It’s been interesting to observe the rise of “HCM” (Human Capital Management) software and the various acquisitions that have happened in the space over the past six months. Today that trend continues with Burlington-based HCM software startup Vana Workforce being acquired by SalesForce-backed Financial Force.
With the move, Financial Force is launching “FinancialForce HCM” to expand its back office solutions by breaking into the HR space and helping companies manage human talent. “Back office” essentially refers to tasks carried out in companies that relate to administrative duties, as opposed to dealing with customers.
FinancialForce builds cloud back office applications for the Salesforce CRM, which include cloud accounting software, billing, online accounting and more.
“With the acquisition of Vana Workforce and the launch of FinancialForce HCM, we are once again demonstrating that the time to remove barriers between departments is now,” said FinancialForce CEO Jeremy Roche. “Providing front to back office visibility has always been our priority because it allows our customers to make smarter and more cohesive business decisions. Now, we are able to extend that promise further with HCM to help companies manage their most important asset - human talent.”
FinancialForce wants to unite the back and the front office, “revolutionize the back office by eliminating barriers inside and outside an organization.” The new app, FinancialForce HCM, is available immediately and is already working with FinancialForce.com applications at several companies.
Vana Workforce will be rebranded as “Financial Force Human Capital Management (HCM)”.
Founded in 2008, the company is a global provider of human capital software and service solutions built for today’s social, mobile, and global workforce. It was built on the Force.com platform (thus making it ripe for acquisition from its inception) and it delivers one complete solution for global organizations “from hire to retire”. That includes the core human resource system of record, benefits & compensation, absence management, performance and talent management, career and succession planning, workforce collaboration, and workforce analytics.
It’s been known to be user-friendly and easily deployable, easily extensible and customizable, according to today’s release. Combined with FinancialForce.com’s existing back office applications, the new “FinancialForce HCM” can help both startups and global corporations.
“Vana Workforce and FinancialForce.com have always shared the same goal—to unlock the power of the cloud, social and mobile capabilities in order to engage employees and gain real-time insight for our customers,” said Vana Workforce’s CEO, David Vanheukelom. “I am very pleased that Vana customers can now further extend that intelligence across the back office with FinancialForce.com, without changing UI or platform, and am excited about our shared vision for HCM innovation.”