Announcing Aptitude RevStream as the new global market leader in revenue recognition management
REDWOOD SHORES, CA – August 31, 2017 – RevStream Inc., the leading pure play cloud revenue management solution for over a decade, announced today that they have been acquired by U.K. based Aptitude Software, aspecialist financial management software provider. Aptitude Software is a strategic operating company of Microgen PLC (LSE: MCGN). RevStream, the pioneers of revenue automation, sees the merger as an opportunity to offer greater breadth and depth to their revenue management solution. Both companies are specialized vendors with niche financial applications that offer capabilities that ERPs do not.
RevStream Founder and CEO Rajiv Chopra is excited about the extension of opportunities the merger provides. “The combined companies are now a global leader in revenue management and a juggernaut in this space. Aptitude’s global and industry reach in telecom, banking, insurance and health combined with RevStream’s success in software, technology, media and entertainment industry makes Aptitude RevStream the most important solution for the CFO organization.”
Aptitude President and CEO Tom Crawford is equally excited for the business growth opportunity, noting that “our companies are synergistic in so many ways. 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. ERP mega vendors are leaving gaps, but with this acquisition we can dominate the revenue management market in North America, Europe, and Asia Pacific”.
Collectively, Aptitude RevStream manages circa $1 trillion in revenue. Aptitude and RevStream will retain their existing brands, complementary products and roadmaps, merging in name and operations to create a powerful, synergetic force in revenue management. The North American headquarters for Aptitude RevStream will remain in Redwood Shores, CA. Customers will be supported by a global, connected team.
The acquisition bridges two specialized players into the most powerful and comprehensive solution for automated revenue management, increasing the offering of robust, functional accounting applications and a global presence to support revenue teams currently wrestling with accounting policy changes driven by U.S. GAAP ASC 606 (IFRS 15) and U.S. GAAP ASC 842 (IFRS 16). Public companies must be in compliance to AICPA’s ASC 606 regulations by December 15, 2017 and private companies have until December 15, 2018. IFRS 16 takes effect from January 1, 2019. The regulations have seen heightened interest from investors as revenue numbers vary, in some cases markedly, from the previous financial year.
To learn more about this merger, join our Live Chat with the CEOs on Friday, September 1, 2017 at 11 AM PT:
View the full Newswire press release here.