Adaptive Planning said Wednesday that Salesforce.com and other private and corporate investors have joined its latest $45 million funding round. Also, new investor Jeff Epstein, an operating partner at Bessemer Venture Partners, has been named as a senior advisor to the company. Headquartered in Palo Alto, Calif., Adaptive Planning is a provider of cloud-based business and financial analytics solutions for companies and nonprofits. It is backed by Bessemer Venture Partners, Norwest Venture Partners, Royal Bank of Canada, ONSET Ventures, Monitor Ventures and Cardinal Venture Capital.
PALO ALTO, CA, Oct 30, 2013 (Marketwired via COMTEX) — 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 Planning’s 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 we’ve 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 world’s 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 Nielsen’s 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 we’re 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 company’s 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(TM) 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.