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Adaptive Planning Gets $45 Million

Addressing a $33 billion market, Adaptive says it has more than 1,600 customers in 80 countries worldwide

Adaptive Planning, which likes to stress that it’s the first and only pure Software-as-a-Service outfit in the performance management space, has taken in a $45 million D round, bringing its total funding to a nice round $100 million.

The investment, meant to ensure that its business analytics rivals eat its dust, was led by Bessemer Venture Partners (BVP), a cloud believer new to the company. Existing backers Onset Ventures, Norwest Venture Partners, Royal Bank of Canada Venture Partners, Cardinal Venture Capital and Monitor Ventures also chipped in.

Adaptive said it will use the money to scale its direct sales and partner channels in North America, expand into new enterprise and international markets, and drive new product innovation.

CEO John Herr (pictured) claimed the company didn’t need the money – considering software bookings were up 90% last year “with high capital efficiency” – but decided “to take advantage of a huge opportunity in front of us to build a dominant global presence in a rapidly growing market.”

Anyway, BVP has an “outstanding SaaS track record” counting Box, Cornerstone OnDemand, DocuSign, Eloqua, LinkedIn and Skype among its investments.

BVP partner Byron Deeter will join Adaptive’s board. He says BVP sees “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 also figures the market is largely untapped although Adaptive claims to have five times more customers than all other cloud competitors combined.

It’s supposedly become the solution of choice for cloud-based corporate performance management (CPM) and business intelligence (BI).

Addressing a $33 billion market, Adaptive says it has more than 1,600 customers in 80 countries worldwide, giving it the premier market share and the top customer satisfaction rating among all cloud providers in its category.

Last month the company announced Adaptive Consolidation, which it deems a breakthrough new integrated cloud solution for comprehensive and intuitive financial consolidation and analysis.

Its intuitive user interface is supposed to make incredibly complex and time-consuming processes appear to be easy. It claims “businesses can close their books accurately, quickly, and painlessly, with intuitive definition of rules that are automatically applied to the consolidation process each period.”

More Stories By Maureen O'Gara

Maureen O'Gara the most read technology reporter for the past 20 years, is the Cloud Computing and Virtualization News Desk editor of SYS-CON Media. She is the publisher of famous "Billygrams" and the editor-in-chief of "Client/Server News" for more than a decade. One of the most respected technology reporters in the business, Maureen can be reached by email at maureen(at)sys-con.com or paperboy(at)g2news.com, and by phone at 516 759-7025. Twitter: @MaureenOGara

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