Financial Modeling Software Comparison Chart

Are you in the market for financial modeling software? 

There are a variety of software options available for financial modelers to choose from.  Each option has pros and cons. It’s important for you to understand each possibility and all the ramifications that accompany them. The goal of this article is to help you better comprehend how each option stacks up.

It’s important to note that each use case is different; and your choice will depend on what goal you want the software to accomplish as well as your budget.

From our perspective, software options can be bundled into three groups: Spreadsheets, Enterprise Planning Tools & Quantrix.

Additionally, there are three major categories needed to evaluate financial modeling software: Agility, Scalability & Structure.

Let’s see how they compare.


Enterprise Planning Tools




NonePre-built, little customizationFlexible structure



Many spreadsheet options are inexpensive (some even may come with your computer). They are also agile. For maintaining basic lists and smaller datasets, spreadsheets are usually a solid choice. The downside is that spreadsheets are generally not scalable. For instance, if you wanted to add new regions or products to a model, that would require extra steps such as copying formulas. The agility that spreadsheets offer is a double-edged sword. The freedom to create anything within the sea of spreadsheet cells sadly lacks structure. You must build it yourself. Even with spreadsheet add-ins, you are still constrained.

Enterprise Planning Tools:

Unlike spreadsheets, Enterprise Planning Tools can leave you with sticker shock. The pricing comes in a variety of forms – the software, the maintenance, consultant fees. These types of tools are scalable though. They are designed to incorporate new categories, such as new regions or products. Enterprise Planning Tools offer pre-built structural options (with little customization). As long as your data fits into these pre-built options, your models will be able to scale. However, it may not perfectly represent your business without consulting help.

Quantrix | Financial Modeling Tool:

Professional Modeling Tools, such as Quantrix, check all the boxes. These tools are designed to be agile, scalable and offer flexible structure. You are able to add new categories and build out your model with ease. Quantrix uses a mutli-dimensional modeling approach, whereas spreadsheets are two-dimensional. And unlike Enterprise Planning Tools, Quantrix gives you complete control to build what you want. Quantrix is able to offer all this at a much more reasonable price compared to some Enterprise Planning Tools.

Quantrix Demo Video:

Hopefully, you have been able to learn more about how these offerings compare and have a better idea about the right fit for you.

If you think a financial modeling software, like Quantrix, might be the right choice for your business, please reach out for a demo and try our free 30 day trial! We are mentioned as an Financial Modeling alternative to traditional spreadsheets on

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Supply Chain Modeling

There has arguably never been a more volatile time in supply chain history than today. A global pandemic coupled with political tensions and rising costs has resulted in a nearly unpredictable imbalance of supply and demand.

Global logistics providers are strained from a staffing perspective and are also faced with challenges at every port and terminal. Suppliers are being squeezed by raw material shortages and costlier packaging.

When disruptions to supply and demand occur, supply chain modelers and planners go to work to retune the forecast and rebalance product available with customer orders. But how quickly can the numbers be re-crunched and coordinated, particularly across multi-regional networks or transmodal routes?

Dashboard: Monthly S&OP Outlook | Production Plan

Many supply, demand, capacity, and production (S&OP) planners rely on a series of spreadsheets to do the work. Often, planners will have refined spreadsheet models that have been improved and expanded over time, and have been passed from planner to planner as the organization grows. In many cases, these models include highly-tuned forecast calculations and segmented sheets by SKU, region, warehouse, or other dimensions of the business. Some even have nearly real-time connectivity to the ERP or MRP system, so planners can quickly refresh their boards to see the current inventory levels or lead times projected for next month’s shipments. These models are iterated with each supply chain crises or disruption to, ideally, shorten the time it takes to redo the plan the next time an unexpected event strikes.

As a former supply planner, here are three critical challenges with maintaining spreadsheet models in periods of high uncertainly and volatility:

  1. Lack of transparency / readability within the model. When new planners are onboarded and inherit former planners’ spreadsheets, there is very little time to focus on learning the details of how the model operates. In businesses where the S&OP cycle is executed monthly, planners often must devote their time to fighting (hopefully not literal) fires and understanding the business, rather than studying formulas and macros in a spreadsheet they’re expected to use daily to drive the organization’s supply accuracy and service level performance. It can be a struggle to learn how to use the model correctly, and just a small mistake could mean incorrectly forecasting the required product – in extreme cases, resulting in a customer stockout or a warehouse capacity breach.
  2. Fragility when changes occur. When a new SKU, plant code, or packaging configuration is created at the MRP level, ensuring the change is properly and fully incorporated into the planning model is a tedious task. Leaving off the new SKU in just one location in the model could skew the plan or result in a less-than-optimal suggested production volume. In other cases, incorrectly mapping a packaging configuration could also have far-reaching implications with trade regulations or logistics provider costs, if order details are not properly communicated to service providers downstream of production. For models that rely on add-ins or integrations, a new change in the ERP system could result in VBA update code crashing or corrupting a model file (believe me, it’s the worst). And while it is great that more “mature” models contain better sheets to represent all sorts of potential scenarios and perspectives, these models are massive in size and are prone to crashing at just the moment you need them not to (again, believe me, it’s the worst).
  3. “We need a new plan.” When an unexpected crisis strikes in a global supply chain network, it often means getting everyone on the Zoom call to problem solve together. The Asia, Europe, and Americas supply planners jump on a call, each equipped with their own version of a spreadsheet model. The production planners or manufacturing counterparts come with (you guessed it) their own spreadsheets too. We need a new plan – one that syncs across regions, operates within the constraints of warehouse and terminal throughput, and maintains profitable operations at each of our global production facilities. How do we do it? With half a dozen people on a call at all hours of the day and night thanks to time zones, we are faced with the insurmountable task of somehow harmonizing all of our spreadsheets together to find the solution. Stakes are high, and by the time our team has worked together to pull the numbers, it’s likely the circumstances have changed yet again.

Have you been here before? As supply chain professionals, it’s all too easy to dive into a vicious cycle of late night “quick response team” or “war room” calls to resketch the supply-demand balance, only to determine early the next morning that the plans have changed again. Constantly chasing uncertainty with cobbled together spreadsheets (even when we’ve done immense work to streamline and fail-proof them) is a battle lost. If not lost quantitatively, then surely, emotionally – supply chain professionals are among the smartest, most resilient folks I’ve ever worked with, but even the strongest planners burn out after months of constant fire fighting with tools that fail to provide fast enough insights.

We certainly can’t control the volatility in the world, so what can be done to make the planning process better, for the sake of both our organizations and our supply chain professionals?

The need to combine existing business structure and plans with “clean-sheet” brainstorming is the missing piece in an organization that relies on disparate spreadsheets. Given the 3 challenges described above, it’s incredibly difficult to take a highly-tuned, VBA-laced S&OP spreadsheet model and create a new scenario to cover, let’s say, a worker strike at a production facility. Quickly transforming the existing plan and inventory to reflect the sudden unavailability of massive amounts of product is not possible, particularly when inventory is being fed into the model by the ERP system and cannot easily be changed. In fact, ERP and MRP systems are mostly incapable of incorporating “imaginary” scenarios (such as strikes) into the platform in order to answer common “what if?” questions that planners have.

We need a way to take the existing SKUs, networks, plants, and demand, and overlay our human context of the situation on top of the model.  This means not only assessing the situation operationally, but financially as well – making these strategic decisions requires visibility into our end-to-end supply chain costs and revenues. Instead of opening a blank spreadsheet file and starting from scratch, we need a way for all 6 planners to work within one model simultaneously, adding their respective inventory constraints, incoming sales orders, and suggested rebalances. As the situation changes daily or even hourly, each planner should be able to enter the model and add a new scenario for lead time delay, or a new assumption for how much inventory could be transferred from one plant to another to make up for lost production and reduce holding costs. Once the newest version of the plan is optimized, it should be able to be sent directly back to the ERP and MRP systems for execution.

If you or your S&OP organization are caught in this relentless planning cycle, a professional financial modeling solution can unleash flexibility and agility like never before. That’s where Quantrix comes in.

  • Load in your organization’s supply/demand/production/business structure to ensure every SKU, warehouse, minimum order quantity, transportation lane, cost, etc. is included in the model
  • Receive real-time inventory and order updates from your ERP, MRP and other systems
  • Write formulas using real language (such as product names, months, goods in-transit) rather than cryptic cell coordinates
  • Create new scenarios and hypothetical cases on the fly with one-click (with automatic formula and business logic extension)
  • Overlay financial data with operational plans to see a holistic view of your organization and make informed strategic decisions
  • Maintain a single source of truth with one model and multi-user collaboration in real time
  • Preserve security with granular user and user group permissions to ensure planners (and sales, manufacturing, procurement, etc.) only have access to the portions of the model they need
  • Deploy the model online to share with stakeholders and quickly gather buy-in (and make new scenarios directly from presentation mode without having to edit formulas)
Monthly S&OP Outlook | Sales Plan: Inventory Projection – created in Quantrix

As a former supply chain modeler, I would love to discuss with you how our financial modeling software can reduce the time your planners spend fixing spreadsheets and battling corrupted macros or add-ins to create new forecasts. With Quantrix, S&OP professionals can have greater confidence when the next disruption occurs and someone says, “We need a new plan.”

Lyndsey Weber
Senior Solutions Consultant




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Ignore Spreadsheet Structure Rules for Stronger, Speedier Business Models

Imagine you’re an F1 driver, eagerly awaiting the race this weekend. But when you show up at the circuit bright and early they hand you a shovel. “The gravel pile is here, the tar is over there. Your teammates will be running the excavator – with luck you’ll finish the track by the end of the quarter and we can start our trials.”

“That stinks!” you say, and heft your shovel for the first scoop of gravel. “What are you doing?” you hear from over your shoulder. “Are you just going to build the track any old way? We have construction rules here! But, good news, we have best practice classes to help you understand how to set the radius of the turns, the allowed grade angles, the smoothness requirements and all of that.”

“Oh, you’re right, without those best practices, we drivers would be careening off the track and piling into each other in no time. Errors could be very costly and painful!” Sadly, by the time you’ve finished the classes, the quarter is over and you’re supposed to be training for the next race – such is the life of a professional racer.

Financial Modeling Software?

If you are in strategic finance, sales operations, supply chain management or other planning intensive activities and using spreadsheets… this silly story might sound familiar. The same tool that everyone uses to plan their potluck dinner, the soccer team lineup, their grocery list, etc. etc. just isn’t optimized for the kind of business planning you need to do. Although there can be similarities, financial modeling software is not the same thing as a pile of spreadsheets.

Spreadsheets provide the ultimate in agility, but this strength is also a weakness in that building a financial or operational model in a spreadsheet isn’t just about the math and business logic, you also have to build the road (i.e. structure) using “best practices”. The quotation marks aren’t there because those practices aren’t good, in fact, if you are using a spreadsheet, they are crucial in order to avoid errors and to put up guard rails around your models!

Spreadsheet “Best Practices” Explained

If you’d like to learn about spreadsheet modeling best practices we’ve got you covered. In our upcoming webcast, we’re going to walk through and explain a list of commonly recommended approaches to spreadsheet modeling, tell you why they are important and then tell you how to completely ignore them and enjoy more agile, powerful and robust models as a result.

After the webcast, you’ll have the knowledge to get out on whichever kind of track you drive and … close the books quickly, make that M&A decision confidently, rearrange your supply chain or propose that complex hardware/software/services deal and win it!

Sign up below to join us at the upcoming Quantrix webcast premier!

Brad Hopper
General Manager

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Best Business Planning Software

All plans change, some more than others

When external factors impact your business, you’ll have to answer a series of questions. What is my financial outlook? What can I afford to do? And what changes should be made to my business?

How are these questions answered?

To answer these questions, modelers and planners take existing data and develop assumptions to create financial, operational and supply chain models.

Though these models may have different goals, the software that creates them should have a common set of qualities.

The best planning software should be…

  • Agile: allow users the ability to add/change scenarios or assumptions on the fly
  • Auditable: users must be able to follow the changes that have been made within the model
  • Efficient: models can contain millions of cells – the software must be able to calculate even the largest models
  • Collaborative/Shareable: the models need to be shared with key decision-makers

If you are a data modeler or planner, you understand the struggle of creating business plans with traditional spreadsheets. The lack of agility hinders your ability to create robust models. Quantrix is designed to help modelers and planners increase their agility. You can, for example, add scenarios quickly and easily to your models. Additionally, the natural language formulas in Quantrix can calculate for entire rows and columns. No longer do you need to worry about formulas in cells.

Quantrix has specific features dedicated to auditability. For instance, when the Audit Trail is turned on, it allows users the ability to follow all the changes that have been made to the model. The software also contains a Dependency Inspector. This feature offers users the chance to trace their formulas to find out where the numbers came from and where they are going.

Traditional spreadsheets can handle basic structure, but in the presence of multiple products and regions, the models can quickly become unmanageable. To combat this common issue, Quantrix separates the formulas from the cells. This means fewer total formulas! The Quantrix multi-dimensional calculation engine allows modelers the ability to react in real time with greater precision, making it incredibly efficient.

Once your model has been created, you’ll want to share your findings so that others can review, and decisions can be made. Quantrix has a special offering called Qloud. With Qloud, the models can be shared online so key individuals or teams can get access to the data.

If your organization’s plans have changed, you probably have noticed the limitations of your current spreadsheet solution. The time and effort needed to maintain or extend your existing models can become burdensome. There is a better, more efficient way!

To make the best strategic choices, key decision-makers need a model they can trust. Quantrix provides a fast, auditable experience for building models from scratch. Further, the models can adapt and change over time. With Quantrix, you’ll be able to add new scenarios into your models and answer your “what-if” questions instantly.

FINANCIAL MODELING SOFTWARE: Watch our introduction and download our Free Trial.

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5 Questions Every Financial Modeler Should Be Asking

If you are a financial modeler, you likely spend your time planning the future of your business. You test scenarios and build forecasts to help you determine the best path forward. The models you create develop the basis for many of your business decisions.

If you are using a traditional spreadsheet to create your models, there are a few important questions you need to ask:

Can I audit each of my formulas for accuracy?

Although it might seem obvious, it’s crucial for you to understand all of your formulas and the reasoning for each. The larger your model gets and the more you expand your calculations, the more room there is for error. In many cases, growing your model with a traditional spreadsheet requires you to copy and paste or drag your calculations.  Once calculated, the formulas hide in each cell. One small issue could impact the accuracy of the entire model.

Can I update my model at a moment’s notice?

Let’s say your business decides to start selling a new product. Would you be able to easily update your model accordingly? You could go a step further – what if your company wanted to sell in a new region? Could you make those edits quickly and easily… without error? You should be able to add these types of categories without breaking the structure of your existing model and without worrying about the validity of your calculations.

Is the size of my model impacting my performance?

Not surprisingly, if your model contains large amounts of data and calculations, it may take a while for it to process and update. In some cases, financial modelers run the calculations and wait hours or days for the process to complete – or even fail to complete. Traditional spreadsheets are not designed to handle these types of scenarios. If you’re experiencing delays or failed calculations, you may need a financial modeling tool.

Is the structure of my model easy to comprehend?

In most cases, the financial models that you create are designed to be shared – or at least the findings within need to be shared. If you work in the finance department of your company, management will want to review what you’ve created. If you are a consultant, your clients will want access to your findings.  As a result, the structure of your data must be clear to others. If you’re the only one who understands the model, it could become an issue.

Is there only one version of the truth for my model?

Inevitably, over time your model changes.  Not only will you continue to make adjustments, but there is also a chance that others will make edits, suggestions, or revisions. This results in different versions of the same model.  Even if you believe you have the most recent copy, are you confident that you know all of the changes that have been made?


Solution: A Financial Modeling Tool

If you struggled to think about any of these questions or are unsure about how you would answer them, you may be a great candidate for financial modeling software.

Let’s look at some of the features in Quantrix and how they resolve each issue.

Natural Language Formulas:

Unlike traditional spreadsheets, Quantrix allows you to write formulas in natural language. So, instead of = B25 – C25, start writing Gross Profit = Revenue – COGS. With this method, you won’t need as many formulas, and it will be much easier to audit each.

Separate Structure from Logic:

Updating your models shouldn’t be headache. In Quantrix, the structure of your model is separated from your formulas. That means, you can add new scenarios, products and regions with one click – and the formulas still work!

Easy Model Scaling:

Continue to build your model without the need to add more formulas.  Even if you add new categories, the formulas don’t break. Without excess calculations, you’re able to do more.

Easy Organization:

With Quantrix, you can organize your data with ease. The product offers a model browser so you can place all your matrices into folders. Further, because the structure is separated from the logic, you can easily pivot and filter the data to view it in the most comprehensible way.

Sharing with permissions:

A major concern for many financial analysts and planners is maintaining model integrity when sharing their content. They want to ensure their formulas and structure remain intact while others review it. With Quantrix, you can set permissions for different users.  This added level of security allows the model owner to limit what others are able to change within a model. Quantrix also enables you to share your models online with our Qloud offering so key stakeholders can review the content from their browser.

Audit Trail – Quantrix also has a featured called the Audit Trial, which (when turned on) will record all the changes made to the model.



If you are a financial modeler, you have an important role in your organization. The forecasts and plans you create guide your business into the future. We wanted to share 5 important questions we thought were valuable in ensuring that your decisions are made with the best and most accurate data available.

If you want to learn more about Quantrix, please reach out to us. We would love to hear about your business and use case!


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WATCH NOW: Dimension Conference

Our Dimension Online 2021 conference was a big success! The two-day event boasted a variety of exciting presentations for both new and longtime users. In addition to Quantrix-led sessions, we also introduced four professional modelers, who shared stories about their business and how Quantrix was able transform their work.

For those of you who were not able to attend our broadcast, we recorded the sessions and shared them on our Dimension 2021 page.

Here are the sessions you can watch:

  • New Feature Deep Dive
  • Modeling Tips and Tricks
  • Scripting and Formulas
  • Customer Use Case – Nikki James, Johnson Controls
  • Customer Use Case – Carlos Kelly, Uplift, Inc.
  • Customer Use Case – Daniel Valle, Reiter Companies
  • Customer Use Case – Jason Klinghoffer, Mischler Financial
  • Intro to Agile Modeling – Presented by Quantrix

Quantrix is a financial modeling software that allows for greater agility and flexibility. Handle more data, try more scenarios and make better decisions with Quantrix. If your spreadsheets are giving you a headache, there’s a better way. Discover Quantrix today!

Watch Now!

Quantrix Cheers PRIDE London!


Hi Quantrix Community,

For those of you who may not know, Quantrix is a part of IDBS and the Danaher Corporation. The incredible resources afforded to us by these parent companies have allowed us to grow our brand and our products.

As much of the IDBS team lives in the United Kingdom, we have decided to follow their lead this year with respect to celebrating PRIDE.

PRIDE is a time for people to come together to celebrate equality and the visibility of the LGBTQ community. Pride month is celebrated across the UK from mid August to mid September. Quantrix is supporting and celebrating the Pride month along with IDBS.

Quantrix is happy to be an inclusive and welcoming organization. To share our support, you will notice a new logo on our social media accounts.

-The Quantrix Team

Model Metrix develops model-based solutions leveraging the power of Quantrix Modeler

Interview with David Phillips, Co-founder and VP of Sales and Marketing at Model Metrix

At Quantrix, we love it when our partners expand their scope and deliver higher and differentiated value to our shared customers. Case in point is Model Metrix, an energetic firm not only delivering subject matter expertise in financial and operational modeling but also extending the Quantrix platform with custom capabilities and data connectivity. We sat down with David Philips, Co-founder and VP Sales to learn more about their trajectory.

Can you tell us a little about Model Metrix? 

Thanks for the opportunity to talk about Model Metrix.  Steve Bailey and I founded Model Metrix to address the capability void that exists between spreadsheets and less flexible corporate performance management solutions.  Many organizations have high-value modeling and planning processes that are reliant on spreadsheets.  Of course, spreadsheets have well-known risks and are often a siloed, weak link in complex planning and decision-making processes.  We combine the flexibility and power of Quantrix Modeler with data warehouses, business intelligence tools and other technologies to deploy cloud-accessible solutions that address clients’ complex modeling, analysis and reporting needs.  Our team can leverage a client’s existing solution ecosystem or build it for them. Importantly, our solutions can integrate with a company’s corporate performance management system to provide more comprehensive data for budgeting and reporting.

Are you focused on particular vertical markets and services? 

We have strong domain knowledge in a number of verticals and are designing solutions with configurable base models for those markets.  However, many of our offerings are broadly applicable to a host of modeling challenges that a company may face.  In addition to solutions, we also offer a full suite of professional services including model development, optimization, integration, and support. Perhaps more uniquely, we provide managed services in which we maintain and update client models on an ongoing subscription basis.

What other initiatives are you working on? 

We have developed a multi-functional plug-in that provides exciting new ways to extend Quantrix Modeler.  One of the high-value features is the ability to do direct connections with 3rd party data providers.  For example, we have all seen that economic disruption caused by COVID-19 has increased the level of merger and acquisition activity.  In response to that, we initiated a partnership with Intrinio, a leading provider of curated fundamentals and market data, to create a solution that allows growth companies, PE/VC and other organizations to model potential acquisition targets, valuations, the competition, and much more.  Building on that foundation, they can also model the synergies, financial impacts and other outcomes due to an acquisition.  Likewise, investment firms are able to do both modeling and analysis on companies in their portfolio.  It’s a more cost-effective and extensible solution than, for example, a Bloomberg Box.  The plugin also features new functions for science, engineering, statistics and more for non-financial modeling.  The list of capabilities is too long to describe here so I’d encourage Quantrix users to contact us for details and to take advantage of a free trial.

What’s the best way for organizations to learn more about Model Metrix? 

They can visit or email me directly at  I would also encourage people to follow Model Metrix on LinkedIn and subscribe to our blog so they get the latest news and event notifications.

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1,000 Followers on LinkedIn

We recently hit 1,000 followers on LinkedIn and we wanted to say: Thank you!

Every year the Quantrix Community continues to grow and we are grateful to have such a passionate group of users and followers.

By staying up to date, completing our surveys, providing feedback and attending our conference, you have helped us create a better product.

We aim to post helpful content geared towards modelers and planners as well as updates about our business initiatives.

If you would like to follow us on social media, please click the links below.

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2020 Year-End Wrap Up


Last December, families and companies were hosting holiday parties as people packed into malls and shopping centers to find last-minute gifts.  It would have been hard to imagine how upside down our lives would be in just a matter of months.  Not too long after ringing in the new year, families canceled or postponed plans, and employees worked from home and only got together online.  As a society, we learned new terms like “social distancing”, and started wearing masks to protect ourselves and others.

Quantrix, like many other companies, was not immune to these changes.  We did not host our user conference this year and we’ve been working from home since March. But, during this time, the Quantrix team has been hard at work building new features and introducing new initiatives to benefit our customers and planners/modelers around the world.

Quantrix Team:

This year the Quantrix team has continued to grow. We added a new member to the Qloud development team, and welcomed a new General Manager, Brad Hopper. Next year, we look forward to growing the team even more!

Product Improvements:

The development team built and released new versions this year: 20.1.0, 20.2.0 and 20.2.2.  Each release helped to make Modeler and Qloud better products for our users.

Check out our release notes to learn more about the improvements and fixes we made this year.

Business Initiatives:

Planning for Good:  As the pandemic took hold of the world, companies were left wondering: which business changes might we make to work within the constraints of the pandemic? How can we reconfigure our teams and operations to best serve the community and sustain ourselves? To do our part, Quantrix created an initiative to help people and organizations plan for the future. As an agile planning platform, Quantrix provides the ideal experience for planners to ask and answer “what if” questions, especially if they are re-imagining their business from the ground up. Through this initiative, we provided Quantrix Modeler licenses at no charge, so that people could plan their next steps using the best possible tools.  Additionally, we hosted a webcast series featuring a variety of speakers, each sharing their stories of how Quantrix helped them adapt and thrive in this challenging time.

Academic Alliance:  This year we launched our Academic Alliance Program. Universities from all over the globe use Quantrix. We created this program to provide Quantrix software to students in participating higher education programs to support their learning of modeling concepts and to build a network of planners with Quantrix skills and a pool of qualified candidates for our customers. Students can use the Academic Alliance license for a year after graduation to help them leverage their skills into the workplace.

The Quantrix Takeaway: If your company paid for you to have a Quantrix license and you leave that company, we can grant you access to Quantrix for an additional year at no charge. You can take Quantrix with you to your new job! To find out how to register and if you are eligible for this program, and a few restrictions, please visit our Takeaway page.

Like many of you, we are looking forward to the new year. We wish you a happy and healthy 2021!

-The Quantrix Team