Adaptive Insights, a Palo Alto, Calif.-based provider of cloud corporate performance management (CPM) solutions, secured $75m in funding.
New investor JMI Equity joined the round along with existing investors Norwest Venture Partners, ONSET Ventures, Bessemer Venture Partners, Cardinal Venture Capital, Monitor Ventures, and Information Venture Partners. In conjunction with the funding, Peter Arrowsmith, general partner at JMI Equity, will be joining Adaptive as a Board Observer.
The company intends to use the funds to accelerate product innovation and global expansion.
Led by CEO Tom Bogan, Adaptive provides a cloud-based finance solution featuring capabilities for budgeting, forecasting, reporting, consolidation, dashboards, and business intelligence.
The Adaptive Suite is sold direct or is available through the company’s cloud CPM channel ecosystem of 200+ partners, including Accenture, Armanino, BDO, Cohn Reznick, Intacct, KPMG, McGladrey, and Plex Systems.
NetSuite also offers Adaptive Insights as its NetSuite Financial Planning Module.
Adaptive currently has 2,700 customers in 85 countries including mid-sized companies, nonprofits, and large corporations. The list includes AAA, Boston Scientific, CORT, Konica Minolta, NetSuite, Philips, and Siemens.