Cloud-based financial planning and reporting technology provider Adaptive Planning has secured $22 million in new venture financing, which will be earmarked for global expansion, product development and channel growth.

Investors include venture capital partners Norwest Venture Partners, Cardinal Venture Capital, Clairmont Capital, Monitor Ventures, and Onset Ventures. As part of the funding, Sergio Monsalve of Norwest Venture Partners will be joining Adaptive Planning’s board of directors.

Part of Adaptive Planning’s channel growth is expected to come from accountants, which already comprise “a significant set” of its partner makeup, according to chief executive John Herr.

“Right now approximately 30 percent of our revenue is from partnership relationships,” he said. “Accounting firms are great example of that. For those firms on the cutting edge of cloud or SaaS, we are in a great position to help them be innovative. At the highest level, over time we should be 50-50 channel and direct coming from North America and internationally. Developing this channel will be multifaceted, with regional local partners, mid-market companies, and international, where we already have a very large customer base.”

Herr stressed that product development will likely be in Adaptive Planning’s existing product platform, as well as enhancing corporate performance management and business intelligence capabilities.

“This is ample capital for us to grow for years,” he said. “We have a very broad base of customers around the world. It’s stable and loyal and the IPO path would be open to us, but it’s quite some time in the future. We want to build customers, sales and the product. We are fortunate we have a scalable model so it means we have a lot of options.”

The worldwide market for CPM software is estimated to exceed $3 billion per year, according to recent research from analyst firm IDC.

Research also indicates that the mid-market 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 statistics from Merrill Research.