Name: Concert Finance
Legal: Concert Finance LLC
Location: New York City, New York
Founded: Sep 5, 2017
INDUSTRY – SaaS Industry
Size: $50B (2018) (Source: “SaaS Industry Market Report: Key Global Trends & Growth Forecasts”)
Projections: $76B by 2020
Concert Finance is a software-as-a-service accounting company, supplying businesses with automated financial reporting systems that streamline operations at large. The platform claims to integrate the needs of three company departments: sales reporting, accounting and HR compliance, all into one system. In other words, the company automatically calculates payout while making sure that plans are compliant with HR rules, motivating sales representatives to work harder than ever before. This automation, it claims, allows sales representatives to get live updates on their commissions and thus inspire greater levels of work.
The software works alongside Salesforce without requiring any developer integration, thus working with already in-use company systems. The idea is that Concert Finance takes care of the math itself, calculating growth metrics, billing, revenue, and sales commissions so that management has data that can help improve operational efficiency. This is meant to free up management and streamline staff in order to direct management energy and revenue towards company growth rather than internal operations.
In addition to acting as a SaaS company, Concert Finance works as a kind of accounting consultancy. It has a team that asks questions and provides insights in order to help clients solve problems relating to payout, sales reporting, commissions, and incentivization. The pricing is determined by the number of payees for a company and the price reduces as the number grows larger. For 1-50 payees, the platform costs $69 a month, $59 a month for 51-100 payees, and $49 a month for 101-200 payees or above.
To receive a demonstration, interested businesses must schedule a 30-minute hangout at no charge in order to learn about the software and the service itself. The company places great emphasis on building incentive compensation plans based on the data being collected by Concert Finance’s team of experts. There are no onboarding fees.
Origin and Founding Team
Concert Finance was founded in 2017, by Bryan Wilson, Kartik Agarwal, and Sanj Sanampudi.Wilson has a background in tech and finance, formerly working at other B2B SaaS companies. He was a consultant for the New York City Human Resources Administration, as well as the senior strategic planning analyst at EmblemHealth, a tech insurance planner. Sanampudi has a background in finance and software, with a Master of Business Administration from Columbia University. He spent the majority of his career working for Return Path, a computer software company seeking to integrate email systems into company procedures. Agarwal has his background in tech consulting as well as finance, working for a technology consulting company as well as a venture capital group before moving on to co-found Concert Finance. Concert Finance is a Techstar-backed company.
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