Tidemark Sees Record-Setting Third Quarter Including its First Fortune 50 Customer
Stanford University, AAA and G6 among the new companies choosing Tidemark's modern cloud business planning and analytics apps to transform finance
REDWOOD CITY, Calif. – November 19, 2015 – Tidemark, maker of modern cloud business planning and enterprise analytics apps, today announced another record quarter, doubling the company's annual recurring revenue (ARR), total contract value (TCV), and portfolio of customers since the same period last year. With looming concerns over digital transformation among financial chiefs, demand for Tidemark's financial apps accelerated at an unprecedented rate, allowing the company to already exceed the entirety of the prior year's bookings. Also in its third quarter the first Fortune 50 organization was added to the list of global companies turning to Tidemark for finance-driven transformation, a group that includes other new brands such as Stanford University, AAA, G6 Hospitality, Dominion Enterprises and more.
The digital economy has fundamentally changed how brands engage with their customers, resulting in more companies increasing alignment and collaborative planning between their several lines-of-businesses. In fact, a study by Ernst & Young stated, "the rate of change for businesses has never been so great, and CFOs are constantly facing new opportunities and risks..."as well as,"...to keep pace, CFOs must lead the transformations that enable their organization to adapt, save costs and increase the top line." Separately, consulting firm Protiviti released findings from its annual Finance Priorities Survey showing that, "Finance functions are working... to equip business partners throughout the organization with more precise and real-time information on performance, cash positions, and profitability drivers to strengthen strategic decision-making."
Finance Significantly Bolstering Time-to-Value with Industry Packaged Processes
As cross department collaboration increases, finance teams can no longer afford to wait on slow analysis, time-consuming metrics conversions, painfully long calculations, and laborious reporting, ENGIE Group, the no.1 independent power producer in the world, eliminated outdated practices by turning to Tidemark Planning and Analytics for Energy. ENGIE is able to capture large amounts of data from multiple systems and departments throughout its organization -- from operations, finance, human resources, marketing, and sales -- into one environment, automatically structuring the information so its 152,900 employees on 5 continents and 70 countries can rely on real-time, contextualized insights to make smarter decisions.
With its ability to service multiple business models, Tidemark saw twice the amount of new customers compared to last year turn to its industry packaged processes to better manage their complex businesses. Blue Hill Research's Chief Research Officer, Hyoun Park, noted, "...companies don't simply want a flood of analytic capabilities; they want relevant recommendations and insights. By providing pre-mapped and pre-packaged roadmaps to support data-intensive industries, Blue Hill believes that Tidemark will allow companies to quickly obtain contextualized and predictive insights." Through its award-winning series of packaged processes, Tidemark is helping brands achieve the fastest time-to-value for the following industries and sectors:
Big Data Finance, Machine Learning and Benchmarking Improve Strategic Decision Making
As CFOs spearhead the shift to digital, extending corporate performance management (CPM) beyond its customary role not only requires contextually relevant information for numerous departments, but also a user experience (UX) that is engaging and easily accessible for non-technical users. As a result, Tidemark added a number of capabilities to improve value and provide new paths for better decision-making for its multiple user types. With the Fall '15 release the market was introduced to Tidemark Compete™, the first benchmarking capability directly within a financial planning and analysis (FP&A) environment. Companies have the ability to pull in any proprietary or 3rd-party data source, unifying it with financial and operational data while correlating the information to the company's performance in a single environment. Ovum Research's Surya Mukherjee stated he, "...finds the announcement to be significant, not merely because the vendor is the first to apply these analytic technologies to finance processes, but more so because it is the harbinger of a unified analytic future across departments and an end to the 'data myopic' mentality, a common malaise affecting finance."
Additionally, new features in Tidemark's platform focus on continuing its groundbreaking work in big data finance and machine learning. Built on its modern cloud, unbound by rigid constraints from cubes, Tidemark further leverages the power of the SPARK™ computation services to strengthen machine learning-driven correlation, causation and prediction for both financial and operational users. 451 Research's Krishna Roy said in a report on the growing role of performance management that Tidemark, "...employs machine learning algorithms to increase the diversity of the data it is able to ingest, and the accuracy of the models and plans it generates."
"While every company and industry has their own set of unique circumstances and challenges, the growing pressure to manage digital transformation over the next 12 months has blossomed into a top concern among the c-suite, with many responsibilities falling under the guidance of their CFO," said Christian Gheorghe, Founder and CEO of Tidemark. "Rather than seeing this as a threat, our customers are turning the challenge into an opportunity for finance to expand well beyond its traditional role. We're pleased to continue supporting their efforts, and look forward to welcoming more iconic brands along this transformational journey."
Tidemark is helping accelerate company performance in a number of industries worldwide. Schedule a demo today.
Tidemark is a new breed of corporate performance management (CPM) software with its modern cloud and mobile-first design. Innovative brands like Netflix, ENGIE Group, Valspar, La Quinta Holdings, AAA, Brown University, and HubSpot rely on the Tidemark platform and advanced analytics cloud to sharpen decision-making, reduce risk and improve business performance. Using Tidemark's unique, intuitive apps, decision-makers across the organization gain access to valuable data, deep analytics capabilities, real-time collaboration, and actionable visualizations from any device. Tidemark has offices throughout North America and Europe and is funded by Greylock Partners, Andreessen Horowitz, Redpoint Ventures, Tenaya Capital, Silicon Valley Bank and Workday. To learn more about Tidemark, please visit www.tidemark.com or follow us on Twitter @TidemarkEPM.
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