Industry News Desk
Apptio Closes $45 Million E Round
Counting the new money the company has now seen $136 million in funding since late 2007
By: Maureen O'Gara
May. 19, 2013 07:00 AM
Apptio, which knows how to gauge the total cost of IT services, has gotten a mighty $45 million E round that it means to invest in its platform and its international expansion, immediately in Western Europe.
Counting the new money the company has now seen $136 million in funding since late 2007.
The latest round was led by new investments from funds managed by Janus Capital, the Hillman Company, and a secret unnamed global institutional investor.
Existing investors Andreessen Horowitz, Greylock Partners, Madrona Venture Group, Shasta Ventures and T. Rowe Price also kicked in.
Apptio figures "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." It positions its TBM widgetry as a "must have" set of business management applications and analytics for the Global 2000.
Apptio founder and CEO Sunny Gupta says, "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 claims it established the Technology Business Management (TBM) category and is the only provider completely focused completely on it.
It has gotten subscriptions from 29 of the Fortune 100 in the three years since it entered the market.
Apptio is supposed to deliver a system for the CIO, and combined it with a proven methodology and strong community that's "literally writing the book on best practices."
Apptio says its revenues nearly doubled last year, with customers coming in from nearly every industry vertical. It claims more than 125 global enterprise customers including Boeing, the Royal Bank of Scotland, Bank of America, JPMorgan Chase, Microsoft Safeway, Target, Swiss Re and Xerox.
In response to increased market demand, Apptio has also nearly tripled its employees from 115 in December 2010 to nearly 350 today.
Apptio enables users to manage the cost, quality and value of IT Services by providing visibility into the TCO, communicating the value of IT to the business through a so-called interactive Bill of IT, and strategically aligning the planning, budgeting and forecasting processes.
It helps them understand and drive chargeback, virtualization, cloud and other key technology initiatives.
Reader Feedback: Page 1 of 1
SOA World Latest Stories
Subscribe to the World's Most Powerful Newsletters
Subscribe to Our Rss Feeds & Get Your SYS-CON News Live!
SYS-CON Featured Whitepapers
Most Read This Week