SaaS Challenger Eases CFOs’ Reporting Headaches
One of the fastest-growing SaaS providers in Northern Europe is expanding across Europe as it looks to help free up CFOs from time-consuming financial consolidation and reporting.
Denmark’s Konsolidator provides a cloud-based platform that enables finance department leaders at small and medium-sized companies to move away from having to harvest a patchwork of Excel spreadsheets in order to close the books and to provide the business with essential data and insight at speed.
The company’s tool is designed to help customers cut out a lot of the complexity in areas such as exchange rates and minority share calculations, and now has well over 150 customers across Europe, US, South Africa, and Southeast Asia.
Founded in 2014 by former CFOs, and an auditor, including current CEO Claus Finderup Grove, the company floated on the Nasdaq First North market in 2019. Revenue rose almost 40% in the first 9 months of 2020, and signed close to 50 new contracts during the same period.
The company closed a deal with PwC Denmark in December 2020 for the product Konsolidator Audit, which will see the firm’s accountants use its software to prepare and close the statutory consolidation for its clients. The win represents Konsolidator’s first major success among the major third party accountancy companies, although it also has onboarding partnerships in place with PwC in Germany and KPMG Switzerland.
Konsolidator has been looking beyond its native market since its launch. The company launched in the UK last year, and recently unveiled the two first sales and onboarding partners in the region, consulting firm Cognova Solutions and consulting firm RockFin, last November. In the last 12 months, it has also secured its first clients in the US, Poland, Finland and Africa.
It will be interesting to watch the company’s development. It is attacking a fragmented area of the market where some larger accounts can afford to run costly corporate performance management systems, while smaller companies make do a mix of business intelligence tools and spreadsheets.
Konsolidator is looking to make more use of the potential of its cloud native proposition, with the recent launch of the customer platform Konsolidator Kommunity, which enables users to share reports and apps. A growing number of smaller business are accelerating their adoption of SaaS solutions in order to give them the agility they need in the post-pandemic market, and Konsolidator has the potential to carve out an interesting niche in easing the pressure on embattled finance leaders.