Adaptive Planning, a US-based software-as-a-service company which allows businesses to analyze financial and operational performance, has expanded its $45m funding round to include customer relationship management software company Salesforce.com, and angel investor Jeff Epstein.
Adaptive Planning first announced in June 2012 that it had raised $45m in a round of funding in which RBC Ventures, the corporate venturing unit of Royal Bank of Canada, participated. The company has now raised at least $100m, including the latest round and a $22m series E round closed in March 2012.
Adaptive Planning will use the additional capital to expand into new markets and drive new product innovation.
John Herr, chief executive officer at Adaptive Planning, said: “This new strategic investment is further validation of our cloud leadership. Over the last 18 months we’ve dramatically expanded our product line to reach new markets, introducing Adaptive Discovery for data visualization and Adaptive Consolidation for financial consolidation. With this new strategic investment, we look forward to expanding our investment in the area of sales planning and forecasting and reaching the sales market.”
Jeff Epstein, former CFO of Oracle, who has been named as a senior advisor to Adaptive Planning, said: “Simply put, Adaptive Planning is a hot commodity. The company is on an outstanding growth trajectory as its cloud solution addresses a huge market need among finance professionals for better alternatives to Excel on the low end and the big cumbersome, enterprise on-premises software on the high end.