Aptitude Software (Microgen plc) Acquires RevStream, Pioneering Enterprise Revenue Lifecycle Management Company, to Form the ...
31 August 2017 - 6:00PM
Business Wire
Aptitude RevStream enables CFO’s across
industries to address biggest accounting change in decades (ASC
606, IFRS 15)
Aptitude Software (Microgen plc), the fastest-rising financial
software specialist, today announced the acquisition of RevStream,
the market innovator in revenue accounting and management.
Aptitude will add RevStream, the cloud-based, enterprise-grade
ASC 606 and IFRS 15 revenue recognition solution to its portfolio
of record-to-report specialist finance applications. The
acquisition provides CFO’s with a partner that can address their
many strategies and ambitions in an era when back-office ERP
systems don’t support changing business models and the aspirations
of financial executives.
Over the last fifteen years, the monumental shift to new
high-volume business models and forceful changes to accounting
rules have impeded CFO’s who want to go beyond the traditional
accounting role and deliver rapid, forward-looking information and
insight into their businesses.
Recent research reports show that CFO’s in all industries are
affected. For example, the FSN Future of Finance Function Survey
(2016 & 2017) found that 52% of finance teams spend too much
time on manual transaction processing and 70% of organizations are
yet to make headway in gaining ownership and control of all the
data they need for effective business partnering.
Accounting for a high-volume of complex products makes
delivering financial transparency a weighty burden on finance teams
who work nights and weekends to just deliver statutory reporting to
stakeholders such as regulators, CEO’s and investors.
Added to finance’s workload are new forceful accounting
requirements brought on by the Enron scandal and 2008 financial
crisis that have changed how companies must account for revenue,
financial products and leases.
In the case of revenue recognition, public companies must adopt
new revenue recognition policies by 1 January 2018 – a change that
has been described by one former CFO as the biggest change to
accounting in over twenty years. Private companies must adopt these
same accounting policies by the beginning of 2019.
Unfortunately, with only months to go, only 13% of companies are
more than 75% complete in the implementation of the new standard,
as per a July 2017 survey from PWC. This means that over the next
five years, In lieu of solutions such as those offered by Aptitude
Software and RevStream, companies will face:
- Hugely increased manual workloads to
deliver statutory reporting to regulators, investors and
management
- Costly audits and potential litigation
for companies that can’t provide evidence of compliance
- Reduced investment for those that can’t
show comparability of earnings to new industry standards
Since 2015 financial software specialist Aptitude Software has
taken a leadership role in enabling telecommunications operators to
address IFRS 15 and ASC 606 revenue recognition requirements. The
company’s customer roster includes three of the four largest North
American telco’s amongst numerous other leading global operators.
When including RevStream, the combined company accounts for almost
$1 trillion in revenue.
The acquisition of RevStream extends Aptitude’s leadership in
revenue recognition and adds to its North American presence (where
50% of Aptitude’s existing H1 2017 revenues derive). Importantly,
the move gives Aptitude reach into technology, media and other
sectors beyond its traditional footprint in financial services,
insurance and telecoms.
The RevStream acquisition extends Aptitude winning product
portfolio which includes solutions spanning compliance (i.e. IFRS
9, 15, 16 and 17), operational accounting, enterprise revenue
lifecycle management, financial data integration and financial
calculations. The portfolio provides CFO’s with a clear path to
enhance financial control, automation and insight.
“Aptitude’s success has traditional come from our ability to
help CFO’s rapidly process a very high volume of complex, business
event-driven transactions and calculations” says Tom Crawford,
Aptitude CEO. “With RevStream, we can offer a broader operational
finance cloud platform for revenue management to mid- and
large-sized companies at a time when new solutions are so
desperately needed.”
About Aptitude Software
Aptitude Software delivers specialist financial applications to
equip Chief Financial Officers (and the finance function) to
fulfill their strategies and ambitions.
Our software helps finance to supercharge control, reporting and
analysis processes. What's the secret sauce? Well, we're finance
experts who develop finance-centric solutions to control and
automate complex accounting processes. This enables our customers
to free time from traditional accounting roles and inject rich data
& insights into their businesses.
We deliver critical finance functionality to many of the world's
biggest, most competitive companies.
Aptitude Software is a Microgen plc company (LSE: MCGN).
Copyright © Aptitude Software Inc. 2014-2017.Microgen ® Microgen
plc. Aptitude ™ Aptitude Software Limited.Aptitude Revenue
Recognition Engine™ Aptitude Software Limited.
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version on businesswire.com: http://www.businesswire.com/news/home/20170831005507/en/
For more information and interviews with Tom Crawford, please
contact:Aptitude Software (Microgen plc)Ross E.
ChapmanGlobal Marketing Director+44 782 735
0387info@aptitudesoftware.comrosse.chapman@aptitudesoftware.com
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