Revstream, a provider of cloud-based enterprise revenue management solutions, announced that its enterprise revenue management solution is gaining adoption among Oracle customers.
Companies like Intuit and Dell, who were using Oracle ERP solutions, have switched to Revstream’s Enterprise Revenue Lifecycle Management Suite for their revenue recognition automation, compliance and reporting needs.
One of the reasons for this migration is that Revstream’s Enterprise Revenue Lifecycle Management Suite integrates with Oracle enterprise systems, according to Revstream officials.
Other companies like Facebook, Vmware, Activision and Verint have already selected Revstream for revenue management, Revstream said.
Additionally Revstream has partnered with a number of accounting and audit firms and other enterprise solutions companies.
“Revstream complements our customer’s investment in ERP systems by adding a process layer focused on Revenue Recognition, which historically has not been core to the well-established order to cash, procure to pay, and report to report processes that ERPs deliver,” said Rajiv Chopra, CEO or Revstream.
“We’re helping customers free themselves from the morass of Excel spreadsheets currently used in revenue recognition so they can close their financials more quickly and even boost their market capitalization by increasing revenue yield,” Chopra added.
According to Chopra, the new converged GAAP guidance represents a watershed opportunity for companies to finally automate revenue recognition and management.
Revstream was the first solution to perform Revenue Recognition for diverse industries such as Software, High Tech, Consumer Products, Entertainment, and Advertising, he added.