Mountain View, California-based Adaptive Planning Inc., a maker of cloud-based business analytics software, has secured US$45 million in funding in a deal led by U.S. venture capital firm Bessemer Venture Partners. Bessemer was joined by the company’s existing investors, which include Canadian firm RBC Venture Partners, a backer of Adaptive Planning since 2008.
Adaptive Planning, the worldwide leader in cloud-based business analytics solutions for companies and nonprofits of all sizes, today announced at its Accelerate 2013 global user conference that it has secured a major new round of $45 million in venture funding. Bessemer Venture Partners (BVP), a premier global venture capital firm, led the round, with existing investors ONSET Ventures, Norwest Venture Partners (NVP), RBC Venture Partners, Cardinal Venture Capital, and Monitor Ventures also participating. Adaptive Planning will use the additional capital to scale its direct sales and partner channels in North America, expand into attractive new enterprise and international markets, and drive new product innovation.
“The addition of Bessemer as an investor is a great testament to our market leadership — to our exceptional customer growth, product innovation, and high levels of customer satisfaction,” said John Herr, CEO of Adaptive Planning. “We grew new software bookings by 90 percent last year with high capital efficiency. As such, we didn’t need to raise more capital, but did so to take advantage of a huge opportunity in front of us to build a dominant global presence in a rapidly growing market. What’s more, BVP is a great partner with an outstanding SaaS track record, and we look forward to working closely with them to maximize this business opportunity.”
As part of the funding, Byron Deeter, a BVP partner and an industry leader in cloud technology investments, will join Adaptive Planning’s board of directors. “We see the stars aligning with Adaptive Planning: the company is at the intersection of increasing cloud adoption, an acute market need for better analytics, and a customer base that is passionate about its products,” said Byron Deeter, whose firm is one of the leading cloud/SaaS venture firms with successful cloud investments in companies such as Box, Cornerstone OnDemand, DocuSign, Eloqua, LinkedIn, and Skype. “Combining cloud leadership in a huge and largely untapped market with a top-notch team to lead the company’s growth, Adaptive is poised to win.”
“Adaptive Planning is on an impressive trajectory,” added Sergio Monsalve, Partner at NVP. “The company has built and significantly expanded its cloud business analytics platform to empower finance and operational teams. Its unique ability to transform planning, consolidations, reporting and analysis has resulted in improved costs, productivity and critical business decisions for thousands of brand name customers worldwide.”
With 5x more customers than all other cloud competitors combined, Adaptive Planning has become the solution of choice for cloud-based corporate performance management (CPM) and business intelligence (BI). Addressing a $33 billion market, Adaptive Planning has more than 1,600 customers in 80 countries worldwide, with the number one market share and the top customer satisfaction rating among all cloud providers in its category.
“Adaptive Planning has always been very effective at anticipating and capitalizing on evolving market drivers to create strong demand. The rapid move to cloud computing, the rise of mobile computing, and the need to make better, faster, data-driven decisions have been great opportunities for the company,” said Terry Opdendyk, Founder and Partner of ONSET Ventures, which has been an investor in the company since its formation. “As an alternative to manual, spreadsheet-based processes and legacy on-premises software, Adaptive Planning is establishing a new standard for cloud-based BI and CPM solutions.”
“Adaptive’s rapid growth path is a function of its customers’ satisfaction,” commented Robert Antoniades, a Partner at RBC Venture Partners, an existing investor in Adaptive Planning. “The new infusion of capital will help accelerate the company’s market leadership, world-class product innovation, and global expansion.”
The funding announcement is part of the news announced this week at Adaptive Planning’s annual user conference, Accelerate 2013, at the Hotel Nikko in San Francisco on May 21-22. The conference is the largest annual global gathering of cloud BI and CPM professionals, with approximately 500 Adaptive Planning customers and partners attending.
The news comes on the heels of an announcement last month of Adaptive Consolidation, a breakthrough new integrated cloud-based solution for comprehensive and intuitive financial consolidation and analysis. Adaptive Consolidation introduces powerful new capabilities, coupled with an intuitive user interface, that make incredibly complex and time-consuming processes appear to be easy. Businesses can close their books accurately, quickly, and painlessly, with intuitive definition of rules that are automatically applied to the consolidation process each period.
Adaptive Planning also introduced late last year its Adaptive Discovery solution, breakthrough new cloud-based visual analytics featuring interactive data visualization and alerting and an intuitive and highly interactive way for managers across an organization to access, analyze, and explore key financial and operational data. With Adaptive Discovery, CFOs, VPs of Sales, and other business leaders can quickly and easily gain insights into the underlying trends in the business, allowing them to make more intelligent business decisions that drive greater success.
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 1,600 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 in independent industry surveys. With customers and partners in 81 countries worldwide, the company has the strongest channel ecosystem in the cloud CPM space, with worldwide partners including Armanino McKenna, 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 Mountain View, 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.
About Bessemer Venture Partners
With $4.0 billion under management, Bessemer Venture Partners (BVP) is a global venture capital firm with offices in Silicon Valley, Cambridge, Mass., New York, Brazil, Mumbai, Bangalore and Herzliya, Israel. BVP delivers a broad platform in venture capital spanning industries, geographies, and stages of company growth. From Staples to Skype, VeriSign to Yelp, LinkedIn to Pinterest, BVP has helped incubate and support companies that have anchored significant shifts in the economy. More than 100 BVP-funded companies have gone public on exchanges in North America, Europe and Asia. See www.bvp.com or follow BVP on Twitter: @bessemervp
About Norwest Venture Partners
Norwest Venture Partners (NVP) is a multi-stage investment firm that has partnered with entrepreneurs to build great businesses for more than 50 years. The firm manages over $3.7 billion in capital and has funded more than 500 companies since inception. Headquartered in Palo Alto, Calif., NVP has subsidiaries in Mumbai and Bengaluru, India and Herzelia, Israel. NVP makes early to late-stage venture and growth equity investments across a wide range of sectors including: technology, information services, business services, financial services, consumer products/services and healthcare. For more information, please visit www.nvp.com Follow NVP on Twitter @NorwestVP
About Onset Ventures
ONSET Ventures (www.ONSET.com) 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.
About RBC Venture Partners
Established in 1997 and headquartered in Toronto, RBC Venture Partners is the venture capital investment arm of RBC (RY on the TSX and NYSE) with over C$250 million under management. RBC Venture Partners invests directly in early and growth stage software, technology and services companies targeting the financial services industry. For more information visit www.rbc.com/vp.
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