Apptio, a Bellevue, WA-based provider of on-demand Technology Business Management (TBM) solutions, has closed a $50m Series D funding round.
The round was led by T. Rowe Price Associates, Inc., with participation from Andreessen Horowitz, Greylock Partners, Madrona Venture Group, and Shasta Ventures.
The company intends to use the capital to further develop its TBM platform, expand market penetration and increase customer adoption.
Apptio has appointed current Board Member Tom Bogan as Chairman.
Led by president, co-founder, and CEO Sunny Gupta, Apptio provides on-demand Technology Business Management (TBM) solutions for managing the business of IT. Its products are designed to help companies understand and drive key technology initiatives. They provide visibility into the total cost of IT services, communicate the value of IT to the business through an interactive ‘Bill of IT’ and align the planning, budgeting and forecasting processes.
The company currently counts more than 85 global enterprise companies as customers, including Bank of America, Boeing, British Petroleum, Cisco, First American, JPMorgan Chase, and Swiss Re, as well as more than 250 employees (and is continuing to hire read here) http://sj.tbe.taleo.net/SJ12/ats/careers/searchResults.jsp?org=APPTIO&cws=1