RevStream Acquired by Aptitude Software (Microgen PLC)
Announcing Aptitude RevStream as the new global market leader in revenue recognition management
REDWOOD SHORES, Calif., August 31, 2017 (Newswire.com) - RevStream Inc., the leading pure play cloud revenue management solution for over a decade, announced today that they have been acquired by U.K.-based Aptitude Software, a specialist financial management software provider. Aptitude Software is a strategic operating company of Microgen PLC (LSE: MCGN). RevStream, the pioneers of revenue automation, sees the merger as an opportunity to offer greater breadth and depth to their revenue management solution. Both companies are specialized vendors with niche financial applications that offer capabilities that ERPs do not.
RevStream Founder and CEO Rajiv Chopra is excited about the extension of opportunities the merger provides. “The combined companies are now a global leader in revenue management and a juggernaut in this space. Aptitude’s global and industry reach in telecom, banking, insurance and health combined with RevStream’s success in software, technology, media and entertainment industry makes Aptitude RevStream the most important solution for the CFO organization.”
Aptitude President and CEO Tom Crawford is equally excited for the business growth opportunity, noting that “our companies are synergistic in so many ways. With RevStream, we can offer a broader, operational finance cloud platform for revenue management to mid- and large-sized companies at a time when new solutions are so desperately needed. ERP mega vendors are leaving gaps, but with this acquisition we can dominate the revenue management market in North America, Europe and Asia Pacific.”
Collectively, Aptitude RevStream manages circa $1 trillion in revenue. Aptitude and RevStream will retain their existing brands, complementary products and roadmaps, merging in name and operations to create a powerful, synergetic force in revenue management. The North American headquarters for Aptitude RevStream will remain in Redwood Shores, California. Customers will be supported by a global, connected team.
The acquisition bridges two specialized players into the most powerful and comprehensive solution for automated revenue management, increasing the offering of robust, functional accounting applications and a global presence to support revenue teams currently wrestling with accounting policy changes driven by U.S. GAAP ASC 606 (IFRS 15) and U.S. GAAP ASC 842 (IFRS 16). Public companies must be in compliance to AICPA's ASC 606 regulations by Dec. 15, 2017 and private companies have until Dec. 15, 2018. IFRS 16 takes effect from Jan. 1, 2019. The regulations have seen heightened interest from investors as revenue numbers vary, in some cases markedly, from the previous financial year.
RevStream Inc., based in Redwood Shores, California, is the leader and market innovator in Enterprise Revenue Lifecycle Management. We provide financial organizations with a single, comprehensive and flexible platform for managing risk, making accurate forecasts, and ensuring compliance when accounting for revenues across a wide range of industries and monetization models. Only RevStream delivers the solutions and domain expertise companies need to fully automate revenue recognition management.
For press and other inquiries:
Mary Nguyen, Sr. Manager, Marketing & Alliances
100 Marine Parkway, Suite 310
Redwood Shores, CA 94065
+001 888 738 0206
Aptitude Software delivers specialist financial applications to equip chief financial officers (and the finance function) to fulfill their strategies and ambitions.
Our software helps finance to supercharge control, reporting, and analysis processes. What's the secret sauce? Well, we're finance experts who develop finance-centric solutions that control and automate complex accounting processes. This enables our customers to free time from traditional accounting roles and inject rich data and insights into their businesses.
The smart people we hire to design, develop, support, and market our software combine with a small specialist army of consultants to deliver critical finance functionality to many of the world's biggest, most competitive companies.
Aptitude Software is a Microgen PLC company (LSE: MCGN).
For more information and interviews with Tom Crawford, please contact:
Ross E. Chapman
Global Marketing Director
+44 782 735 0387
Source: RevStream Inc