Cloud-based business analytics product maker Adaptive Planning has secured $45 million in venture capital funding 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, will join 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.
“I think this is an incredible validation of the model; we didn’t’ need to raise it but we saw a big opportunity to grow and invest and this helps accelerate that significantly,” said Adaptive Planning chief executive John Herr. “We’re serving a $30 billion market for corporate performance management and business intelligence, with many of our customers upgrading out of Excel or other systems. You will see more companies compete on data, not just having it but understanding it and winners will be those that can best manage it and use it.”
Herr noted that new software bookings grew by 90 percent over the past year and Adaptive Planning currently has over 2,000 businesses as its customers.
He also mentioned that that this latest round of venture funding will likely be the last for Adaptive Planning as it plans to consider the public market or other business opportunities for growth.
“One thing I’d add is that there is a lot of investor appetite now for business analytics and high-velocity cloud companies, as witnessed by Tableau and Marketo’s very successful IPOs last Friday,” said Adaptive Planning’s vice president, marketing Greg Schneider. “We’re on a similar trajectory to those companies. When we look at some of the megatrends in the industry, we say it’s cloud, big data, and social enterprise; we’re at center of all those.”
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