RELEX Solutions Streamlines Internationalization

About RELEX Solutions

Founded
2005

Business
Software design

Staria Services
Staria's financial and payroll services, and NetSuite ERP

Website
www.relexsolutions.com

Founded in 2005, RELEX Solutions is a supply chain and retail planning solution provider. The company is a Finnish tech unicorn that raised a record amount of funding in Finland - $500M - for its AI-driven platform. Founded on the principle of minimizing waste in the supply chain, RELEX remains committed to embedding sustainability into its core operations.

Over the years, RELEX Solutions has grown remarkably, with annual subscription revenue and annual recurring revenue (ARR) increasing by over 30% year-over-year in 2024. This growth marked the 70th consecutive quarter of ARR growth for the company. In 2024, RELEX expanded its customer base by adding 64 net-new customers across various sectors, including food & beverage, health & beauty, pharmaceuticals, household goods, and electronics. By the end of 2024, RELEX's innovative solutions were serving customers in over 60 countries, solidifying its position as a leader in supply chain and retail planning solutions.

International growth and financial management

To support its international growth, RELEX partnered with Staria already in 2016 for agile and trusted financial management. This collaboration has been crucial in managing the financial services of RELEX's subsidiaries in 14 countries. Staria's proactive service attitude and flexibility have been instrumental in handling the challenges posed by RELEX’s rapid growth. In recent years, RELEX has further extended its global footprint by entering new markets, including Brazil and Thailand. Thanks to Staria’s broad international capabilities and scalable services, RELEX was able to establish financial processes in these new regions quickly, enabling compliance, efficiency, and continuity across borders.

In an ambitious project initiated at the beginning of 2023, RELEX and Staria aimed to significantly tighten the monthly closing process from 18 calendar days to just 3,5 working days. At the same time the team integrated the companies of the acquired Optimity Group into RELEX's financial processes and system environment.

By June 2024, they achieved a remarkable milestone by completing the monthly closing within this timeframe, a significant improvement from the previous duration. This success was attributed to the hard work and dedication of the team, which included both Staria and RELEX professionals.

Elina Hanén, VP Financial Control & Operations at RELEX Solutions, expressed immense pride in the team's accomplishment and appreciated the drastic improvement from the previous year's 18-day process. The success of this project has strengthened client trust and set a new standard for operational excellence within RELEX.

Thank you, Staria team, for the fastest closing in RELEX's history. We appreciate your hard work and the drastic improvement from last year's 18-day process to 3,5 working days. Instead of 30 days, our finance teams were able to report to the management team and the board within 7 days! Looking forward to working with you continuously.

As RELEX continues to grow and innovate, the partnership with Staria remains a cornerstone of its financial management strategy, ensuring that the company can adapt quickly to changes and maintain its competitive edge in the industry.