Prior to co-founding Adaptive Planning, a company that offers Web-based business intelligence software, Robert Hull described himself as a “frustrated” chief financial officer — and the chief culprit behind that frustration was Excel.“I was not happy continuing to use Excel as my budgeting, forecasting and reporting application, but was also a bit hampered by the resources needed to get to essentially the enterprise class of planning applications,” Hull recalled. “As I looked out at the marketplace, what I saw was a pretty big hole with respect to a mid-market application that was affordable, didn’t require a lot of resources to get going and actually solved my business problem in a non-technical way.”

By 2003, Hull and his partner, Richard Dellinger, who now serve as the company’s CFO and vice president of product development, respectively, spent close to nine months conducting market research and talking to financial executives about the problems they were facing and whether their system would be a relevant solution.

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