Jedox, a German company specializing in building tools in the financial planning and analysis arena, made headlines by raising over $100 million. Capitalizing on the opportunity arising from businesses practically depending on the tools to carry out the financial projections, the company has aggressively forayed with its funds-raising moves to provide just that.
As an enterprise performance management software company aiding planning, analytics, and reporting in finance, human resource, and procurement, Jedox has been associated with Insight Partners, Iris Capital, eCAPITAL, and Wecken & Cie.
The company has a strong portfolio of 2500 customers, including giants like Microsoft, McDonald’s, and ABB.
According to media reports, the company has been successful in expanding the applicability of the tools in several verticals. Explaining further, the CEO of Jedox, Florian Winterstein, stated that although the name “Jedox” holds no significance as such, the company has largely benefitted from the “X” in its name. The company plans to move into verticals beyond Financial planning and analysis (FPNA), and explore XPNA, where X symbolically means other areas.
Raising a total of $150 million to date, Jedox keeps the total valuation a secret at the moment, the CEO started further. However, he did not shy away from mentioning that Insight has a major share in fund-raising while other organizations are supported openly. He also mentioned that Jedox is now exclusively powered by cloud computing, where SaaS contributes to 75% of its revenue and the rest from other professional services stemming from the same.
Media reports highlighted that the transformation in Jedox’s journey that took shape as Winterstein took over after the founders stepped away. The company transitioned from its traditional open-source model to several other tools. There is no denying that Winterstein’s contribution towards Jodex has been phenomenal, and before Jodex he has contributed towards two other giants in tech services, which are now acquired by IBN.
Recognizing that (Artificial Intelligence) AI is now the talk of town, he discussed the company does not exclusively indulge in AI because approximately only 100 out of 2500 customers are empowered by AI technology. Taking the cues from the market trends, Jedox is finally set to change the excel-based financial planning market by delivering exceptional cloud planning tools across various verticals.