Categories: Finance

Jedox Marches Into New Verticals by Raising Over $100M

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.

Jodie Miller

Jodie Miller is experienced journalist. She holds double degree in journalism and communication. She joined our team as a content curator. She enjoys writing and curating contents related to finance and forex world.

Recent Posts

Leading On-Chain Option trading protocol Oddz Finance announces its public distribution IDO on Polkastarter

Oddz Protocol is a trustless On-Chain Option trading platform that expedites the execution of call…

1 day ago

Iran Lends Plans to Engage in Bitcoin Mining To Avoid International Sanctions

The Iranian Center for Strategic Studies has released a detailed report highlighting the urgency for…

2 days ago

Evolution Finance Teams Up With PAID Network To Support DeFi

PAID Network has entered into a strategic partnership with Evolution Finance, a portal for DeFi…

2 days ago

Ripple Marches Towards New Project for Central Banks

Ripple, a global payments solution provider, made an official announcement about its new endeavor that…

3 days ago

Chainlink and Smart MFG Build DeFi- Based Supplychain Apps

Smart MFG Tech ltd and Chainlink have come together to introduce Supply-chain applications powered by…

3 days ago

TrueUSD Announced Its Launch on the Avalanche Ecosystem

TrueUSD, one of the most transparent USD-backed stablecoins (in the ratio 1:1) available, has announced…

4 days ago