01/18/2010 | Press Release
Adaptive Planning Reports Record 2009 Results and Strong Momentum
Portfolio Company: Adaptive Planning
Rapid Revenue and Customer Growth, NetSuite Relationship, Innovative Product Introductions
and Significant Industry Recognition Represent Major Company Milestones
Mountain View, CA – January 18, 2010 -- Adaptive Planning, the worldwide leader in ondemand
financial planning and reporting solutions for companies of all sizes, today announced
that 2009 was the strongest year in the company’s history. Adaptive Planning posted record
revenues, significantly grew its customer base, announced a major distribution relationship with
NetSuite, introduced several new product releases, garnered substantial industry recognition,
and extended its executive team.
In 2009, Adaptive Planning grew revenues over 70 percent compared with 2008. A remarkable
70 percent win rate in qualified deals helped the company increase its total customer base to
over 660 clients.
Recent Adaptive Planning customers range from pre-revenue start-ups to multi-billion dollar
corporations, and hail from a variety of industries, including the business services, energy,
healthcare, financial services, insurance, manufacturing, nonprofit, and software sectors.
International companies represented 18 percent of new clients.
Notable new customers in 2009 include Bunzl Distribution, Catholic Charities USA, CORT -- A
Berkshire Hathaway Company, Embraer Aircraft Holding Inc., International Power America,
Jigsaw Data Corporation, NANA Management Services LLC, Odyssey Healthcare, San
Francisco Ballet, Teradyne and Vail Resorts.
The challenging economic environment over the past year highlighted Adaptive Planning’s
unique value proposition for companies of all sizes. The extremely high level of economic
uncertainty has increased finance organizations’ requirements for more frequent and accurate
re-planning and what-if analysis, which allow them to make better-informed business decisions
with greater agility. In this environment, Adaptive Planning’s affordable, quick to implement and
easy to use planning and reporting solution is an ideal option. It fits companies’ budget realities
and goes live quickly -- requiring just 2 weeks of consulting time on average -- which allows
teams to have an immediate impact on managing their businesses.
Strategic Partnerships
Of particular note, in June Adaptive Planning announced that it had signed an agreement with
NetSuite that significantly extends the company’s distribution capabilities. NetSuite is now
making Adaptive Planning available to its base of 6,600 existing on-demand customers, as well
as new prospects, as its NetSuite Financial Planning module.
In addition, Adaptive Planning continued to strengthen relationships with other industry leaders,
including ADP, Intacct, Intel, and Multiview. All told, partners influenced approximately one-third
of Adaptive Planning’s business in 2009.
Over 200 firms in North America, Europe, Asia and South America now work closely with
Adaptive Planning to drive joint marketing and sales activities and deliver services.
Innovative Product Introductions
In 2009, Adaptive Planning introduced several new product releases and offerings. In June, the
company announced Adaptive Planning 6.0, a major new product release that delivered
powerful multi-dimensional planning features and best-in-class integration with NetSuite.
Concurrently, the company announced a new benchmarking initiative to give finance
organizations access to previously unavailable information, including both backward- and
forward-looking comparative metrics. Taken together, the new product features and
benchmarking initiative established a new standard for business performance management
solutions, delivering comprehensive data and information that allow companies of all sizes to
make better, more agile business decisions and enhance their overall competitiveness.
The company also introduced two minor releases, Adaptive Planning 5.5 and 6.5. These
releases delivered multiple enhancements to the solution’s planning, reporting, and
collaboration capabilities, extended data integration capabilities, and expanded local language
support. Adaptive Planning is now available in English, French, German, Spanish, Japanese,
Chinese, and Russian.
In October, Adaptive Planning introduced new QuickStart Bundles to address the significant
time and resource challenges facing many companies. These offerings, which combine software
licenses and QuickStart services packages at discounted prices, are designed to make it even
faster and more affordable for companies to transition from outdated, spreadsheet-based
planning and reporting processes to Adaptive Planning’s award-winning, web-based solution.
Finally, in February the company introduced a rescue package for organizations adversely
affected by Microsoft's announcement that they are discontinuing sales and development of
PerformancePoint, their financial planning solution. The program features a 75 percent discount
off Adaptive Planning's subscription fees for Microsoft PerformancePoint and Forecaster
customers.
Industry Awards and Awareness
In 2009 Adaptive Planning won numerous industry awards for product innovation and overall
company success. These prestigious awards included the Software and Information Industry
Association’s CODiE Award for Best Business Intelligence Solution, the Red Herring 100 North
American Award, the Technosium Hot Company Award, the BeyeNetwork Vision Award for
SaaS BI, and Think Strategies’ Best of SaaS Showcase Award. Additionally, the company was
named a CRN Emerging Vendor, and was the only multi-tenant software as a service (SaaS)
provider to be awarded Core Vendor status in BPM Partners’ annual Pulse Survey, where it also
achieved top-tier customer satisfaction marks.
Adaptive Planning also received significant media attention with coverage in Forbes.com,
Investor’s Business Daily, CFO Magazine, CIO Magazine, Business Finance, ZDNet, Intelligent
Enterprise, InformationWeek, BeyeNetwork, San Jose Business Journal, CRN/ChannelWeb,
AccountingWeb, and Accounting Today/WebCPA, among others.
Executive Leadership
In January 2009 Adaptive Planning announced that it had further strengthened its experienced
leadership team with the appointment of Hamid Bahadori as Vice President of Engineering and
Hosted Operations. Bahadori has a long history of defining and delivering world-class software
in both traditional on-premise and hosted environments. Previously, Bahadori served as Vice
President of Engineering and Hosted Operations at WebTrends, Vice President of Engineering
at Coremetrics, and Senior Vice President of Engineering at Actuate. |
|
|
|
 |
|
"I work with the Cardinal team in a number of capacities ? as advisor, board member and, most recently, as portfolio company CEO. Their integrity is unquestionable and every member of the Cardinal team is extremely passionate about making every portfolio company a success."
Shinya Akamine
CEO, BlueRoads |
|
