of software sectors and industry verticals that are poised for growth and consolidation. The TVC team is led by operating executives with more than 80 years of experience growing technology companies into market leaders. Current and past investments include Accordent Technologies, Levels Beyond (Reach Engine), Del Mar Datatrac, Limeade, LiquidPlanner, MediaPlatform, Mercent, Centage, ReverseVision and Edgewave. For more information, visit www.tvccapital.com.
About Northgate Capital
Northgate Capital is a global private equity and venture capital investment firm with over $4 billion in assets under management. For more information, visit www.northgate.com.
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