PALO ALTO, C.A.—Adaptive Insights, the worldwide leader in cloud corporate performance management (CPM)for the biggest brands and the hottest companies, today announced that the company has secured $75 million in funding to accelerate product roadmap innovation and global expansion. With its cloud-based finance solution, Adaptive provides market-changing opportunities both to Excel users and companies that rely on legacy on-premises solutions. With 2,700 customers, more than three times the customers of all other cloud CPM vendors combined, Adaptive helps high-growth companies scale through IPO and beyond, while also enabling blue chip enterprises to reinvent core processes to outpace the competition.
New investor JMI Equity joins the round along with existing investors Norwest Venture Partners, ONSET Ventures, Bessemer Venture Partners, Cardinal Venture Capital, Monitor Ventures, and Information Venture Partners. JMI Equity is focused on high-growth enterprise software companies and brings a track record of success in scaling cloud market leaders, including Eloqua and ServiceNow.
“Financial and operational management is the cornerstone for every successful company. Adaptive leads this market through tremendous product innovation, strong executive leadership, and a rapidly growing, fanatical customer base. These characteristics define high performing SaaS companies,” said Peter Arrowsmith, general partner at JMI Equity. Arrowsmith will be joining Adaptive as a Board Observer.
CEO Tom Bogan, experienced enterprise software executive and chairman of the board at Citrix Systems (CTXS), is at the helm of Adaptive and is applying his 25-year success record in building and growing large, publicly traded enterprise and cloud software companies.
“CFOs are increasingly taking center stage in the strategy and direction of their organizations and looking for the right technology to provide real-time data and powerful insights to gain a 360-degree view of their business,” commented Bogan. “Adaptive invented the cloud CPM market and is in an unparalleled position to help finance leaders take their planning and analysis to the next level, particularly as they continue to innovate, drive company growth, and manage business transformation.”
The recent funding is further validation of Adaptive’s success trajectory, which includes:
Adaptive is seeing tremendous adoption among large enterprises across multiple sectors, including American Family Insurance, Coca-Cola, Kendall-Jackson Family Wines, Philips, Southwest Gas, and University of Arizona. Adaptive also recently surpassed the 500-customer mark for high-growth technology companies, including FireEye, LinkedIn, and ZenDesk.
About Adaptive Insights
Adaptive Insights is the leader in cloud corporate performance management (CPM). Via its software as a service (SaaS) platform, the company offers capabilities for budgeting, forecasting, reporting, consolidation, dashboards, and business intelligence that empower finance, sales, and other business leaders with insight to drive true competitive advantage. The Adaptive Suite is sold direct or is available through Adaptive’s robust cloud CPM channel ecosystem of 200+ partners, including Accenture, Armanino, BDO, Cohn Reznick, Intacct, KPMG, McGladrey, and Plex Systems. NetSuite also offers Adaptive Insights as its NetSuite Financial Planning Module.
More than 2,700 companies in 85 countries use Adaptive Insights. These range from mid-sized companies and nonprofits to large corporations, including AAA, Boston Scientific, CORT, Konica Minolta, NetSuite, Philips, and Siemens. Adaptive Insights is headquartered in Palo Alto, Calif. For more information, visit www.AdaptiveInsights.com, the Adaptive Insights Blog, and follow Adaptive on LinkedIn, Twitter, Facebook, and YouTube.
About JMI Equity
JMI Equity is a growth equity firm focused on investing in leading software and services companies. Founded in 1992, JMI has invested in over 115 businesses in its target markets and has raised more than $3.1 billion of committed capital. Combining domain expertise and active partnership, JMI works with management teams to build market-leading businesses and create long-term shareholder value. Realized investments from JMI funds include Autotask, Axeda, BigMachines, Eloqua, Gemcom, Halogen and ServiceNow. www.jmi.com
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