Adaptive Planning said it raised $22 million with Norwest Venture Partners leading the round and existing investors Cardinal Venture Capital, Clairmont Capital, Monitor Ventures, and ONSET Ventures participating. The cloud-based performance management company will use the money to expand sales, marketing, product development and new markets efforts.
Adaptive Planning Secures $22 Million in Venture Financing Led by Norwest Venture Partners
New Capital to Accelerate Growth and Expand Global Leadership in Cloud-Based
Performance Management Solutions
Mountain View, Calif. – March 14, 2012 – Adaptive Planning, the worldwide leader in cloud-based corporate performance management (CPM) solutions for companies and nonprofits of all sizes, today announced that it has secured $22 million in new venture financing. Norwest Venture Partners (NVP) led the round, with existing investors Cardinal Venture Capital, Clairmont Capital, Monitor Ventures, and ONSET Ventures also participating. Adaptive Planning will use the new capital to accelerate growth in sales and marketing, product development, and new channels and markets.
“We are delighted to have NVP as an investor,” said John Herr, CEO of Adaptive Planning. “We have grown the business rapidly by providing exceptional value and customer satisfaction to midsized companies and large corporations, and now serve over 1,200 active customers and 27,000 users globally. The new funding will allow us to scale our direct sales and partner channels worldwide, and to deliver a broad set of new performance management capabilities—across CPM, business intelligence, functional planning and reporting, and more. In addition, NVP is a great firm, and this investment not only validates our vision and leadership, but also underscores the exceptional opportunity ahead.”
As part of the funding, Sergio Monsalve of Norwest Venture Partners will be joining Adaptive Planning’s board of directors.
“Adaptive Planning is the leader in cloud CPM, and has all of the key ingredients to dominate an enormous market,” said Monsalve. “Adaptive Planning strikes right at the core of an area in which I’m extremely passionate—the collaborative social enterprise. The emergence of collaboration in both small and medium sized businesses makes this a very exciting time to invest. Adaptive Planning’s outstanding competitive position, proven product and business model, exceptional customer satisfaction, and strong and seasoned executive leadership team made our choice to partner with the company an easy one. What’s more, I worked closely with CEO John Herr for many years at eBay, and am pleased to have the opportunity to collaborate with him again.”
Adaptive Planning’s software as a service (SaaS) platform, which includes capabilities for planning, reporting, consolidation, dashboards, and business intelligence, enables finance and management teams to make better, faster, more collaborative decisions that drive a true competitive advantage.
Adaptive Planning has become the de facto solution for cloud-based CPM. In 2011 Adaptive Planning was the 8th fastest growing company in Silicon Valley on the Deloitte Technology Fast 500™ list. The company has more customers and more partners than all other cloud CPM providers combined, and has the #1-rated brand in midmarket CPM according to Merrill Research. Adaptive Planning is being resold by NetSuite, the industry’s leading provider of cloud-based financials / ERP software suites, as the NetSuite Financial Planning solution. And Adaptive Planning ranks #1 in customer satisfaction among leading CPM vendors, based on independent industry surveys.
“Adaptive Planning is at the center of powerful market forces—including cloud computing, enterprise collaboration, mobile access, and the need to make better and faster business decisions—which are fueling disruption in the CPM marketplace,” said Terry Opdendyk, Founder and Partner of ONSET Ventures. “With this new investment, Adaptive Planning will scale their operations to help more customers revolutionize their performance management.”
The worldwide market for CPM software is estimated to be over $3 billion per year by analyst firm IDC. The midmarket and SaaS CPM segments are growing particularly quickly. Over 40 percent of midsized companies are currently considering a new CPM solution, and SaaS-based applications are seen as having numerous advantages over traditional on-premises software, according to Merrill Research.
About Norwest Venture Partners (NVP)
Norwest Venture Partners (NVP) is a global venture and growth equity investment firm that manages more than $3.7 billion in capital. Headquartered in Palo Alto, California, NVP has subsidiaries in Mumbai and Bengaluru, India and Herzelia, Israel and Hong Kong. NVP makes early to late stage venture and growth equity investments across a wide range of sectors including: information technology, business services, financial services, infrastructure, technology enabled services and consumer. NVP has actively partnered with entrepreneurs to build great businesses for more than 50 years and has funded nearly 500 companies since inception. For more information visit: www.nvp.com.
About ONSET Ventures
ONSET Ventures specializes in providing start-up, follow-on, and intellectual capital to entrepreneurs and early-stage technology ventures, to help transform world-class ideas into sustainable and valuable businesses, through a process of “venture craftsmanship.” The firm has backed over 130 companies since 1984 and has more than $1 billion under management. ONSET Ventures is located in Menlo Park, California. For more information, visit: www.onset.com.
About Adaptive Planning
Adaptive Planning is the worldwide leader in cloud-based corporate performance management (CPM) 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—on a continuous basis, using business data from across the organization. With capabilities for budgeting, forecasting, reporting, consolidation, dashboards, and business intelligence, Adaptive Planning enables finance, sales, HR, and other business leaders to make better, faster, more collaborative decisions that drive a true competitive advantage.
Adaptive Planning is being used by over 1,200 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 8th fastest growing company in Silicon Valley on the Deloitte Technology Fast 500™ list; has the #1 brand in midmarket CPM; and ranks #1 in customer satisfaction in independent industry surveys. Adaptive Planning is headquartered in Mountain View, Calif. and is funded by Norwest Venture Partners, ONSET Ventures, Monitor Ventures, Cardinal Venture Capital and Clairmont Capital.