Cloud based solutions are quickly becoming the bread and butter of many corporations out there, and Adaptive Planning, the leader in Corporate Performance Management (CPM) services over the web, is providing solutions for corporations and organizations of all sizes. To that end, they announced having received a new investment of $22 million in its latest venture round from Norwest Venture Partners. This money gets added to the funds they had already secured from other venture firms such as Cardinal Venture Capital, Clairmont Capital, Monitor Ventures, and ONSET Ventures.
With this new money, Adaptive Planning is going to accelerate their growth in sales and marketing, product development, and new channels and markets, according to their pressrelease. John Herr, the CEO of the firm, said that “We are delighted to have NVP as an investor. We have grown the business rapidly by providing exceptional value and customer satisfaction to midsized companies and large corporations, and now serves 27,000 users in over 1,200 organizations globally.”
He also specifies that the new funding will allow them to scale their online channels around the world to reach more customers and increase their relationship with partners across CPM, business intelligence, planning and more. With Norwest adding itself to the list of funding firms, Sergio Monsalve, partner at NVP, will be joining Adaptive Planning's board of directors.
The firm is currently one of the leaders in cloud CPM, and intends to maintain its position thanks to these cash investments by pushing the concept of collaborative social enterprise, where companies share their expertise with each others, using tools useful to both small and medium sized businesses. Thanks to their current solutions, Adaptive Planning can offer tools that enable cloud computing, enterprise collaboration, mobile access, and more to help businesses make fast decisions in an ever changing world.
These services will be expended, and the operations scaled to help even more customers with their performance management thanks to the new cash influx. Monsalve said that “Adaptive Planning is the leader in cloud CPM, and has all of the key ingredients to dominate an enormous market. It strikes right at the core of an area in which I'm extremely passionate -- the collaborative social enterprise.”
Adaptive Planning has been used by over 1,200 corporations and organizations around the globe, and is a service provider of known brands such as Boston Scientific, Konica Minolta, Philips (News - Alert), Vail Resorts and more. They are the 8th fastest growing company in Silicon Valley according to the Deloitte Technology Fast 500, and ranks first in midmarket CPM solutions. Northwest Venture Partners is a worldwide venture partner from Palo Alto (News - Alert), California, which manages over $3.7 billion in capital.
Edited by Jennifer Russell