– USA, MA – Centage™ Corporation, a leading provider of budgeting and forecasting software (Budget Maestro™) for small and medium sized businesses, today announced it has secured $9.5 million in Series A funding from TVC Capital, a San Diego based growth equity firm focused on investments in, and acquisitions of, software and software-enabled service firms. Also participating in the round was Northgate Capital, a global private equity and venture capital investment firm. Effective immediately, Jeb Spencer of TVC Capital and Jared Stone of Northgate will also join the company’s board of directors.
With a strong user base of more than 600 companies across multiple vertical markets, Centage has grown at a rapid rate with minimal outside capital. The cash infusion will be used to expand the company’s product offering to include a cloud-based solution and bolster marketing efforts both domestically and internationally. Due to increasing financial management pressures, the demand for flexible solutions such as Budget Maestro remains high, thereby presenting an opportunity for the organization to capture a substantial portion of the growing global market.
Unique to any other budgeting and forecasting software in the market, Budget Maestro is based upon pre-programmed budget logic that automatically generates financial plans, and seamlessly integrates with any back office or general ledger system, increasing productivity and ensuring accuracy in forecasted financials.
The Budget Maestro suite of solutions offers financial leaders the insight and agility needed to optimize their strategies and resources, to effectively compete in today’s market. By eliminating the user’s need to build and maintain their budget model manually, it empowers them to use the budget to gain insight into the results and dynamics of their businesses and to use the budget as a management tool.
“At many companies, the traditional approach to budgeting and forecasting is an archaic and fundamentally broken process that lacks the flexibility, security and collaboration needed to effectively budget and plan for the future,” said Jeb Spencer, Managing Partner, TVC Capital. “Unlike anything else we’ve seen, Budget Maestro, built on financial intelligence, offers financial leaders at small and medium sized businesses, access to sophisticated but easy to use budgeting and forecasting software, designed to strategically manage the financial health of the organization. Our portfolio is built on high growth organizations with untapped potential, like Centage, and we look forward to helping expand the power and flexibility of Budget Maestro in new markets.”
“We are excited about the investment from TVC Capital and Northgate,” said Barry Clapp, President and CEO of Centage Corporation. “Our mission is to empower financial professionals to gain better insight into their businesses, to assist in spreading budget contributors throughout organizations, and in the process, eliminate the cost and complexity of providing accurate financials to management. We value TVC’s track record and deep operational expertise and look forward to them helping us turn our best-of-breed solution into a true market leader. The infusion of capital will help to expand our sales and marketing efforts, develop new product offerings and business intelligence tools, and to expand our delivery options to include a cloud platform offering.”
About TVC Capital, LLC
TVC Capital is a San Diego-based growth equity firm focused on investments in and acquisitions of software and software enabled service firms. TVC Capital 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 60 years of experience growing technology companies into market leaders. 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. Northgate has offices in the California Bay Area, Hong Kong, London, Melbourne, Mexico City, and New Delhi. For more information, visit www.northgate.com.
Budget Maestro by Centage is an easy-to-use, scalable, automated budgeting, planning, and forecasting solution. 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 build 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 seamlessly update. Budget Maestro serves more than 7,000 users worldwide.
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