About FreeBalance
FreeBalance is a Government & Social Sector company based in Ottawa (Canada) founded in 1984. Financial management software is supplied to government agencies worldwide. It operates in the Government & Social Sector and Technology sectors. FreeBalance has raised $3 million across 2 funding rounds from investors including TechnoCap and Pacific Lake Partners. The company has 22 employees. Its Indian entity Freebalance Software Solutions India Private Limited reported revenue of ₹1.13 Cr. FreeBalance offers products and services including Accountability Suite, Government Performance Management, and Advisory Services. Its focus areas include Enterprise Applications, GovTech, Financial Management and Suite.
Company details
FreeBalance was founded in 1984 in Ottawa, Canada, and specializes in the public sector software industry. An accountability suite is offered, covering public financial management, expenditure management, treasury management, receipts management, performance management, and civil service management. Transparency portals are also provided to support government operations. The companys domain is freebalance.com, with a focus on solutions for international public agencies.
- Headquarters Ottawa, Canada
- Employees 22
- SectorsGovernment & Social SectorTechnology
- Website freebalance.com/en
- Social LinkedIn X
- Legal Name Freebalance Software Solutions India Private Limited
- Date of Incorporation 28 Feb, 2011
- Jurisdiction Howrah, West Bengal, India
- Indian entity revenue₹1.13 Cr
FY 2025 · -84% YoY
- Indian entity net profit₹3.3 Lakh
FY 2025 · 3% margin
- Indian entity EBITDA₹32.5 Lakh
FY 2025 · 29% margin
- Total Equity Funding$3M (USD)
in 2 rounds
- InvestorsTechnoCap
& 1 more
- Employee Count22
Associated legal entities of FreeBalance
FreeBalance operates through Freebalance Software Solutions India Private Limited (active). Its filings, financials, charges and directors are on the company page.
| Legal entity | Status | Incorporated | Registered in | Revenue (FY 2025) | Employees | Directors | Company page |
|---|---|---|---|---|---|---|---|
| Freebalance Software Solutions India Private Limited CIN U72900WB2011PTC228790 | Active | 28 Feb 2011 | Howrah, West Bengal | ₹1.1 Cr | 22 | 3 | View details |
Products & Services of FreeBalance
FreeBalance offers a comprehensive portfolio of products and services, including Accountability Suite, Government Performance Management, and Advisory Services.
Software for managing public finances and budget cycles.
Tools for linking budgets to outcomes in government operations.
Guidance on sequencing PFM reforms for better governance.
Funding Insights of FreeBalance
FreeBalance has successfully raised a total of $3M across 2 strategic funding rounds. This substantial capital infusion reflects strong investor confidence in the company's business model, growth potential, and market opportunities. The funding enables strategic expansion, product development, market penetration, and operational scaling to drive long-term value creation and competitive advantage.
- Total Funding $3M
- Total Rounds 2
- First Round $3M
(Dec 2002)
- Investors Count 2
All 2 funding rounds of FreeBalance with amounts and investors; the two latest post-money valuations are shown, the rest are part of the premium plan.
| Date | Amount | Transaction Name | Valuation | Lead Investors | Investors |
|---|---|---|---|---|---|
| Jan 2025 | Series B | – | – | ||
| Dec 2002 | $3M | Series B | – | – |
2 investors in total: 2 institutional.
Investors in FreeBalance
FreeBalance has secured backing from 2 investors, including venture fund investors. Prominent investors backing the company include TechnoCap and Pacific Lake Partners.
| Investor | Description | Founded Year | Domain | Location |
|---|---|---|---|---|
| technocap.com | ||||
| pacificlake.com |
Investor details for FreeBalance
The complete investor list, round-by-round participation and investor portfolios require an active premium plan.
- Complete investor list
- Round participation
- Investor portfolios
- Co-investor network
Verified entity values are shown only after access is granted.
Board of directors of Freebalance Software Solutions India Private Limited (FreeBalance)
Freebalance Software Solutions India Private Limited is the primary company behind FreeBalance. The board of Freebalance Software Solutions India Private Limited currently have 3 directors; the longest-serving is Manuel Shiappa Pietra, appointed in 2012. 4 earlier directors have ceased.
| Director | Designation | Appointed | Tenure | Entity |
|---|---|---|---|---|
| Manuel Shiappa Pietra DIN 05123839 | Director | 27 Aug 2012 | 14 yrs 2 mo | Freebalance Software Solutions India Private Limited |
| Donald Douglas Gibbons DIN 05123858 | Director | 27 Aug 2012 | 14 yrs 2 mo | Freebalance Software Solutions India Private Limited |
| Apurba Dey DIN 08417622 | Director | 15 Apr 2019 | 7 yrs 6 mo | Freebalance Software Solutions India Private Limited |
People of FreeBalance
26 people are tracked at FreeBalance (15 in leadership, 11 in team); the tracked headcount is 22.
| Name | Role | Group |
|---|---|---|
Nuno Rodrigues | R&d Director Financial Modules | Leadership |
Bridget Kelly | VP, Alliances & Knowledge Management | Leadership |
| CFO | Leadership | |
Matthew Olivier | VP, Revenue Marketing | Leadership |
Kamran Khan | Vice President International Business | Leadership |
Marcos Peano | International Business VP | Leadership |
| Accounting Manager - Corporate And Director - India | Leadership | |
Silvia R. C. Martins | Human Resources Business Partner | Leadership |
Carol Tracey | Vice President, People & Culture | Leadership |
Gabriel Silva | Vice President Research And Development | Leadership |
| President & CEO | Leadership | |
Aldo Sagastume | VP, Public Financial Management | Leadership |
Muhammad Zaman | Director, GRP Solutions | Leadership |
Isaac J. Maya | Director Global Alliances | Leadership |
Carolyn Bowick | Director Of Marketing Communications | Leadership |
Doug Hadden | EVP, Strategy & Innovation | Team |
Manisha Kulasekere | Senior HR Generalist & Talent Acquisition Specialist - Asia, ME & Africa | Team |
Mayukh Basu | Revenue And Project Accountant | Team |
Joseph Smith | Functional Support Specialist | Team |
Sue Greene-Hale | Treasury & International Payroll | Team |
6 more people are available in the full profile.
Complete people profiles for FreeBalance
Full employee and board profiles, team structure, tenure and professional contact details require an active premium plan.
- Full employee list
- Team structure
- Board tenure
- Professional contacts
Verified entity values are shown only after access is granted.
Financials of FreeBalance
Figures of Freebalance Software Solutions India Private Limited, the primary company behind FreeBalance, for FY 2025. Revenue was ₹1.13 Cr (-84% year on year). Net profit was ₹3.3 Lakh (3% margin). EBITDA was ₹32.5 Lakh (29% margin). Revenue has grown at a compounded annual rate of -40% over three years and -30% over five years.
- ₹1.13 CrRevenue · FY 2025 · -84% YoY
- ₹3.3 LakhNet profit · 3% margin
- ₹32.5 LakhEBITDA · 29% margin
- ₹1.8 LakhPaid-up capital
- 22Employees (provident fund records)
- -40%Revenue CAGR, 3 years
- -30%Revenue CAGR, 5 years
Balance sheet, profit and loss, cash flow and ratios of Freebalance Software Solutions India Private Limited are on its company page.
Detailed financial statements for FreeBalance
Statement rows, ratios, five-year trends and downloadable financials of the group companies require an active premium plan.
- Statement rows
- Financial ratios
- Five-year trends
- Downloads
Verified entity values are shown only after access is granted.
Timeline of FreeBalance
3 dated milestones of FreeBalance across 41 years, from founding to its latest funding, stage changes and deals.
- Founded FreeBalance is founded.
- Funding First funding round of $3.0M.
- Funding Latest funding round, Series B,.
Web traffic of FreeBalance
Websites that share an audience with FreeBalance (freebalance.com).
Websites whose visitors overlap most with FreeBalance. Affinity shows how closely the audiences match.
| Website | Domain | Audience affinity | Monthly visits | Global rank | Profile |
|---|---|---|---|---|---|
avfconsulting.com | avfconsulting.com | 100% | – | ||
| dyna-quest.com | 99% | View details | |||
ims-florida.com | ims-florida.com | 91% | – | ||
serenic.com | serenic.com | 83% | #732,009 | – | |
| sprbrk.com | 78% | #9,001,913 | View details | ||
| •••••••••• | ••••••.com | ••% | •.•M | #••••• | – |
| •••••••••• | ••••••.com | ••% | •.•M | #••••• | – |
| •••••••••• | ••••••.com | ••% | •.•M | #••••• | – |
All 10 similar websites and full traffic analytics for FreeBalance
The complete similar-websites list, audience overlap and engagement analytics require an active premium plan.
- 10 similar websites
- Audience overlap
- Engagement analytics
- Traffic by brand
Verified entity values are shown only after access is granted.
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Frequently Asked Questions about FreeBalance
FreeBalance was founded in 1984 and raised its 1st funding round 18 years after it was founded.
FreeBalance is headquartered in Ottawa, Canada. It is registered at Ottawa, Ontario, Canada.
FreeBalance is a funded company, having raised a total of $3M across 2 funding rounds to date. The company's 1st funding round was a Series B of $3M, raised on Dec 2002.
FreeBalance has 22 employees.
The primary company behind FreeBalance, Freebalance Software Solutions India Private Limited, reported revenue of ₹1.13 Cr for FY 2025, down 84% year on year.
FreeBalance was founded in 1984 in Ottawa, Canada, and specializes in the public sector software industry. An accountability suite is offered, covering public financial management, expenditure management, treasury management, receipts management, performance management, and civil service management. Transparency portals are also provided to support government operations. The companys domain is freebalance.com, with a focus on solutions for international public agencies.
FreeBalance offers Accountability Suite, Government Performance Management, and Advisory Services.
FreeBalance has 2 investors. Key investors include TechnoCap, and Pacific Lake Partners.
FreeBalance operates through Freebalance Software Solutions India Private Limited.
The legal entities of FreeBalance currently have 3 directors, including Apurba Dey, Manuel Shiappa Pietra, Donald Douglas Gibbons.