Adaptive Planning CEO: Cloud CPM Specialist Raises $22M for Growth
California-based Adaptive Planning, which offers cloud-based corporate performance management (CPM) services, has raised $22 million in new venture capital. Norwest Venture Partners (NVP) of Palo Alto headed this fifth round (Series E) of financing for Adaptive Planning. Existing investors Cardinal Venture Capital, Clairmont Capital, Monitor Ventures, and ONSET Ventures also took part in the round.
In a conference call with Talkin’ Cloud this week, Adaptive Planning CEO John Herr commented on his firm’s goals for this new venture capital influx. “It’s really a growth round that’s going to accelerate and expand our business. The fundamentals of our business are very good. We have 1,200 active customers worldwide. We’re growing rapidly, doing it in a capital-efficient way. Most importantly, our customers really love Adaptive Planning. We have very high satisfaction levels, very high (client) renewal rates.”
Herr added that “the primary investments are going to be sales and marketing, product development, and expanding into new channels and markets.”
Adaptive Planning’s software as a service (SaaS) platform allows finance and management teams to work together on a continual basis, using data from across the organization, and has capabilities for budgeting, forecasting, reporting, and business intelligence. Adaptive Planning is being used by over 1,200 organizations around the world, including midsized companies, nonprofits and large corporations. The company is the 8th fastest growing company in Silicon Valley and was named to the Deloitte Technology Fast 500 list, holding place # 85.
Regarding the Deloitte list, CEO John Herr commented in our interview that “one of the interesting things about the Deloitte Fast 500 list is that we have 30 customers on it. So the type of companies that use Adaptive Planning tend to be the most innovative and fastest growing. They tend to be changing and have offices in different places, in different countries and currencies… these are the types of companies that tend to use our product and it helps them grow faster.”
With this funding round, Sergio Monsalve, a partner at NVP, will join Adaptive Planning’s board of directors.
Channel partners take note: in our conversation CEO John Herr stressed the role that partners play in the success of Adaptive Planning. You can read more about their partner program here.
