May 01, 2012 – XLerant, a privately held provider of budget preparation software for mid-sized and large organizations, announce a doubling of customers and a year-over-year revenue growth of 148% for the first quarter of 2012.
The 5-year-old company serves a multitude of markets, including higher education, non-profits, manufacturing, health care, defense and security. It has seen particularly explosive growth in higher education, doubling the number of customers in that segment.
“XLerant’s BudgetPak delivers TurboTax-like ease and efficiency to everyone involved in creating pieces of the annual budget,” company founder Lawrence Serven said. “Now, managers can truly own their budgets, tying numbers to the organization’s strategic plan, and defending their rationale — without expansive knowledge of finance.”
“BudgetPak makes budget creation simple and more valuable, while freeing finance teams to focus on deeper, organization-wide leadership and analytics.”
The product is used for corporate budgeting, monthly forecasting and management reporting.
The Rhode Island School of Design implemented BudgetPak after using the Malcolm Baldrige quality improvement criteria to re-engineer its entire budget process. University leaders found the software’s flexibility made budgeting a thoughtful, strategic process — rather than a last-minute dash to put numbers on a spreadsheet. It also gives department heads greater ability to monitor, update and act swiftly all year as needs and opportunities evolve.
In other news, XLerant reports strong client satisfaction and a zero attrition rate. It also announces progress toward a ‘Software as a Service’ delivery option, which will launch by year’s end. The company has already converted to subscription pricing.
The company kicked off 2012 by announcing a $3 million round of financing led by Chrysalis Ventures.
About XLerant, Inc.
XLerant provides cloud-based budgeting, forecasting and reporting solutions for small to mid-sized organizations — designed for the needs of finance teams and budget managers. XLerant’s non-Excel interface engages budget managers and empowers them to make informed decisions to help achieve strategic objectives. XLerant’s powerful software-as-a-service (SaaS) solution has been recognized for outstanding usability, customer service, and ease of implementation. For more information, visit www.XLerant.com or follow @XLerant