News
FOR IMMEDIATE RELEASE
Adaptive Planning Announces $7.5 Million In Investment Financing Led By Cardinal Venture Capital
Additional Funds will Fuel Continued Growth of Performance Management Software Company; Cardinal Venture Capital General Partner Joins Board of Directors
MOUNTAIN VIEW, CA—March 9, 2007—Adaptive Planning, the leading provider of collaborative business performance management (BPM) solutions, today announced its completion of $7.5 million in corporate financing. The round of funding, in which past Adaptive Planning investors ONSET Ventures and Monitor Ventures also participated, will enable the company to continue growing its product development, marketing, and sales initiatives in order to expand its share of the BPM and business intelligence (BI) markets among small and midsized companies.
Adaptive Planning's third round of financing brings its total outside investment to $19 million. As part of today's news, the company announced that Eric Dunn, general partner of Cardinal Venture Capital, is joining Adaptive Planning's board of directors along with existing directors Terry Opdendyk of ONSET Ventures, Jerome Engel of Monitor Ventures, and Ken Ross, president and CEO of Seriosity and former president and CEO of Pillar Corporation.
"Our company's business model successfully leverages the two biggest trends in business software—software as a service and open source—enabling us to provide unprecedented value to midsized companies worldwide," said William A. Soward, chief executive officer of Adaptive Planning. "This investment is an affirmation of not only our corporate strategy, but also the sizeable mid-market BPM and BI opportunity that remains untapped."
Adaptive Planning's BPM solutions enable companies to move beyond Excel spreadsheets and improve decision making by automating their budgeting, forecasting, and reporting processes. The software provides flexible choices to customers through three different product editions and multiple deployment options. Adaptive Planning Express Edition is a free open source version that delivers entry-level budgeting and forecasting capabilities for departments and teams. Adaptive Planning Corporate Edition and Enterprise Edition are commercially licensed products that provide enhanced features for company-wide budgeting, forecasting, reporting, and analysis, as well as expanded support and indemnification, for an affordable annual subscription. Adaptive Planning can either be accessed as an on-demand, web-based service, or deployed on-site in a company's datacenter.
"Adaptive Planning has broken through in an established enterprise software category by offering a great product via a superior delivery model," said Dunn. "The company has assembled a strong management team with a clear vision for its future. We believe this new funding will enable Adaptive Planning to stake its claim as a dominant player in this attractive market."
Adaptive Planning plans to use the new funds for additional product development to expand the breadth of solutions it offers its customers, as well as to extend its marketing, sales, and business development activities. For more about Adaptive Planning and its suite of collaborative BPM solutions, go to www.adaptiveplanning.com. For more about Cardinal Venture Capital, ONSET Ventures, and Monitor Ventures, visit www.cardinalvc.com, www.onset.com, and www.monitorventures.com.
About Adaptive Planning
Adaptive Planning is the leading provider of collaborative business performance management (BPM) solutions. Adaptive Planning makes it easy for midsize companies and departments of larger corporations to move beyond spreadsheets and improve decisions by automating their budgeting, forecasting, reporting and analysis. Adaptive Planning provides extraordinary flexibility and value, with on-demand and on-site solutions, open source and commercial licensing terms, and pricing-including a free version of the product-that delivers a total cost of ownership that is a fraction of the cost of traditional BPM and business intelligence software. Adaptive Planning is headquartered in Mountain View, Calif. and can be reached at 650-528-7500 or www.adaptiveplanning.com.
Press Contact
Heather Kelly
S&S Public Relations, Inc.
719/634-8274
heather@sspr.com
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