PALO ALTO, CA--(Marketwired - Feb 4, 2014) - Adaptive Planning, the worldwide leader in cloud business and financial analytics for companies and nonprofits of all sizes, is celebrating exceptional growth and industry leadership by elevating its brand to Adaptive Insights. The new name and brand reflect Adaptive's broad and innovative product suite as the company rapidly expands its customer base and further cements its leadership in enterprise and international markets.
"Adaptive Insights signifies the tremendous progress of our company and our dominance in the market. While 'Adaptive' represents our brand equity, 'Insights' points to the benefits that we deliver. The Adaptive Planning product brand that customers know and love still remains, yet we have catapulted past our original planning solution to provide a complete, integrated corporate performance management (CPM) and business intelligence (BI) suite," said John Herr, CEO, Adaptive Insights. "Whether companies are currently using Excel or legacy software solutions, Adaptive's powerful yet intuitive solutions provide finance and management teams with new insights to accelerate growth and drive success."
The new brand announcement follows an exceptional year full of customer, product, partner and operational wins, capped off by a very strong fourth quarter of 2013, with 90 percent year over year growth in new software bookings. And Adaptive Insights' first new product release this year, Adaptive Suite 2014.1, makes the company's No. 1-ranked user experience even better -- further extending its lead in the market.
The new brand comes as Adaptive continues to deliver on its strategy to address the complete planning, budgeting, forecasting, consolidation, analytics, and reporting needs of mid-sized and enterprise organizations around the world. The vibrant new logo and color scheme communicate the company's bold, highly differentiated solutions -- powerful, innovative, and intuitive products coupled with industry-leading service and support. The corporate identity also includes design elements from the new class-leading user interface and business collaboration capabilities available in the company's latest release, Adaptive Suite 2014.1, also announced today.
"Following a spectacular Q4 of 2013, we are excited about the accelerating growth and momentum heading into 2014," added Herr.
Amidst the new brand, Adaptive Insights is experiencing exceptional momentum including customer and product expansion, partner success, new funding and executive hiring, all while receiving numerous industry awards and accolades.
Industry Momentum, Investor Support
Adaptive Insights' innovations and strong leadership team are dominating the fast-growing cloud BI and CPM markets, which combined represent a $33 billion addressable market, based on IDC data. The company has a leading position in the industry, as evidenced by its customer and partner momentum and consistent ranking as No. 1 in customer satisfaction and user experience in independent analyst reports. As a result, over the last two years the company has raised over $67 million in new funding from premier global venture capital firms.
"Adaptive Insights offers investors a winning formula in today's tech market and the elevated brand captures the company's leading market position and impressive trajectory," said Byron Deeter, partner, Bessemer Venture Partners, a leading venture firm with successful investments in cloud companies such as Box, Cornerstone OnDemand, DocuSign, Eloqua, LinkedIn and Skype. "Adaptive Insights sits within a hot market, shows exceptional growth and has a strong recurring revenue model -- which combined translate into a fantastic investment opportunity."
Customer Growth & Success
With over 1,900 customers, Adaptive Insights boasts the most customers among cloud CPM providers. In 2013, the company welcomed hundreds of new customers into its community, including The Boston Globe, Cirque du Soleil, Bemis, Tata Chemicals Europe, Sunny Delight, Sur La Table, Nikon and Canon Australia. These recognizable brands join many fast growing Adaptive customers that have recently gone public including Rocket Fuel, FireEye, Nimble Storage and more.
Tim Sullivan, director of FP&A at the Bemis Company, Inc., a new customer of Adaptive Insights, commented: "Bemis serves customers worldwide and produces packaging for products found in virtually every aisle of the grocery store. As a public company with over $5 billion in revenue and approximately 20,000 employees, managing dozens of locations across the globe, we were pleased to select Adaptive to support our planning, forecasting and consolidation needs."
Adaptive Insights' momentum is validated by customer research that revealed:
- Adaptive Insights reduces time and effort spent on budgeting, planning, consolidation and analytics by 50-70 percent.
- Many customers report 95-99 percent time reduction in the planning cycle.
- Customers typically find Adaptive to be 70 percent more cost and resource efficient to run than legacy solutions.
New Intuitive, Mobile and Powerful Adaptive Suite
Adaptive Insights embraces the usability-focused "consumerization of enterprise software" vision, as well as the demand for information anytime, anywhere, with new functionality in Adaptive Suite 2014.1. The new features help deliver the most intuitive, mobile and powerful solution in the market. Specifically, Adaptive Suite 2014.1 includes:
- Class-Leading User Experience. Adaptive Insights introduces a class-leading new user experience that maximizes user engagement with the Adaptive Suite products. With sheets that incorporate the best of Excel, together with a streamlined navigation experience that takes design cues from the latest consumer applications, Adaptive Insights elevates user engagement and enables business users to embrace cloud CPM faster than ever before.
- Mobile First Design. Whether budgeting and planning using a tablet or a desktop, the new Adaptive Suite user experience is optimized for all of the ways business users work. Planning, reporting and analysis are always available to managers.
- Most Collaborative CPM Yet. Adaptive Insights expands its groundbreaking social and collaborative Process Tracker to encompass planning and budgeting, including tracking of tasks, complete with threaded collaborative notes, document attachments and visual tracking of workflow tasks. It provides the most advanced collaboration around the full CPM process from anywhere -- web or mobile.
- Even More Modeling Power. Advanced organization management raises the bar for cloud planning sophistication by combining the flexibility of powerful version management with organization management, making it simple to store alternative or historical views, all in one single planning model -- ideal for analyzing and modeling results based on different and changing organizations and projects.
"Our managers and analysts already access Adaptive Planning from more than 50 locations across North America. Driving mobility and collaboration means that they can even more effectively plan and model from anywhere, and together we're tracking and collaborating around where we are in the cycle," said Rodney Engel, director of Performance Control at GDF Suez North America.
In 2013, Adaptive Insights expanded its global presence to 85 countries, thanks in part to the strength of its partner community. The Adaptive Insights channel partner program continues to play a key role in the company's growth, most notably in the midmarket and enterprise arenas. In 2013, Adaptive Planning saw 100 percent year over year growth in the number of partners elevated to Gold status, based on revenue generation.
"Adaptive Planning is an invaluable partner and a key to our success," said Brian Storrs, president and founder, IntuitiveTEK. "Adaptive Planning's CPM and BI products, delivered as a service, fill a huge market need and its program and support are incomparable. We are incredibly excited to partner with them in 2014 and beyond, delivering world-class insights into financial analytics for our customers around the globe."
Also notable is that Adaptive Insights' 20 highest performing partners expanded Adaptive sales by an average of 37 percent. Additionally, the number of elite status partners grew by 17 percent globally. Recently, the company added Cap Gemini and Cognizant Technology Solutions to its powerful partner ecosystem.
In order to support this growth, Adaptive Insights has committed significant resources to its leadership team and operations. Jeff Epstein, former CFO of Oracle, recently invested in the company and joined as senior advisor. Additionally, the company recently hired Senior Vice President of People and Human Resources Amy Reichanadter to help identify top-notch talent as the company continues to grow. Amy joins 2013 new hires CFO David Pefley and Vice President of Global Channels & Business Development Carolee Gearhart, who all bring significant experience scaling and managing growth-stage and publicly-traded companies.
The company also established new corporate headquarters in Palo Alto, CA, doubling the size of its office. Like the new brand and logo, the office sports vibrant, bold colors and features collaborative work spaces.
A Myriad of Awards and Accolades
Due to the company's outstanding innovations and customer support, Adaptive Insights has accumulated countless analyst accolades. Among the Adaptive Insights analyst distinctions are: ranked as the fastest-growing cloud business analytics company on the Deloitte Fast 500 list; No. 1 in user experience according to Nucleus Research; and No. 1 in satisfaction among all leading CPM providers according to BPM Partners. Adaptive Insights also garnered numerous industry awards, which can be found on the company's website.
About Adaptive Insights
Adaptive Insights is the worldwide leader in cloud-based business analytics solutions for companies and nonprofits of all sizes. The company's software as a service (SaaS) platform allows finance and management teams to work together to plan, monitor, report on, and analyze financial and operational performance. With capabilities for budgeting, forecasting, reporting, consolidation, dashboards, and business intelligence, Adaptive Insights enables finance, sales, and other business leaders to make better, faster, more collaborative decisions that drive a true competitive advantage. Adaptive Insights is used by over 1,900 organizations worldwide, from midsized companies and nonprofits to large corporations, including AAA, Boston Scientific, CORT, Konica Minolta, NetSuite, Philips, and Vail Resorts. The company is the #1 fastest growing cloud business analytics and CPM software company on the Deloitte Technology Fast 500™ list; and ranks #1 in customer satisfaction in independent industry surveys. With customers and partners in 85 countries worldwide, the company has the strongest channel ecosystem in the cloud CPM space, with worldwide partners including Armanino, Intacct, IntuitiveTek, Plex Systems, SAP, and NetSuite, which offers a specialized version of Adaptive Insights as the NetSuite Financial Planning Module. Adaptive Insights is headquartered in Palo Alto, Calif. and is funded by Bessemer Venture Partners (BVP), Norwest Venture Partners (NVP), Royal Bank of Canada (RBC), ONSET Ventures, Monitor Ventures, and Cardinal Venture Capital.