FOR IMMEDIATE RELEASE
Adaptive Planning Announces $10 Million Investment Led By RBC Venture Partners
New Funds to Fuel Company’s Rapid Growth in the Mid-Market Business Performance Management Software Sector
Mountain View, Calif., — January 22, 2008 — Adaptive Planning, the worldwide leader in on-demand business performance management (BPM) solutions, today announced the completion of a $10-million financing round led by new investor RBC Venture Partners. Prior investors Cardinal Venture Capital, Monitor Ventures, and ONSET Ventures also participated in the round.
As part of the new financing, Robert Antoniades, Managing Director of RBC Venture Partners, will be joining the company’s board of directors. The new funds will be applied to product development, marketing, sales, and business development initiatives focused on gaining a rapidly increasing share of the worldwide performance management market.
"RBC has a strong track record investing in both on-demand, software as a service (SaaS) solutions and performance management software companies," said Antoniades. "Adaptive Planning’s SaaS-based BPM solution addresses the enormous, underserved market of mid-sized companies that still rely on simple spreadsheets for managing key financial processes such as budgeting, forecasting, and reporting. Our investment will assist Adaptive Planning’s efforts to provide a better solution to this highly attractive growth market."
Enabling Fast-Moving Organizations to Become More Agile
Adaptive Planning’s powerful yet easy to use budgeting, forecasting, and reporting solution allows companies in dynamic business environments to move beyond spreadsheets, improving efficiencies in key financial processes and driving agile decision making. The secure, web-based solution streamlines and strengthens planning and reporting by enabling widespread management participation within an environment that is easy to manage and control. With Adaptive Planning, companies can significantly reduce budgeting and forecasting times, increase the frequency and accuracy of financial reporting, and dramatically improve business decisions by involving managers throughout the organization. To meet the needs of diverse customers, the solution is available in three editions that support varying levels of business complexity, and can either be accessed on-demand or deployed on-premise in a company’s datacenter.
"This new round of funding validates Adaptive Planning’s market opportunity and business model," said William A. Soward, CEO of Adaptive Planning. "Our on-demand solution is the ideal alternative for the tens of thousands of companies—over 75 percent of the market—that still rely upon manual, inefficient, and error-prone spreadsheets for managing and controlling budgeting, forecasting, and reporting. With this new funding, we will continue unlocking this market opportunity, providing more organizations worldwide with a simple, affordable, and rapidly-deployable solution for transforming their mission-critical financial processes."
For more about Adaptive Planning and its on-demand budgeting, forecasting, and reporting solutions, go to www.adaptiveplanning.com. For more about RBC Venture Partners, Cardinal Venture Capital, ONSET Ventures, and Monitor Ventures, visit www.rbc.com/vp/index.html, www.cardinalvc.com, www.onset.com, and www.monitorventures.com.
About Adaptive Planning
Adaptive Planning is the worldwide leader in on-demand business performance management (BPM) solutions that increase efficiencies and drive agile decision-making in dynamic, forward-looking companies. 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.