Helps Launch SaaS Company - InformationWeek
Cloud // Software as a Service
10:01 AM
50% Helps Launch SaaS Company, a startup providing financial and accounting software as a service, is getting a minority investment and on-campus office space from is helping to launch, a new company that offers financial software as a service. It's funding the startup with Unit 4 Agresso, the parent company of Coda, which had sold the Coda2Go SaaS through's on-demand application store.

While has been positioned as the quiet "minority" investor for Wednesday's launch of, leaving Unit 4 Agresso to distribute the details, its investment in the venture appears deep. The new company is co-headquartered from's offices in San Mateo, Calif., and from an office in Harrogate, England. will provide the customer support for the startup's core product, also called FinancialForce (formerly Coda2Go).

What's more, FinancialForce will continue to run on, the catch-all term uses to describe its hosting data centers and platform technologies, its programming language for writing apps that run on, and its on-demand app store. The launch of shows that in addition to all those things, is looking to position as a platform to launch new SaaS companies.

Jeremy Roche, CEO of Coda, has been appointed president and CEO of executive VP George Hu, Unit 4 Agresso CEO Chris Ouwinga, Unit 4 Agresso CFO Edwin van Leeuwen, and Roche make up its board of directors.

" will do for finance and accounting what has done for CRM," Roche said in a statement. "We are enabling customers of all sizes to choose accounting as part of a broader, integrated cloud computing solution and giving them the power of enterprise accounting without the pain of owning the software themselves."

Roche also described Coda as a "pioneer" of the platform, and said it worked closely with on building the financial SaaS. "We believe that having a native solution built on the platform will give us a significant competitive advantage when selling to customers and is key to our go-to-market strategy," he said. The product includes general ledger accounting, user-defined budgets, spreadsheet integration, accounts payable and receivable, and invoicing. Pricing starts at $125 per user per month, and customers do not have to be customers.

The product would compete with on-premise software from Microsoft and Sage, and SaaS offerings from NetSuite and Workday, among others. In response to Wednesday's announcement, Craig Sullivan, VP of international products at NetSuite, claims that Coda2Go hasn't been a particularly popular product on the platform. "Two years after its launch, Coda2Go has only one customer success story to point to on their Web site," Sullivan said in an e-mail. "However, the announcement does reveal that acknowledges the future of cloud computing is the integrated business suite that NetSuite pioneered, and is scrambling to cobble together."

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