US-based business planning software provider Adaptive Insights has filed to raise up to $100m in an initial public offering that would allow enterprise software producer Salesforce to exit.
Founded in 2003, Adaptive Insights has developed a cloud-based platform that enables organisations to build models of their operations and collaborate on planning while analysing performance data.
The company generated a $42.7m net loss from $107m in revenue in the year leading up to the end of January 2018. It has raised a total of approximately $176m in funding altogether, including $45m in a round featuring Salesforce that closed in 2013, when it was still called Adaptive Planning.
Venture capital firm Bessemer Venture Partners (BVP) led the round, which included RBC Ventures, a subsidiary of Royal Bank of Canada, as well as Onset Ventures, Norwest Venture Partners (NVP), RBC Venture Partners, Cardinal Venture Capital, Monitor Ventures and private investor Jeff Epstein.
Growth equity firm JMI Equity subsequently led a $75m round for Adaptive Insights in 2015 that also featured NVP, Onset Ventures, BVP, Cardinal Venture Capital, Monitor Ventures and Information Venture Partners.
Onset Ventures is the company’s largest shareholder, with a 17.9% stake, followed by NVP (16.5%), BVP (11.7%), Information Venture Partners (11.2%), Cardinal Venture Capital (8.5%), JMI (6.4%) and Monitor Ventures (6.3%). Salesforce and RBC’s stakes are below 5%.
Morgan Stanley, BofA Merrill Lynch, Jefferies and RBC Capital Markets have been appointed bookrunners for the IPO while JMP Securities and Oppenheimer are co-managers. The company intends to float on the New York Stock Exchange.