Tuesday, May 21, 2013

Adaptive planning raises 45M

 

Business analytics startup Adaptive Planning raises $45M


Senior Technology Reporter- Silicon Valley Business Journal
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Corporate performance management company Adaptive Planning has raised a huge $45 million fourth round of funding.
The Mountain View company led by CEO John Herr said that Bessemer Venture Partners led the funding and was joined by existing investors Onset Ventures, Norwest Venture Partners, RBC Venture Partners, Cardinal Venture Capital and Monitor Ventures.
The company has raised about $100 million, including a $22 million round just last year, as it seeks to compete against very deep-pocketed rivals that include IBM, SAP and Oracle.
It offers a cloud-based suite of software to help businesses budget, plan, forecast and discover and analyze data. Its 1,600 customers include everything from startups like Box to giants like Coca-Cola. It employs about 200 and plans to double that work force in the next 12 to 18 months.
The company also plans to use the money to improve its software and build new partnerships with resellers.
“We grew new software bookings by 90 percent last year with high capital efficiency," Herr said in a prepared statement. "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."
Click here to read the press release about Adaptive Planning's funding.
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Cromwell Schubarth is the Senior Technology Reporter at the Business Journal. His phone number is 408.299.1823.


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