New investments added to recent funding round
PALO ALTO, CA October 30, 2013 Adaptive Planning, the worldwide leader in
cloud-based business and financial analytics solutions for companies and
nonprofits of all sizes, today announced that it has expanded its latest $45
million funding round. Joining initial investors in the round are new
private and corporate investors, including salesforce.com. Jeff Epstein,
former CFO of Oracle, has also invested in Adaptive Planning and was named
as a Senior Advisor to the company. Adaptive Planning will use the
additional capital to scale its reach into attractive new markets, and drive
new product innovation including expanded sales planning and analysis
capabilities.
With more than 1,800 customers and 400 partners in more than 85 countries,
Adaptive Planning is the clear leader in cloud corporate performance
management (CPM), and ranks #1 in CPM customer experience according to
independent industry analyst reports. Adaptive has a strong presence across
multiple vertical industries, including financial services, healthcare,
manufacturing, consumer/retail, non-profits & education, and technology &
software. The company grew new software bookings by 90 percent in 2012, and
was awarded placement on the Deloitte Fast 500 and JMP Hot 100 for its rapid
growth.
Adaptive Planning provides powerful analytics, modeling, planning and
forecasting on both CRM data, such as leads and opportunities, and ERP data,
such as expenses and payables, delivering a single unified performance
management platform that aligns sales and finance. Available on the
Salesforce AppExchange, Adaptive Plannings Sales Forecasting and Analysis
solution allows companies of all sizes to create more accurate sales
forecasts and accelerate revenue growth. Together, this seamlessly
integrated cloud solution enables companies worldwide to link and optimize
sales and financial performance.
This new strategic investment is further validation of our cloud
leadership, said John Herr, CEO at Adaptive Planning. Over the last 18
months weve dramatically expanded our product line to reach new markets,
introducing Adaptive Discovery for data visualization and Adaptive
Consolidation for financial consolidation. With this new strategic
investment, we look forward to expanding our investment in the area of sales
planning and forecasting and reaching the sales market.
As a joint customer of both salesforce.com and Adaptive Planning, we are
pleased to see the innovation and leadership that Adaptive brings to both
finance and sales planning, said Richard Arnold, CFO and VP of Strategy &
Corporate Development at CrowdFlower, the world’s leading crowdsourcing
service, with over one billion tasks completed by five million contributors.
We are looking forward to continuing to leverage the cloud leadership of
Adaptive and salesforce.com for a more powerful and unified approach to
financial and sales planning.
Jeff Epstein, one of the new investors in Adaptive Planning, is an Operating
Partner at Bessemer Venture Partners focusing on cloud computing and
internet opportunities. Most recently, Jeff served as EVP and CFO of
Oracle, one of the worlds largest and most profitable technology companies,
with a market value of over $150 billion. Prior to joining Oracle, Epstein
served as CFO of several public and private companies, including DoubleClick
(sold to Google), King World Productions (sold to CBS) and Nielsens Media
Measurement and Information Group.
As someone who has managed the finances of some of the most successful and
recognizable companies in their markets, Jeff has a keen understanding of
the enterprise software solution that holds the most promise, commented
John Herr at Adaptive Planning. Jeff is a pioneer and a thought leader in
his field, and were honored to have him as an investor and our newest
senior advisor.
Simply put, Adaptive Planning is a hot commodity. The company is on an
outstanding growth trajectory as its cloud solution addresses a huge market
need among finance professionals for better alternatives to Excel on the low
end and the big cumbersome, enterprise on-premises software on the high
end, said Epstein. Adaptive is an attractive investment opportunity, with
by far the largest customer base and the most comprehensive, integrated
suite of any CPM provider in the cloud and the top rated customer experience
of any company in the category.
About Adaptive Planning
Adaptive Planning is the worldwide leader in cloud-based business analytics
solutions for companies and nonprofits of all sizes. The companys software
as a service (SaaS) platform allows finance and management teams to work
together to plan, monitor, report on, and analyze financial and operational
performance. With capabilities for budgeting, forecasting, reporting,
consolidation, dashboards, and business intelligence, Adaptive Planning
enables finance, sales, and other business leaders to make better, faster,
more collaborative decisions that drive a true competitive advantage.
Adaptive Planning is used by over 1,800 organizations worldwide, from
midsized companies and nonprofits to large corporations, including AAA,
Boston Scientific, CORT, Konica Minolta, NetSuite, Philips, and Vail
Resorts. The company is the 5th fastest growing software company in Silicon
Valley on the Deloitte Technology Fast 500 list; has the #1 brand in
midmarket CPM; and ranks #1 in customer satisfaction and usability in
independent industry surveys. With customers and partners in more than 85
countries worldwide, the company has the strongest channel ecosystem in the
cloud CPM space, with worldwide partners including Armanino, Intacct,
IntuitiveTek, Plex Systems, SAP, and NetSuite, which offers a specialized
version of Adaptive Planning as the NetSuite Financial Planning module.
Adaptive Planning is headquartered in Palo Alto, Calif. and is funded by
Bessemer Venture Partners (BVP), Norwest Venture Partners (NVP), Royal Bank
of Canada (RBC), ONSET Ventures, Monitor Ventures, and Cardinal Venture
Capital.
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