Adaptive Insights, a US-based firm that provides cloud corporate performance management (CPM) for the biggest brands and the hottest companies, has raised $75 million in Series G funding.
The company said that the new funds will be used to accelerate product roadmap innovation and global expansion. With the new funding, the total equity raised by the company comes up to $176 million, but the company has not disclosed its valuation.
The company offers a cloud-based alternative to finance management software such as Microsoft Excel. The company now has 2,700 customers which is three times the customers of all other cloud CPM vendors combined.
JMI Equity is the new investor in this round. Adaptive Insights’ existing investors include Norwest Venture Partners, ONSET Ventures, Bessemer Venture Partners, Cardinal Venture Capital, Monitor Ventures and Information Venture Partners. Peter Arrowsmith, general partner at JMI Equity will be joining Adaptive as a board observer.
“Financial and operational management is the cornerstone for every successful company. Adaptive leads this market through tremendous product innovation, strong executive leadership and a rapidly growing, fanatical customer base. These characteristics define high performing SaaS companies,” said Peter Arrowsmith, General Partner at JMI Equity.
CEO Tom Bogan—who is an experienced enterprise software executive and chairman of the board at Citrix Systems (CTXS)—is at the helm of Adaptive and is applying his 25-year success record in building and growing large, publicly traded enterprise and cloud software companies.
“CFOs are increasingly taking center stage in the strategy and direction of their organizations and looking for the right technology to provide real-time data and powerful insights to gain a 360-degree view of their business,” CEO Tom Bogan said in a release by JMI Equity. “Adaptive invented the cloud CPM market and is in an unparalleled position to help finance leaders take their planning and analysis to the next level, particularly as they continue to innovate, drive company growth and manage business transformation.”
In terms of total annual recurring revenue, the company claims a year-on-year growth of 50% and an international growth of 75% in Q1 alone.
The company is seeing tremendous adoption among large enterprises across multiple sectors, including American Family Insurance, Coca-Cola, Kendall-Jackson Family Wines, Philips, Southwest Gas and the University of Arizona.