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Jedox, an enterprise performance management (EPM) software maker, has raised a round of funding led by Insight Partners. The company put the figure at somewhere between “$100 million and $150 million.”
Enterprises use EPM software to monitor performance across their business, ingesting and analyzing data from myriad sources spanning data warehouses, ecommerce systems, CRM and ERP tools, alongside external channels. The global EPM market was pegged at $7.3 billion in 2018, according to some estimates, a figure that’s projected to grow to nearly $12 billion by 2023.
The Excel factor
Despite disdain for Excel across many industries, and the countless startups that have set out to kill Microsoft’s omnipresent spreadsheet software, some 80% of businesses still use Excel for planning, according to Jedox. Rather than trying to fight that, Jedox is seeking to complement it, offering access to the Jedox platform via an Excel add-in. The aim is to help “eliminate spreadsheet chaos without losing the advantages of Excel.”
For example, a company may maintain multiple local spreadsheets across business planning, analysis, and forecasting. Jedox can convert these to a single unified entity that’s connected to an in-memory database to perform “what-if” analysis, versioning, and more. The platform can ingest additional data from various departments, such as sales and marketing or HR, to create “one unified connected model, representing the whole value chain of a company,” Jedox CEO Florian Winterstein told VentureBeat. The more data that’s fed in from different sources, the better a company can determine the impact of business scenarios across divisions by leveraging AI and advanced analytics.
Besides the various EPM products offered by major technology companies such as Oracle, SAP, and IBM, there has been sizable activity elsewhere in the EPM space of late, with Workday snapping up Adaptive Insights in a $1.6 billion deal in 2018, shortly before private equity firm Vector Capital acquired Host Analytics (now Planful). Elsewhere, Anaplan went public in 2018, and its shares are currently sitting at an all-time high, more than 4 times their IPO price.
According to Winterstein, Jedox holds a number of advantages over some of its rivals in the space, including having a “clear business focus on EPM,” rather than offering multiple enterprise services. Moreover, he said Jedox offers a single “best-of-breed unified stack,” instead of a collection of acquired products.
Founded out of Freiburg, Germany in 2002, Jedox had previously raised around $40 million. With another $100 million-plus in the bank from additional investors — including Iris Capital, Ecapital, and Wecken & Cie — the company said it’s well-financed to grow both its global footprint and customer base. This includes McDonald’s, Microsoft, Fiat, HSBC, Fujitsu, and Mercedes Benz. The company is also gearing up to launch “vertical-specific solutions.”
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