$45m for BI Firm Adaptive Planning

San Francisco-based business intelligence and analytics platform Adaptive Planning has raised $45m in venture funding, for use in expanding its sales and partner channels in North America, moving into international markets and driving new product development.

The firm's software as a service (SaaS) platform enables finance and management teams to work together to plan, monitor and analyze financial and operational performance. The firm also offers a solution called Adaptive Discovery, featuring interactive data visualization to help organizations access and explore data and gain insights into the underlying trends across their business.

New funding has been led by Bessemer Venture Partners, with participation from existing investors ONSET Ventures, Norwest Venture Partners, RBC Venture Partners, Cardinal Venture Capital, and Monitor Ventures.

John Herr (pictured), CEO of Adaptive Planning, comments: 'The addition of Bessemer as an investor is a great testament to our exceptional customer growth, product innovation, and high levels of customer satisfaction. We grew new software bookings by 90 per cent last year with high capital efficiency. As such, we didn't need to raise more capital, but did so to take advantage of a huge opportunity in front of us to build a dominant global presence in a rapidly growing market.'

Web site: www.adaptiveplanning.com .

All articles 2006-23 written and edited by Mel Crowther and/or Nick Thomas, 2024- by Nick Thomas, unless otherwise stated.