Adaptive Planning, a provider of cloud-based business analytics, has secured a major new round of $45m in venture funding.
Global venture capital firm Bessemer Venture Partners (BVP) led the round, with existing investors ONSET Ventures, Norwest Venture Partners (NVP), RBC Venture Partners, Cardinal Venture Capital, and Monitor Ventures also participating.
Adaptive Planning said it 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.
As part of the funding, Byron Deeter, a BVP partner and an industry leader in cloud technology investments, will join Adaptive Planning’s board of directors.
“We see the stars aligning with Adaptive Planning: 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,” he said. “Combining cloud leadership in a huge, and largely untapped, market with a top-notch team to lead the company’s growth, Adaptive is poised to win.”
BVP has previously made cloud investments in companies such as Box, Cornerstone OnDemand, DocuSign, Eloqua, LinkedIn and Skype.
“Adaptive Planning is on an impressive trajectory,” said Sergio Monsalve, partner at NVP. “The 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.”
Addressing a $33 billion market, Adaptive Planning has more than 1,600 customers in 80 countries worldwide, with the number one market share.
“Adaptive Planning has always been very effective at anticipating and capitalizing on evolving market drivers to create strong demand. 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,” said Terry Opdendyk, founder and partner of ONSET Ventures, which has been an investor in the company since its formation. “As 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.”
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