Fluence Acquires Sturnis365 for Collaborative Disclosure Management and Narrative Reporting
Deal extends Fluence’s leadership in pure-play financial consolidation, close and reporting
TORONTO - July 5, 2022 - Fluence Technologies, only provider of purpose-built financial consolidation, close and reporting software for high-growth businesses, today announced the acquisition of Sturnis365, the leading provider of intelligent, collaborative disclosure management and narrative reporting solutions.
Sturnis365 serves dozens of public, private and pre-IPO customers across Europe including AB InBev, Enel Group, Rothschild & Co., Bouygues Group, Ferragamo and KBC Bank. Like Fluence, Sturnis365 offers a familiar Microsoft Office interface and domain-specific workflow to automate collaborative report production, combining company wide data and narrative text for:
- Immediate adoption among finance and business professionals compared to reporting available in their ERP system
- Game-changing efficiency gains in report production compared to standalone Excel spreadsheets, Word and PowerPoint documents.
- Trusted, accurate internal and external reporting for any stakeholder, auditor or regulator
“Sturnis365 is a natural extension of our consolidation, close and reporting solution so CFOs can stay ahead of evolving reporting demands on the office of finance,” said Michael Morrison, CEO of Fluence Technologies. “Further, Sturnis365 strengthens our position in Europe, where more than 70% of their customers and partners are based. We also gain seasoned employees with strong ‘DNA’ in collaborative disclosure management.”
“We are excited about the value Fluence and Sturnis365 presents to our customers and partners,” said Didier Katz, co-founder and director at Sturnis365. “Companies across the globe are looking for a solution that combines financial consolidation, close and disclosure management in a single offering. Now, Fluence is the only player on the market that can meet this need."
Katz and fellow Sturnis365 co-founders Marco Mattei and Piero Ferreri are joining Fluence’s leadership team as part of the acquisition, along with their respective teams in product development, services, sales and marketing.
Fluence and Sturnis365 have already secured joint customers including cryptocurrency trading platform provider WonderFi.
“When we learned about Sturnis365, we were considering a legacy disclosure management solution that would have cost a significant amount and taken months to implement,” said John Rim, CFO at WonderFi. “Between its out-of-the-box functionality, Office integration and the fact that our finance team can manage the entire reporting process, we quickly realized how much more we’d benefit from Sturnis365.”
“Today’s CFOs don’t just need modern consolidation software, but end-to-end group accounting solutions spanning from account reconciliation to disclosure management.” said Carsten Bange, founder and CEO of BARC. “With its acquisition of Sturnis365, Fluence has broadened its offering to meet the changing needs of the constantly evolving finance function.”
"Acquiring Sturnis365 continues building on the vision of a complete financial corporate performance management suite that Michael Morrison and our team had when we originally invested in Fluence,” said Stephen Davis, managing partner at Banneker Partners, Fluence’s principal investor. “We look forward to Fluence continuing to deliver exceptional value to its customers."
The announcement comes just over six months after Fluence acquired self-serve, Excel-centric reporting software vendor XLCubed, and three months after unveiling its purpose-built account reconciliation and transaction matching solution. As a result, Fluence now has the market’s only end-to-end consolidation, close and reporting solution, and over 900 customers worldwide.
About Fluence Technologies - www.fluencetech.com
Fluence is the only pure-play financial consolidation, close and reporting software for high growth businesses. Our customers go live in weeks, close their books in days and report intelligence in real time. We deliver game-changing efficiency gains and trusted, timely numbers to over 900 customers so they get the time, control and confidence they deserve. Fluence is out-of-the-box, no-coding software with a full Excel interface and enterprise-grade capabilities for immediate adoption and quick time to value, all in a truly finance-owned solution. Welcome to Fluence...we close early.
About Sturnis365 - www.sturnis365.com
Sturnis365 provides full end-user collaborative creation, publication and disclosure of corporate information, including for annual and periodical corporate reports, sustainability and ESG reporting, compliance and risk reporting and procurement and tax disclosures. Our unique Inversed Design capability allows for automated data synchronization to reduce document setup and maintenance and optimize overall cost of ownership.