Cloud-based business analytics product maker Adaptive Planning has expanded its latest $45 million funding round to include Salesforce.com and former Oracle CFO Jeff Epstein, who was also named as senior advisor.
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Adaptive Planning will use the additional capital to scale its reach into new markets and drive product development including expanded sales planning and analysis capabilities.
“This new strategic investment is further validation of our cloud leadership,” said Adaptive Planning chief executive John Herr. “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.”
Adaptive Planning had originally secured the $45 million in venture capital funding back in May from existing and one new investor, with the goal of growing its direct and channel sales force in North America, expanding into international markets and enhancing its product offerings.
Bessemer Venture Partners, the newest investor, led the round with existing investors Onset Ventures, Norwest Venture Partners, RBC Venture Partners, Cardinal Venture Capital, and Monitor Ventures also participating. As part of the funding, Bessemer partner Byron Deeter, joined Adaptive Planning’s board of directors.
Last year Adaptive Planning garnered $22 million in venture financing, which was similarly earmarked for global expansion, product development and channel growth.