We’re proud to share that Cobase and Ardena have won the “Best Cash Forecasting Initiative” award at the Working Capital Awards. The recognition reflects a real transformation: Ardena moved from fragmented, manual treasury processes to a structured, automated setup with strong forecasting and real-time visibility over cash powered by Cobase. The renewed Cobase cash flow forecasting module has further improved Ardena’s ability to forecast cash flows and to run automated 13-week rolling forecast reports.
This award reflects the work we’ve put into building forward-looking treasury solutions and the care we take in supporting clients with a truly best-in-class service.
Ardena operates across six facilities in Europe and the US, with a complex value chain that includes biotech firms and academic research partners. But until recently, treasury was handled without a corporate treasurer and relied heavily on manual tools.
Group-wide cash visibility was limited. The CFO’s view of cash was based on weekly Excel balance reports prepared by the accountancy team. There was no daily cash position and no reliable forecast. Payments were processed through multiple banking systems, creating inefficiencies and risk — especially as the company scaled.
In short, Ardena’s treasury setup didn’t match the speed or complexity of its global operations.
When Ardena appointed its first corporate treasurer in 2022, transparency quickly became the mission. Soon after, the collapse of Silicon Valley Bank pushed liquidity risk higher on the agenda for companies everywhere.
That moment reinforced a strategic priority for Ardena and its private equity owner, GHO Capital Partners: improve cash visibility and strengthen treasury risk management. Funding was approved for a treasury upgrade, and Ardena began looking for a solution that could:
deliver clear, group-wide cash visibility
automate forecasting and reporting
centralise payments across entities
reduce risk from manual processes
Based on recommendations from the treasurer’s professional network, Ardena chose Cobase to support this shift.
From our side at Cobase, it was clear Ardena needed a solution that would bring structure quickly, without creating extra work for a lean treasury setup. With Cobase, they could connect their banks, centralise payments, automate forecasting, and get real-time visibility across all entities in one place.
This was never only about improving reports. It was about building a treasury function that’s ready to scale and able to support Ardena’s global growth.
We announce the updated cash flow forecasting module, because forecasting shouldn’t be a spreadsheet chase at the end of every month. The module gathers input directly from subsidiaries and business units, and backs it up with what’s actually happening day to day: payment files, budgets, and local context. You can set clear roles and simple approval steps, so forecasts are reviewed and consolidated in a structured way without slowing anyone down. The result is a forecast you can trust, fewer last-minute surprises, and more confidence when planning what to do with your cash next.
After implementing Cobase, Ardena strengthened its ability to forecast and manage cash in real time across its global business. Treasury became less manual, less fragmented, and far more proactive.
Real-time visibility over cash positions
Ardena can now see cash across entities and banks instantly, enabling faster decision-making and better risk control.
Automated cash forecasting
Forecasts are generated automatically using current balances and scheduled payments. This gives finance teams a reliable forward view without spending hours in spreadsheets.
Streamlined treasury processes
Manual steps were reduced or removed, lowering operational risk and freeing up time for higher-value work.
A setup built to scale
Cobase supports Ardena’s acquisition-driven growth strategy by allowing new entities and bank accounts to be integrated quickly into the same framework.
What makes this especially notable is that Ardena manages its global treasury with a one-person treasury team. Automation and structure weren’t nice-to-haves — they were essential.
The judges highlighted how Ardena moved from having no formal treasury function to a state-of-the-art, scalable setup in a short period of time.
With centralised policies, optimised balances, and automated internal transfers, Ardena now has a treasury function that is better governed today and ready to handle tomorrow’s complexity.
We believe our focus on practical, innovative treasury solutions, and the way we work side by side with clients is what makes the difference. Winning the “Best Cash Forecasting Initiative” award together with Ardena at the Working Capital Awards is a meaningful recognition of that partnership and the results it can deliver.
We’re excited to keep building on this momentum and continue helping our clients improve cash visibility, forecasting, and treasury operations with Cobase.
Congratulations again to the Cobase and Ardena teams, and a special thanks to Tomas Desloovere and everyone involved in making this transformation happen.