02/19/2008 | Press Release
ADAPTIVE PLANNING ACHIEVES RECORD 2007 RESULTS
Portfolio Company: Adaptive Planning
Company Triples Sales and Customer Base as Global Test Drive Programs
Demonstrate the Value and Ease of On-Demand Planning and Reporting
MOUNTAIN VIEW, CA – February 19, 2008 – Adaptive Planning, the worldwide leader
in on-demand financial planning and reporting solutions, today announced its software
is rapidly becoming the de-facto standard for budgeting, forecasting, and reporting
among midsize companies and divisions of large corporations. In 2007, the company
tripled its bookings and customer count as it expanded its global “test drive” programs
and extended its reach to more than 85 countries. At the same time, the company
accomplished numerous corporate milestones, establishing a global partner channel,
delivering new product releases, obtaining industry recognition, and closing new
funding.
“Over the last twelve months we have rapidly grown our business, while putting in place
the key elements for continued success in 2008 and beyond," said William A. Soward,
CEO of Adaptive Planning. "This growth has occurred as finance teams worldwide ‘test
drive’ our innovative solution and learn how easy it is to move beyond spreadsheetbased
planning and reporting. We’re particularly proud of our top-notch customer
satisfaction, as well as the excellent progress we’ve made across all aspects of our
business. We look forward to continuing to build on these successes going forward."
Record Financial & Customer Base Growth
Both total customers and bookings tripled during 2007. Adaptive Planning now counts
over 200 companies as clients. In addition to growth from midsize companies,
customers between $500 million and $4 billion in annual revenues, including
International Coal Group, MacDonald Dettwiler, Sutherland Global Services, and Unitrin
Direct, helped significantly boost sales. Growth was particularly strong in the business
services, communications, manufacturing, non-profit, and software industries, as well as
in international markets. This increase in customer numbers occurred while maintaining
high satisfaction levels -- the company’s renewal rates exceed 90 percent, and it
achieved the highest customer satisfaction rating among leading performance
management vendors in an independent industry survey.
Partnership-Driven Expansion
In 2007, Adaptive Planning significantly expanded its partner network, both domestically
and internationally. Over 60 companies in North America, Europe, Asia and South
America now work closely with Adaptive Planning to drive joint marketing and sales
activities and deliver services. These partners have also helped Adaptive Planning
establish an after-market support foundation to assist with its rapid international
expansion.
Global “Test Drive” Programs
As part of its global “test drive” programs, the company introduced Adaptive Planning
Express Edition On-Demand, which makes entry-level enterprise-class budgeting and
forecasting capabilities instantaneously available online -- for free, and with no
restrictions on duration of use. The company’s other free offering, Express Edition On-
Premise, which is available via open source download from SourceForge, has
generated over 60,000 downloads from over 85 countries to-date, and consistently
places as the #1-ranked project in key SourceForge categories such as Budgeting &
Forecasting and BPM software.
New Product Releases and Web Site
The company’s software as a service (SaaS) delivery model enabled it to roll out
several major and minor product releases and updates, which were automatically and
immediately available to all on-demand customers. These included Adaptive Planning
3.5, released in February, which featured graphical dashboards and charts and a wizard
for user-driven implementations, and Adaptive Planning 4.0, introduced in August,
which significantly raised the bar for on-demand financial reporting and analysis.
Additionally, the company began setting a new standard for SaaS vendors and other
providers of mission-critical enterprise software, by publishing uptime performance --
which averaged 99.96% percent in 2007. Lastly, in the first days of 2008 the company
revamped and launched a new web site, highlighting the value that Adaptive Planning
clients achieve with its solutions via online video testimonials and customer success
stories.
Industry Recognition
Adaptive Planning was recognized during the year by several leading industry
authorities. The company was named a “2008 Core Vendor” and the “2007 Mid-Market
Vendor of the Year” by BPM Partners, was listed as a “cool vendor,” and described as
“revamping” the market by Gartner, Inc., and was named a finalist in the Best Financial
Software Solution category of the 2007 CODiE Awards. Additionally, Adaptive Planning
executives spoke at industry events, including the BPM Summit, ASMI Performance
Management Summit, ASMI Strategic Budgeting Conference, SIIA OnDemand
Conference, SaaSCon, the Open Source Business Conference, and others.
New Funding
This past month, Adaptive Planning announced a $10 million round of funding led by
new investor RBC Venture Partners. Prior investors Cardinal Venture Capital, Monitor
Ventures, and ONSET Ventures also participated in the round. The new funds will be
used for additional product development to expand the breadth of solutions the
company offers its customers, as well as to extend its marketing, sales, and business
development activities. |
|
|
|
 |
|
"The partners at Cardinal have backed two of my companies now and have consistently provided great support and critical thinking for our company. I would partner with them again."
Greg Peters
CEO, Zilliant |
|
