Due to partnerships with various accounting firms, Adaptive Planning has earned over 22 million in venture capital. CEO John Herr claims accounting firms make up 30 percent of the company’s revenue, and the company plans on targeting more firms “on the cutting-edge of cloud or SaaS (News - Alert)” in the near future. He states, “The new funding will allow us to scale our direct sales and partner channels worldwide and to deliver a broad set of new performance management capabilities.”

A press release from earlier today discloses that Northwest Venture Partnership (NVP) led the round, but that investors like Cardinal Venture Capital, Clairmont Capital, Monitor Ventures, and ONSET Ventures were heavy players in this financing event. NVP is a global venture capital firm that has been around for over 50 years, has managed more than $3.7 billion in capital and has funded over 500 companies since inception, according to the company’s page.

Adaptive Planning already holds accounts with many international partners. Cutting-edge financial management is Adaptive Planning’s forte, after all. While Excel may be fine for the way accounting has been handled in the past, Adaptive Planning is the accounting administration of the future. But that is not to say that the most traditional of accounting executives should not feel that Adaptive Planning’s product is not for them.

Adaptive Planning is ideal for companies that are hesitant to switch over to cloud-based systems. One of the reasons, the fear of the extensive training it may entail, has already been considered by the company. Adaptive Planning understands that not everyone is tech-savvy, especially accountants. However, their software is easy to use and it takes less than 30 minutes to learn how to operate it. Many can agree that Excel is much more complicated than that. The management solutions are already favored by businesses outside of accounting, such as nonprofits, as well.