BELLEVUE, WA, Leading provider of on-demand Technology Business Management (TBM) solutions, today announced it has closed a $45 million Series E funding round.
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Apptio, the leading provider of on-demand Technology Business Management (TBM) solutions, today announced it has closed a $45 million Series E funding round. Led by new investments from funds managed by Janus Capital, The 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 accounts managed by T. Rowe Price Associates, Inc.
The Series E round brings the total amount raised by Apptio to $136 million. Plans for the new capital include further investment in the company's fast-growing technology platform, expanding Apptio's international presence -- most immediately in Western Europe -- and accelerating 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 -- cloud computing, for example -- meet higher expectations from business executives. IT costs are moving from fixed to variable, computing assets are shifting from owned to shared, and business executives increasingly expect the CIO to play a more strategic role, spending less resources "keeping the lights on" and more on innovation that drives the business forward.
"In the midst of this services transformation, TBM is a must-have set of business management applications and analytics for Global 2000 enterprises," 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 be able to communicate them in terms that matter to the CEO and the CFO."
Apptio established the TBM category and is the only provider completely 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 enabled the company to play a seminal role in the founding of the TBM Council, a non-profit group of more than 600 IT executives committed to advancing the discipline.
"Every other executive in the enterprise has a purpose-built system for managing their business," said Kurt Shintaffer, co-founder and chief financial officer of Apptio.
"We're delivering the system for the CIO, and we've combined it with a proven methodology and a strong community of leaders who are literally writing the book on best practices."
Since closing its Series D round in March 2012, Apptio has demonstrated momentum across all facets of its business. The company's revenues nearly doubled in 2012, with customers coming in from nearly every industry vertical -- Apptio now has more than 125 global enterprise customers including Boeing, Royal Bank of Scotland, Safeway, Target and Xerox. In response to increased market demand, Apptio has also nearly tripled its employees from 115 in December 2010 to nearly 350 today.
About Apptio Apptio is the leading independent provider of on-demand Technology Business Management (TBM) solutions for managing the business of IT. Apptio enables IT leaders to manage the cost, quality and value of IT Services by providing deep visibility into the total cost of IT services, communicating the value of IT to the business through an interactive Bill of IT(TM), and strategically aligning the planning, budgeting and forecasting processes. Apptio's TBM solutions play a critical role in helping companies understand and drive chargeback, virtualization, cloud and other key technology initiatives. Global enterprise customers 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 with business priorities. For more information, visit the Apptio website or the Apptio blog.