The investment came less than six months after the company raised $45m in a round led by Bessemer Venture Partners and backed by ONSET Ventures, Norwest Venture Partners, RBC Venture Partners, Cardinal Venture Capital and Monitor Ventures.
The company provides analytics, modeling, planning and forecasting on both CRM data, such as leads and opportunities, and ERP data including expenses and payables. The new funds will help Adaptive fund finance further product development and expand into new markets.
Adaptive, which currently has more than 1,800 customers in over 85 countries, saw its software bookings surge 90 per cent last year.
Bessemer operating partner Jeff Epstein said, “ The company is on an outstanding growth trajectory as its cloud solution addresses a huge market need among finance professionals for better alternatives to Excel on the low end and the big cumbersome, enterprise on-premises software on the high end.
“Adaptive is an attractive investment opportunity, with by far the largest customer base and the most comprehensive, integrated suite of any CPM provider in the cloud and the top rated customer experience of any company in the category.”
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