Acquires new partnerships, customers, servicing over 230 enterprises globally and managing $240 billion in open Accounts Receivable.
FOR IMMEDIATE RELEASE
Cforia Software, Inc., a world leading provider of Order to Cash (OTC) and Accounts Receivable Integration and Collaboration Automation Software, announced it achieved record-breaking growth in its fiscal year ending December 31, 2014, with a 58 percent year-over-year increase in global revenue growth. In addition to rapid growth, the company continued to expanded its customer base across multiple industry verticals and multi-country deployments.
“The Cforia approach of segmenting Clean vs. Dirty Receivables, received strong cross-industry adoption last year. Our clients, typically challenged with multiple complex legacy finance systems and siloed transactional data, are realizing unprecedented visibility and operational gains. Most enterprises today do business in multiple countries and handle collections and dispute resolution in multi-currency, multi-language environments. The need for to consolidating disparate client data, has become paramount.” said Chris Caparon, COO of Cforia Software. “Cforia has been addressing these working capital and cash acceleration concerns for over fourteen years. Today we service over 200 enterprises who successfully manage over $240 billion in accounts receivable portfolios with Cforia.”
Cforia Software’s ongoing goal to consistently meet the needs of our customers and provide the highest level of customer satisfaction was achieved this past fiscal year. As a testament to customer success, Cforia customer Ferrero presented at the NACM Credit Congress event, in which they shared their overall success and metrics improvements with peers. “Typically Cforia’s customers see an immediate 10-20% reduction in days sales outstanding (DSO), a 30% improvement in collections efficiency and an 8% increase in disputes recovery,” says Chris Caparon, COO of Cforia Software. “It is great to have customers willingly share their success in implementing and utilizing the Cforia platform.”
At Cforia’s annual User Conference in October 2014, customers and prospects gathered in Universal City, CA to network with peers and discuss best practices. A number of customers also took the time to share their successes with the Cforia A/R automation platform on camera. You can view all of our customer case studies on our website.
Mark Tomasi, Credit Manager at Sennheiser USA shared his experience: “Cforia Software conservatively doubled the call volume of our collectors while prioritizing to assure that every customer that needs to be called gets contacted. This has resulted in Sennheiser decreasing greater than 30 days past due receivables from 11.1% to under 1%, during a period where we increased sales by 30%. We achieved these excellent results without increasing headcount." These results are not unusual to hear from Cforia Clients.
Cforia’s 2015 conference will be held at the Sheraton Park Hotel at the Anaheim Resort from October 21-23rd. This year’s event will provide a number of benefits for Cforia customers, including the announcement of web-based MC2, the company’s latest product launch.
Cforia expanded it’s global partnerships by collaborating with the premier internationally recognized Association of Executives in Finance, Credit and International Business (FCIB), which provides critical export credit and collections insight, practical advice and intelligence to companies of all sizes. The company’s new partnership with FCIB in addition to it’s continued participation as a Platinum Partner of the Credit Research Foundation (CRF), has provided a wealth of marketplace insight and multiple opportunities to provide quick ROI on the partnership investment, as well as for joint customers. Looking into the year 2015, Cforia will continue it’s partnership participation as a CRF Platinum Sponsor and member of the NACM’s Preferred Partner Program in a number of events.
Cforia Software’s COO, Chris Caparon will be presenting on the “Top 10 Best Practices in OTC” at CRF’s Spring Forum in Tucson, Arizona, as well as attending the CRF Fall Forum in Seattle, WA. In May, NACM will be holding the annual Credit Congress, in which Cforia will be participating as a Platinum Sponsor. These industry events provide a great environment for Cforia to connect with current customers as well as engage with credit managers and finance personnel from across the country.
About Cforia Software www.cforia.com
Cforia (www.cforia.com) is a global enterprise software provider, delivering industry leading working capital and accounts receivable (AR) automation software. Over 200 enterprises are managing $240 billion in open A/R portfolios with Cforia today. Its fourteen years of success have been driven by superior technology integrated with proprietary real-time data integration tools across complex and disparate ERP systems. Cforia Collections Snapshot, Credit Risk Analytics, Order Management, Clean vs. Dirty Receivables Tracking, multi-languages/currency, global Parent/Child risk roll-up and multi-business unit solutions are available in Hosted on On-Site delivery. The comprehensive Cforia software suite maximizes AR performance through a full software suite which includes OCR Auto Cash Application, Credit, Collections and Deductions Management Workbench, Electronic Billing and Online Payments and AR Collaboration Portal. Cforia’s AR Automation empowers Finance Departments to independently manage their own electronic dunning correspondence, reports and credit and collections business logic, without relying on overburdened IT staff and external.