Adaptive Insights, provider of cloud corporate performance management, announced it has secured $75 million in funding led by new investor JMI Equity.
The growth equity firm focuses on enterprise software companies and joins existing investors Norwest Venture Partners, ONSET Ventures, Bessemer Venture Partners, Cardinal Venture Capital, Monitor Ventures, and Information Venture Partners.
Adaptive Insights provides its cloud-based finance solution to 2,700 customers, ranging from Excel users to companies with legacy on-premise solutions. The funds raised will be used to accelerate the company’s product roadmap innovation and global expansion.
“CFOs are increasingly taking center stage in the strategy and direction of their organizations and looking for the right technology to provide real-time data and powerful insights to gain a 360-degree view of their business,” stated Adaptive Insights CEO Tom Bogan, who is also chairman of the board at global software company Citrix Systems. “Adaptive invented the cloud CPM market and is in an unparalleled position to help finance leaders take their planning and analysis to the next level, particularly as they continue to innovate, drive company growth, and manage business transformation.“
Adaptive Insights reported 50 percent year-over-year growth in total annual recurring revenue bookings and international growth of 75 percent year-over-year in Q1. The company has more than 200 partners and 500 customers, including large enterprises like American Family Insurance and Coca-Cola.
“Financial and operational management is the cornerstone for every successful company,” stated JMI Equity general partner Peter Arrowsmith, will be joining Adaptive as a board observer. “Adaptive leads this market through tremendous product innovation, strong executive leadership, and a rapidly growing, fanatical customer base. These characteristics define high performing SaaS companies.”
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