Vena Named a Visionary in Financial Close and Consolidation Solutions in Gartner’s 2023 Magic Quadrant 

December 6, 2023

by Vena Solutions

Complete Planning platform noted for its innovation, responsiveness to customer needs and wants 

Vena has been named a Visionary by the research firm Gartner® in its 2023 Magic Quadrant© for Financial Close and Consolidation Services (FCCS). The analysis ranked Vena’s vision above seven companies, including Blackline, IBM, Solver, Jedox, Planful and Prophix. 

“To be named a Magic Quadrant Visionary means Gartner sees us as bringing a unique, ambitious and transformative approach to financial close and consolidation,” said Hugh Cumming, Chief Technology Officer at Vena. “This recognition validates that our product strategy and technology vision are right on target. The creativity, skill and effort demonstrated by everyone on the Vena team gives me great confidence that we will continue to lead the way in transforming the corporate performance management market.”

Nisha Bhandare, Vice President Analyst; Permjeet Gale, Senior Director Analyst; Jeffrin Francis, Director; and Renata Viana, Director Analyst, wrote in the Magic Quadrant for Financial Close and Consolidation Solutions, “Financial Close and Consolidation Solutions enable finance teams to manage their organization’s close, consolidation and reporting processes. FCCS provides configurable workflows and dashboards for a centralized view that can be audited, enables financial consolidation for multiple legal entities and/or geographies, adheres to multiple accounting standards and generates reports that meet Generally Accepted Accounting Principles (GAAP).” 

As defined by Gartner, a Visionary in the Magic Quadrant is a company that understands where the market is going and that has a vision for changing market rules. The report identifies strengths in the Vena Complete Planning platform as:

  • Close management capabilities, including configurable workflows as well as multilevel approvals and certifications, alongside a dashboard that enables collaboration and improves the closing experience for users.
  • Continued innovation, such as AI-enabled transaction matches, the ability to query data using natural language and planned integration of Microsoft’s AI capabilities into Vena’s reporting analytics. 
  • Responsiveness to customers, as evidenced by its use of feedback from customers, employees and external research to determine feature pipeline priorities. Recent enhancements like Vena Insights were cited as evidence of Vena’s strategic approach to feature development. 


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