Adaptive Insights Drives Cloud CPM in the Enterprise, Continues Upward Momentum with Record Q3 Performance
Continues Trajectory of 50+% Year-over-Year (YoY) Growth in Q3 with 100+% Renewal Rate
Adaptive Insights, the leader in cloud corporate performance management (CPM) for the biggest brands and the hottest companies, today announced another record quarter, fueled by its dominance with midsize companies and expanded enterprise customer sales and deal sizes. Following a successful second quarter that included a $75 million round of funding, Adaptive Insights maintained 50%+ YoY growth in total annual recurring revenue (ARR) bookings for Q3 2015 and grew its enterprise customer list to over 300 organizations, more than any other cloud CPM vendor in the industry.
The company’s focus on delivering the easiest-to-implement and easiest-to-use CPM experience*, along with its service and support enabled by a global partner network, is transforming the way finance leaders manage—not just model—their businesses. As a result, its high customer satisfaction ratings drove a 100%+ revenue renewal rate, including upsells, in Q3 across a customer count that now tops 2,800 midsize and enterprise customers in 85 countries, three times more customers than all cloud CPM companies combined. Notable new Adaptive Insights customers in Q3 2015 include: Anritsu, Brookstone, CrossFit, Inc., Jet Airways, Manhattan Beachwear Inc., The Motley Fool, San Diego State University, Tampa Bay Rays, and USMD Health System.
“Adaptive Insights has shown strong growth over the past three years, effectively doubling customer count and deal size,” said James Curtis, senior analyst, data platforms and analytics, at 451 Research. “The growth reflects the company’s expanding focus on enterprise accounts, building upon its mid-market efforts.While it continues to find success with the finance crowd, the company often attracts business users from a variety of departments who participate in planning, making for a compelling enterprise play for companies needing a holistic view of their business.”
“Our continued growth quarter after quarter is a direct result of our customers successfully driving finance transformation in their organizations,” said Tom Bogan, CEO of Adaptive Insights. “The finance game has changed, and Adaptive Insights products and services are empowering our customers to achieve a holistic view of their organizations in order to drive strategic outcomes. This move from tactical to strategic finance is a huge—but necessary—shift for organizations of all sizes in our data-driven world.”
Adaptive Insights continues its corporate and industry leadership with key milestones, including:
- Industry Recognition. Adaptive Insights’ momentum continues to gain recognition from market analyst and industry organizations:
- Adaptive was ranked number one (up to $250 million Use Case) in the Gartner Critical Capabilities for CPM report1
- Adaptive Insights won two Silver Stevie awards; the company was awarded “Software Company of the Year” and Adaptive Insights’ founder and chairman Robert S. Hull was honored with “Executive of the Year”
- Constellation Research in its “Cloud-Based Performance Management: Why the Digital Era Demands Agile Planning” report, called Adaptive Insights “the most popular cloud-based CPM system in the industry.”
- Strong Canadian Growth. Increased sales in Canada also contributed to Q3 growth, bringing the Canadian customer count to 125, including BDC (Business Development Bank of Canada), Hootsuite, Sick Kids Hospital, and Weather Channel. To accommodate the growing demands for in-country data sovereignty, Adaptive Insights established new data centers in Toronto and Vancouver in Q3, which join the company’s expansive data center network throughout Europe and North America
- Workday Certification. Adaptive Insights received certification of Adaptive Planning for use with Workday Financial Management. With nearly 50 mutual customers, this integration and certification enables easy sharing of general ledger balances, journal entries, and Worktag information from Workday Financial Management to Adaptive Planning, where budgets, forecasts, and plans are created and the resulting data returned to Workday
- Largest Cloud CPM Resource. Adaptive Insights launched a new website, which features 275 white papers, case studies, and videos in its learning center. This is the industry’s largest resource destination for individuals looking for information and best practices in cloud CPM
- CFO Indicator Q3 2015. In a related announcement today, Adaptive Insights released its CFO Indicator Q3 2015 report, which is based on a global survey of 435 CFOs, benchmarking perspectives as they lead business transformation across their organizations in an increasingly data-driven world. Download the full report here
*Gartner 2015 Critical Capabilities for Corporate Performance Management Suites, 2015.