Apptio Closes $50 Million Series D Round
March 15 2012 - 5:35PM
Marketwired
Apptio, the leading provider of on-demand Technology Business
Management (TBM) solutions, today announced that it has closed a
$50 million Series D funding round. Certain investment strategies
managed by T. Rowe Price Associates, Inc. led the round and were
also joined by existing investors Andreessen Horowitz, Greylock
Partners, Madrona Venture Group and Shasta Ventures. The new round
of capital will be used to further invest in the development of the
company's TBM platform, expand market penetration, drive customer
success, and maintain its independence as the industry's trusted
provider of TBM solutions. The Series D round brings the total
amount raised by Apptio to $91 million. In addition, the company
also announced it has appointed current Apptio Board Member Tom
Bogan as Chairman of the Board. Bogan is currently Chairman of the
Board for Citrix (CTXS) and serves as an independent Director for
PTC (PMTC), in addition to several other private companies.
"In my three decades leading enterprise software companies, I
have never seen the convergence of disruptive technologies drive
such a fundamental transformation in the IT delivery model.
Technology Business Management as envisioned by Apptio promises to
re-shape the way IT operates," said Tom Bogan, Chairman of the
Board for Apptio. "Apptio delivers highly automated and integrated
IT processes including transparency, benchmarking, planning, and
performance management. The Apptio platform provides CIOs with the
ability to translate IT capabilities into a language that business
leaders understand. It is truly an honor to assume this role and I
am looking forward to working with this dynamic team as they build
the next great enterprise software company."
"Apptio has pioneered the creation of a new enterprise SaaS
category for CIOs that enables them to manage the business of
technology and clearly communicate its value to the enterprise,"
said John O'Farrell, general partner for Andreessen Horowitz. "This
is a winning team that knows how to execute at scale. We are
delighted to be participating in this latest funding round."
Since closing its Series C round in November 2010, Apptio has
demonstrated momentum across all facets of its business. The
company more than doubled revenues and now counts more than 85
global enterprise companies as customers, including Bank of
America, Boeing, British Petroleum, Cisco, First American, JPMorgan
Chase, and Swiss Re. With its rapid customer growth, Apptio now has
more than $101 billion in IT spend under management. Additionally,
Apptio has established a vibrant CIO community whose collective
goal is to define and share best practices around IT transformation
via TBM. In response to increased market demand, Apptio has also
more than doubled its employees from 115 in December 2010 to more
than 250.
"There is a perfect storm brewing in today's IT environment. The
emergence of Cloud and SaaS options have shattered the IT monopoly,
forcing CIOs to become a competitive service provider and prove
their value to the business. Now more than ever, CIOs require a
Technology Business Management system to run the business of IT if
they are to keep their seat at the table," said Sunny Gupta,
president, co-founder, and CEO of Apptio. "Apptio's vision is to
enable every CIO across all verticals and sizes to better
communicate the cost, quality, and value of their IT investments.
Just as CRM products are the business system for the office of the
VP of Sales, Apptio is the business system for the office of the
CIO."
Allen & Company LLC served as financial adviser to Apptio
and assisted the company in putting together this financing.
About Apptio Apptio is the leading
independent provider of on-demand Technology Business Management
(TBM) solutions for managing the business of IT. Apptio enables IT
leaders to manage the cost, quality and value of IT Services by
providing deep visibility into the total cost of IT services,
communicating the value of IT to the business through an
interactive "Bill of IT," and strategically aligning the planning,
budgeting and forecasting processes. Apptio's TBM solutions play a
critical role in helping companies understand and drive chargeback,
virtualization, Cloud and other key technology initiatives. Global
enterprise customers such as Bank of America, Boeing, Cisco,
Clorox, Facebook, JPMorgan Chase, Microsoft, St. Luke's Health
System, and Swiss Re rely on Apptio to manage more than $101
billion in annual IT spending. For more information, visit the
Apptio website or the Apptio blog.
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Contact: Lindsey Bradshaw Barokas PR for Apptio
apptio@barokas.com 206-264-8220