Apptio, the leading provider of on-demand Technology Business Management (TBM) solutions, today announced the completion of the $45 million Series E funding round. Led by new investments from funds managed by Janus Capital, Hillman Company, and an unnamed global institutional investor, the round also included additional funds from existing investors Andreessen Horowitz, Greylock Partners, Madrona Venture Group, Shasta Ventures, and certain T-managed accounts. Rowe Price Associate, Inc.
The Series E round brings Apptio’s total amount to $136 million. New capital plans include further investment in the fast-growing technology platform of the company, increasing Apptio’s international presence—most immediately in Western Europe—and accelerating the growth of the emerging TBM category. Information technology (IT) in large enterprises is undergoing a fundamental shift as rapid changes in cost structures and business models – such as cloud computing – meet higher expectations of business executives. IT costs are shifting from fixed to variable, computing assets are shifting from ownership to shared, and business executives increasingly expect the CIO to play a more strategic role, spend less on “lighting” resources, and more on innovation that drives business forward.
“TBM is a must-have set of business management applications and analytics for Global 2000 companies in the midst of this transformation of services,” said Apptio founder and CEO Sunny Gupta.
“Every CIO needs to understand and measure the cost, quality and value that IT delivers to the business—and to be able to communicate it to the CEO and the CFO on that basis. “That’s right.
Apptio has established the TBM category and is the only provider totally focused solely on it. This dedicated, unbiased approach has won subscriptions from 29 of the Fortune 100 companies in the three years since Apptio entered the market and has enabled the company to play a key role in the founding of the TBM Council, a non-profit group of more than 600 IT executives committed to promoting discipline.
“Every other executive in the company has a purpose-built business management system,” said Kurt Shintaffer, co-founder and Chief Financial Officer of Apptio.
“We’re delivering the CIO system, and we’ve combined it with a proven methodology and a strong community of leaders who are literally writing a best practice book. “That’s right.
Since closing its Series D round in March 2012, Apptio has shown momentum across all facets of its business. The company’s revenues almost doubled in 2012, with customers coming from almost every vertical industry—Apptio now has more than 125 global corporate customers including Boeing, Royal Bank of Scotland, Safeway, Target and Xerox. In response to increased market demand, Apptio has also almost tripled its employees from 115 in December 2010 to almost 350 today.
Apptio Apptio is the leading independent provider of on-demand Technology Business Management (TBM) solutions for IT business management. Apptio enables IT leaders to manage the cost, quality and value of IT services by providing a deep insight into the overall cost of IT services, delivering IT value to business through an interactive IT Bill(TM) and strategically aligning planning, budgeting and forecasting processes. Apptio’s TBM solutions play a critical role in helping companies understand and drive charging, virtualization, cloud and other key technology initiatives. Global corporate clients such as Bank of America, Boeing, JPMorgan Chase, Microsoft, St. Luke’s Health System and Swiss Re rely on Apptio(R) products and services to reduce costs and align IT to business priorities. Visit the Apptio website or the Apptio blog for more information.
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