FloQast Adds Its 1,000th Customer

Jul 23, 2020 | By GlobeNewswire

Company Achieves Key B2B Milestone - the Fastest Growth Ever Among Financial Close Providers

LOS ANGELES, July 23, 2020 -- FloQast, a provider of close management software created by accountants for accountants to close the books faster and more accurately, today announced it has signed its 1,000th customer, a key growth milestone that further establishes the company as a trusted partner of accounting teams, many of which are among the world’s fastest-growing such as Instacart, Lyft, Zillow and Twilio. FloQast achieved this milestone after just five years of selling its product, the fastest ever achieved by a financial close software provider.

Even with the challenges posed by the global pandemic, FloQast closed a strong first half for 2020 with significant growth, adding 77 new customers in the second quarter alone. New customers signed last quarter include Cornerstone OnDemand, CommVault Systems, Express Rx Pharmacy, Quicken Inc., Riverwood Capital and more. A number of new customers were driven by the need for technology to help streamline a virtual close process when shelter-in-place orders required employees to work from home. In a handful of instances, this resulted in record-setting one-day sales cycles.

"Close management software was once considered a nice-to-have, but it has increasingly become a necessity for accounting teams, particularly with many teams distributed and working remotely," said Brad Coleman, corporate controller at Marqeta, a modern card issuing platform. "FloQast is the ideal solution for a new generation of accountants, and the FloQast platform makes our team exponentially more efficient and effective than we would be otherwise."

“As a former accountant, I know firsthand the pain of the month-end close and that technology to help streamline it would become a mainstay for accounting teams someday — I just wasn’t sure when,” said Mike Whitmire, CPA*, CEO and co-founder of FloQast. “Now, with more than 1,000 accounting teams at many of the world’s fast-growing companies relying on our software, I know that the time has come. Not only has close management software become an anchor technology for forward-looking accounting departments, but FloQast has emerged as the solution of choice for a new generation of accountants.”

Additional achievements and milestones that FloQast obtained in the first half of 2020 include:

Awards and Recognition

  • FloQast was named the Leader in G2’s Summer Grid Report for financial close software, leading all competitors in customer satisfaction reviews. FloQast ranked first in 9 out of 9 categories resulting in a clean sweep of each award category.
  • Mike Whitmire, Co-Founder and CEO, Chris Sluty, Co-Founder and Chief Product Officer, and Cullen Zandstra, Co-Founder and CTO, were named Greater Los Angeles semifinalists for EY Entrepreneur Of The Year 2020.
  • FloQast was named to the 10th annual JMP Securities Hot 100 List of Best Software companies, its second consecutive time on the prestigious list.
  • Inclusion in Built in LA's 100 Best Places to Work in Los Angeles 2020. FloQast came in at No. 10 among mid-sized companies and No. 25 overall.

Technology Innovation and Programs

  • In February the company launched significant new capabilities for FloQast AutoRec, the industry’s first AI-powered solution to automate the reconciliation process. The new solution made Accounting Today’s list of Top New Products for 2020.
  • FloQast unveiled its Strategic Alliance Consulting Program, which provides a framework for accounting advisory consulting firms to offer a trusted month-end close solution for their clients.
  • The company announced its “Every Dollar Counts” campaign, a lifeline for organizations that have licensed BlackLine but never fully deployed the software or have struggled to fully realize its promised efficiencies. FloQast has replaced BlackLine at 10 organizations since the start of the year.

Expanded Market Presence

  • In April, CEO Mike Whitmire released his book “Controller's Code: The Secret Formula to a Successful Career in Finance,” which immediately became a best-seller in multiple Amazon categories.
  •  In January the company announced $40 million in Series C funding led by Norwest Venture Partners, bringing the company's total equity raised to $93 million.

To learn why close management software has become an anchor technology for finance and accounting teams and how it helps them close three days faster and more accurately, visit www.floqast.com.

About FloQast
FloQast is close management software, created by accountants for accountants to close faster and more accurately. On average, accounting teams who rely on FloQast close three days faster. Seamlessly integrated with ERPs and leveraging existing checklists and Excel, FloQast provides a single place to manage the month-end close and gives everyone visibility. The award-winning cloud-based software is now trusted by more than one thousand accounting departments, including those at Lyft, Twilio, Zoom and the Golden State Warriors. To learn more, visit www.floqast.com and join the conversation on Twitter at @FloQast.

*inactive

Contact:
Merrill Freund
BOCA Communications for FloQast
floqast@bocacommunications.com
415-577-8637