{"id":659203,"date":"2013-05-21T08:01:56","date_gmt":"2013-05-21T12:01:56","guid":{"rendered":"http:\/\/www.pehub.com\/?p=203075"},"modified":"2013-05-21T08:01:56","modified_gmt":"2013-05-21T12:01:56","slug":"bessemer-venture-leads-45-mln-round-for-adaptive-planning","status":"publish","type":"post","link":"https:\/\/mereja.media\/index\/659203","title":{"rendered":"Bessemer Venture Leads $45 Mln Round for Adaptive Planning"},"content":{"rendered":"

Adaptive Planning<\/strong> said Tuesday it secured $45 million in venture funding led by Bessemer Venture Partners<\/strong>. Existing investors ONSET Ventures<\/strong>, Norwest Venture Partners<\/strong> (NVP), RBC Venture Partners<\/strong>, Cardinal Venture Capital<\/strong>, and Monitor Ventures<\/strong> also participated. Mountain View, Calif.-based Adaptive Planning provides cloud-based business analytics solutions for companies and nonprofits.<\/p>\n

PRESS RELEASE<\/p>\n

San Francisco, Calif., May 21, 2013 – Adaptive Planning, the worldwide leader in cloud-based business analytics solutions for companies and nonprofits of all sizes, today announced at its Accelerate 2013 global user conference that it has secured a major new round of $45 million in venture funding.\u00a0 Bessemer Venture Partners (BVP), a premier global venture capital firm, led the round, with existing investors ONSET Ventures, Norwest Venture Partners (NVP), RBC Venture Partners, Cardinal Venture Capital, and Monitor Ventures also participating.\u00a0 Adaptive Planning will use the additional capital to scale its direct sales and partner channels in North America, expand into attractive new enterprise and international markets, and drive new product innovation.<\/p>\n

\u201cThe addition of Bessemer as an investor is a great testament to our market leadership \u2013 to our exceptional customer growth, product innovation, and high levels of customer satisfaction,\u201d said John Herr, CEO of Adaptive Planning.\u00a0 \u201cWe grew new software bookings by 90 percent last year with high capital efficiency.\u00a0 As such, we didn\u2019t need to raise more capital, but did so to take advantage of a huge opportunity in front of us to build a dominant global presence in a rapidly growing market.\u00a0 What\u2019s more, BVP is a great partner with an outstanding SaaS track record, and we look forward to working closely with them to maximize this business opportunity.\u201d
\nAs part of the funding, Byron Deeter, a BVP partner and an industry leader in cloud technology investments, will join Adaptive Planning\u2019s board of directors.\u00a0 \u201cWe see the stars aligning with Adaptive Planning:\u00a0 the company is at the intersection of increasing cloud adoption, an acute market need for better analytics, and a customer base that is passionate about its products,\u201d said Byron Deeter, whose firm is one of the leading cloud\/Saas venture firms with successful cloud investments in companies such as Box, Cornerstone OnDemand, DocuSign, Eloqua, LinkedIn, and Skype.\u00a0 \u201cCombining cloud leadership in a huge, and largely untapped, market with a top-notch team to lead the company\u2019s growth, Adaptive is poised to win.\u201d<\/p>\n

\u201cAdaptive Planning is on an impressive trajectory,\u201d added Sergio Monsalve, Partner at NVP.\u00a0 \u201cThe company has built and significantly expanded its cloud business analytics platform to empower finance and operational teams. Its unique ability to transform planning, consolidations, reporting and analysis has resulted in improved costs, productivity and critical business decisions for thousands of brand name customers worldwide.\u201d<\/p>\n

With 5x more customers than all other cloud competitors combined, Adaptive Planning has become the solution of choice for cloud-based corporate performance management (CPM) and business intelligence (BI).\u00a0 Addressing a $33 billion market, Adaptive Planning has more than 1,600 customers in 80 countries worldwide, with the number one market share and the top customer satisfaction rating among all cloud providers in its category.<\/p>\n

\u201cAdaptive Planning has always been very effective at anticipating and capitalizing on evolving market drivers to create strong demand.\u00a0 The rapid move to cloud computing, the rise of mobile computing, and the need to make better, faster, data-driven decisions have been great opportunities for the company, \u201c said Terry Opdendyk, Founder and Partner of ONSET Ventures, which has been an investor in the company since its formation.\u00a0 \u201cAs an alternative to manual, spreadsheet-based processes and legacy on-premises software, Adaptive Planning is establishing a new standard for cloud-based BI and CPM solutions.\u201d<\/p>\n

\u201cAdaptive\u2019s rapid growth path is a function of its customers\u2019 satisfaction,\u201d commented Robert Antoniades, a Partner at RBC Venture Partners, an existing investor in Adaptive Planning.\u00a0 \u201cThe new infusion of capital will help accelerate the company\u2019s market leadership, world-class product innovation, and global expansion.\u201d
\nThe funding announcement is part of the news announced this week at Adaptive Planning\u2019s annual user conference, Accelerate 2013, at the Hotel Nikko in San Francisco on May 21-22.\u00a0 The conference is the largest annual global gathering of cloud BI and CPM professionals, with approximately 500 Adaptive Planning customers and partners attending.
\nThe news comes on the heels of an announcement last month of Adaptive Consolidation, a breakthrough new integrated cloud-based solution for comprehensive and intuitive financial consolidation and analysis.\u00a0 Adaptive Consolidation introduces powerful new capabilities, coupled with an intuitive user interface, that make incredibly complex and time-consuming processes appear to be easy. Businesses can close their books accurately, quickly, and painlessly, with intuitive definition of rules that are automatically applied to the consolidation process each period.<\/p>\n

Adaptive Planning also introduced late last year its Adaptive Discovery solution, breakthrough new cloud-based visual analytics featuring interactive data visualization and alerting and an intuitive and highly interactive way for managers across an organization to access, analyze, and explore key financial and operational data. With Adaptive Discovery, CFOs, VPs of Sales, and other business leaders can quickly and easily gain insights into the underlying trends in the business, allowing them to make more intelligent business decisions that drive greater success.<\/p>\n

About Adaptive Planning
\nAdaptive Planning is the worldwide leader in cloud-based business analytics solutions for companies and nonprofits of all sizes.\u00a0 The company\u2019s software as a service (SaaS) platform allows finance and management teams to work together to plan, monitor, report on, and analyze financial and operational performance. With capabilities for budgeting, forecasting, reporting, consolidation, dashboards, and business intelligence, Adaptive Planning enables finance, sales, and other business leaders to make better, faster, more collaborative decisions that drive a true competitive advantage.
\nAdaptive Planning is used by over 1,600 organizations worldwide, from midsized companies and nonprofits to large corporations, including AAA, Boston Scientific, CORT, Konica Minolta, NetSuite, Philips, and Vail Resorts.\u00a0 The company is the 5th fastest growing software company in Silicon Valley on the Deloitte Technology Fast 500\u2122 list; has the #1 brand in midmarket CPM; and ranks #1 in customer satisfaction in independent industry surveys.\u00a0 With customers and partners in 81 countries worldwide, the company has the strongest channel ecosystem in the cloud CPM space, with worldwide partners including Armanino McKenna, Intacct, IntuitiveTek, Plex Systems, SAP, and NetSuite, which offers a specialized version of Adaptive Planning as the NetSuite Financial Planning module. Adaptive Planning is headquartered in Mountain View, Calif. and is funded by Bessemer Venture Partners (BVP), Norwest Venture Partners (NVP), Royal Bank of Canada (RBC), ONSET Ventures, Monitor Ventures, and Cardinal Venture Capital.<\/p>\n

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Adaptive Planning said Tuesday it secured $45 million in venture funding led by Bessemer Venture Partners. Existing investors ONSET Ventures, Norwest Venture Partners (NVP), RBC Venture Partners, Cardinal Venture Capital, and Monitor Ventures also participated. Mountain View, Calif.-based Adaptive Planning provides cloud-based business analytics solutions for companies and nonprofits. PRESS RELEASE San Francisco, Calif., May […]<\/p>\n","protected":false},"author":7426,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[7],"tags":[],"class_list":["post-659203","post","type-post","status-publish","format-standard","hentry","category-news"],"_links":{"self":[{"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/posts\/659203","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/users\/7426"}],"replies":[{"embeddable":true,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/comments?post=659203"}],"version-history":[{"count":0,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/posts\/659203\/revisions"}],"wp:attachment":[{"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/media?parent=659203"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/categories?post=659203"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/tags?post=659203"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}