News
FOR IMMEDIATE RELEASE
Adaptive Planning Achieves Record 2007 Results
Company Triples Sales and Customer Base as Global Test Drive Programs Demonstrate the Value and Ease of On-Demand Planning and Reporting
MOUNTAIN VIEW, CA — February 19, 2008 — Adaptive Planning, the worldwide leader in on-demand financial planning and reporting solutions, today announced its software is rapidly becoming the de-facto standard for budgeting, forecasting, and reporting among midsize companies and divisions of large corporations. In 2007, the company tripled its bookings and customer count as it expanded its global “test drive” programs and extended its reach to more than 85 countries. At the same time, the company accomplished numerous corporate milestones, establishing a global partner channel, delivering new product releases, obtaining industry recognition, and closing new funding.
"Over the last twelve months we have rapidly grown our business, while putting in place the key elements for continued success in 2008 and beyond," said William A. Soward, CEO of Adaptive Planning. "This growth has occurred as finance teams worldwide ‘test drive’ our innovative solution and learn how easy it is to move beyond spreadsheet-based planning and reporting. We’re particularly proud of our top-notch customer satisfaction, as well as the excellent progress we’ve made across all aspects of our business. We look forward to continuing to build on these successes going forward."
Record Financial & Customer Base Growth:
Both total customers and bookings tripled during 2007. Adaptive Planning now counts over 200 companies as clients. In addition to growth from midsize companies, customers between $500 million and $4 billion in annual revenues, including International Coal Group, MacDonald Dettwiler, Sutherland Global Services, and Unitrin Direct, helped significantly boost sales. Growth was particularly strong in the business services, communications, manufacturing, non-profit, and software industries, as well as in international markets. This increase in customer numbers occurred while maintaining high satisfaction levels -- the company’s renewal rates exceed 90 percent, and it achieved the highest customer satisfaction rating among leading performance management vendors in an independent industry survey.
Partnership-Driven Expansion
In 2007, Adaptive Planning significantly expanded its partner network, both domestically and internationally. Over 60 companies in North America, Europe, Asia and South America now work closely with Adaptive Planning to drive joint marketing and sales activities and deliver services. These partners have also helped Adaptive Planning establish an after-market support foundation to assist with its rapid international expansion.
Global “Test Drive” Programs
As part of its global “test drive” programs, the company introduced Adaptive Planning Express Edition On-Demand, which makes entry-level enterprise-class budgeting and forecasting capabilities instantaneously available online -- for free, and with no restrictions on duration of use. The company’s other free offering, Express Edition On-Premise, which is available via open source download from SourceForge, has generated over 60,000 downloads from over 85 countries to-date, and consistently places as the #1-ranked project in key SourceForge categories such as Budgeting & Forecasting and BPM software.
New Product Releases and Web Site
The company’s software as a service (SaaS) delivery model enabled it to roll out several major and minor product releases and updates, which were automatically and immediately available to all on-demand customers. These included Adaptive Planning 3.5, released in February, which featured graphical dashboards and charts and a wizard for user-driven implementations, and Adaptive Planning 4.0, introduced in August, which significantly raised the bar for on-demand financial reporting and analysis. Additionally, the company began setting a new standard for SaaS vendors and other providers of mission-critical enterprise software, by publishing uptime performance -- which averaged 99.96% percent in 2007. Lastly, in the first days of 2008 the company revamped and launched a new web site, highlighting the value that Adaptive Planning clients achieve with its solutions via online video testimonials and customer success stories.
Industry Recognition
Adaptive Planning was recognized during the year by several leading industry authorities. The company was named a “2008 Core Vendor” and the “2007 Mid-Market Vendor of the Year” by BPM Partners, was listed as a “cool vendor,” and described as “revamping” the market by Gartner, Inc., and was named a finalist in the Best Financial Software Solution category of the 2007 CODiE Awards. Additionally, Adaptive Planning executives spoke at industry events, including the BPM Summit, ASMI Performance Management Summit, ASMI Strategic Budgeting Conference, SIIA OnDemand Conference, SaaSCon, the Open Source Business Conference, and others.
New Funding
This past month, Adaptive Planning announced a $10 million round of funding led by new investor RBC Venture Partners. Prior investors Cardinal Venture Capital, Monitor Ventures, and ONSET Ventures also participated in the round. The new funds will be used for additional product development to expand the breadth of solutions the company offers its customers, as well as to extend its marketing, sales, and business development activities.
About Adaptive Planning
Adaptive Planning is the worldwide leader in on-demand financial planning and reporting solutions that increase efficiencies and drive agile decision making in midsized companies and divisions of corporations. Adaptive Planning makes it easy to move beyond spreadsheets and automate budgeting, forecasting, and reporting, without the cost and complexity associated with traditional business intelligence and BPM software. With free software, free trials, and both on-demand and on-premise deployment options, Adaptive Planning provides the fastest and easiest approach to streamlining and elevating your financial management. Adaptive Planning is headquartered in Mountain View, Calif. and can be reached at 650-528-7500 or www.adaptiveplanning.com.
Media Contacts:
Derek Kober
GlobalFluency
650-433-4233
dkober@globalfluency.com
Greg Schneider
Adaptive Planning
650-810-0525
gschneider@adaptiveplanning.com
###