Adaptive Planning, a provider of cloud-based business and financial analytics software, has expanded its latest $45 million funding round. New private and corporate investors, including Salesforce.com, are joining initial investors. It will use the additional capital to beef up its presence in new markets, and to drive new product innovation including expanded sales planning and analysis capabilities.
Jeff Epstein, former CFO of Oracle, has also invested in Adaptive Planning and was named as a senior advisor to the company. Epstein, now an operating partner at Bessemer Venture Partners, also served as CFO of DoubleClick (sold to Google), King World Productions (sold to CBS) and Nielsen’s Media Measurement and Information Group.
Adaptive Planning is "a hot commodity," 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."
It provides analytics, modeling, planning and forecasting on both CRM data, such as leads and opportunities, and ERP data, such as expenses and payables. Adaptive Planning’s Sales Forecasting and Analysis solution is available on the Salesforce AppExchange.
Adaptive Planning has more than 1,800 customers, including AAA, Boston Scientific, CORT, Konica Minolta, NetSuite, Philips and Vail Resorts. It has 400 partners in more than 85 countries, including Armanino, Intacct, IntuitiveTek, Plex Systems, SAP and NetSuite, which offers a specialized version of Adaptive Planning as the NetSuite Financial Planning module. The company says it grew new software bookings by 90 percent in 2012. Its rapid growth also earned it spots on the Deloitte Fast 500 and JMP Hot 100.
"Over the last 18 months we’ve dramatically expanded our product line to reach new markets, introducing Adaptive Discovery for data visualization and Adaptive Consolidation for financial consolidation," said John Herr, Adaptive Planning's CEO. "With this new strategic investment, we look forward to expanding our investment in the area of sales planning and forecasting and reaching the sales market."
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