Apptio

Apptio is a Bellevue, Washington-based company founded in 2007 that develops technology business management software as a service (SaaS) applications.[4][5][6] Apptio enterprise apps are designed to assess and communicate the cost of IT services for planning, budgeting and forecasting purposes.[7] Apptio's services offer tools for CIOs to manage technology departments' storage, applications, energy usage, cybersecurity, and reporting obligations.[8]

Apptio, Inc.
TypePrivate
IndustryComputer software
IT services
Founded2007 (2007)
FounderSunny Gupta
Paul Mclachlan
Headquarters
Bellevue, Washington
,
United States
Area served
Worldwide
Key people
  • Sunny Gupta
  • (CEO)[1]
  • Kurt Shintaffer
  • (CFO)
  • Paul Mclachlan
  • (CTO)
  • Chris Pick
  • (CMO)
  • Larry Blasko
  • (CRO)
ProductsBusiness Management Applications
Revenue$160 million (2016)[2]
OwnerVista Equity Partners
Number of employees
800 (2018)[3]
Websitewww.apptio.com

In 2009, the company was the first investment for Silicon Valley venture capital firm Andreessen Horowitz.[9] The company has approximately 550 customers[3] of various sizes.[10][11]

On November 11, 2018, it was announced that Apptio would be acquired by the private equity firm Vista Equity Partners for $1.9 billion.[12]

History

The company was founded in 2007 by Sunny Gupta, Kurt Shintaffer and Paul McLachlan.[13] Prior to founding the company, Gupta and Shintaffer worked together at iConclude before it was purchased by Opsware in 2007.[9] In November 2007, the company received $7 million in funding from Madrona Venture Group and Greylock partners while it was operating in stealth mode.[14] Apptio raised an additional $14 million in Series B funding from the newly formed Andreessen Horrowitz fund in 2009.[6]

In 2010, the company raised an additional $16.5 million in Series C funding led by Shasta Ventures, with participation from previous investors.[15]

In March 2012, the company raised an additional $50 million in Series D funding to continue scaling, hiring and expanding its services.[16] In 2013, Apptio raised an additional $45 million in Series E funding, bringing its total raised to $136 million from firms including Greylock Partners, Madrona Venture Group, Janus Capital and T. Rowe Price.[4][10]

In March 2014, Apptio opened offices in Sydney and Melbourne, Australia.[17] In 2015, the company announced that it was adding an office in Denver.[18] Apptio added another international office in March 2016, when it announced it would open an office in Paris, France.[19]

On September 23, 2016, Apptio raised $96 million with its IPO.[20] On February 2, 2018, Apptio completed the acquisition of Digital Fuel SV, LLC, a provider of IT business management (ITBM) tools.[3]

Currently, Apptio has plans to expand their footprint by creating and operating a Tier 1 Center of Excellence in Bengaluru, Karnataka, India.

In May 2020, LeanIX revealed technology collaboration with Apptio to include core IT spending data analytics.[21]

Technology Business Management Council

Apptio founded the Technology Business Management Council in 2012,[22] a non-profit organization that had over 2,900 CIOs[23] and other senior IT leaders by 2014.[22] It was reported by the Puget Sound Business Journal that the council "aims to help IT departments run like businesses by setting standards and best practices" .[24] The council held its first conference in November 2013.[11]

Awards

In 2012, CEO Gupta was among Ernst & Young's "Entrepreneur of the Year" award winners.[25]

References
  1. "Leadership". Apptio. Retrieved May 10, 2017.
  2. Soper, Taylor (February 9, 2017). "Apptio Posts Record revenue of $44M in its Second Quarter as Public Company". GeekWire. Retrieved May 10, 2017.
  3. "Apptio, Inc. Completes Acquisition of Digital Fuel From Skyview Capital". Apptio. Retrieved March 12, 2018.
  4. Ovide, Shira (18 November 2013). "IPO Candidate Apptio Adds 3 Public-Company Veterans". WSJ Digits. Retrieved 20 March 2014.
  5. King, Rachel (15 May 2013). "TBM startup Apptio raises $45M; plans to expand global footprint". ZDNet. Retrieved 20 March 2014.
  6. Grant, Rebecca (15 May 2013). "Andreessen Horowitz's first investment Apptio closes $45M fifth round". VentureBeat. Retrieved 20 March 2014.
  7. Horton, Nick (July 2012). "100 Best Companies to Work For 2012: Large Companies". Seattle Business magazine. Retrieved 20 March 2014.
  8. Bond, Phillip J. (15 Nov 2014). "A new way to track government spending on technology". The Hill. Retrieved 7 Jan 2014.
  9. Ricketts, Camille (19 August 2009). "First Andreessen Horowitz investment, Apptio, raises $14M". Venture Beat. Retrieved 20 March 2014.
  10. Hesseldahl, Arik (15 May 2013). "Apptio Lands $45 Million Series E From Janus Capital". All Things D. Retrieved 20 March 2014.
  11. Dudley, Brier (6 November 2013). "Apptio founder Sunny Gupta on building the region's next big tech company". The Seattle Times. Archived from the original on 13 April 2014. Retrieved 20 March 2014.
  12. Krazit, Tom (2018-11-11). "Vista Equity Partners to pay $1.9 billion in private-equity deal for Apptio". GeekWire. Retrieved 2018-11-12.
  13. Kugiya, Hugo (December 13, 2013). "Paul McLachlan: Winner 2013 Innovator Award". Puget Sound Business Journal. Retrieved May 10, 2017.
  14. Cook, John (November 15, 2007). "Repeat Entrepreneur Forms Apptio, Scores $7 Million". Seattle Pi. Retrieved May 10, 2017.
  15. Wauters, Robin (August 31, 2010). "Apptio Raises $16.5 million From Andreessen Horowitz, Greylock and Others". TechCrunch. Retrieved May 10, 2017.
  16. Coldewey, Devin (March 15, 2012). "Apptio Raises Another $50 Million in Series D Round". TechCrunch. Retrieved May 10, 2017.
  17. Francis, Hannah (25 March 2014). "Apptio partners with UXC for Australian launch". The Australian. Retrieved 11 April 2014.
  18. Demmitt, Jacob (December 8, 2015). "Apptio Opens its 11th Office With New Engineering Center in Denver". GeekWire. Retrieved May 10, 2017.
  19. "Apptio Expands Global Presence with New Office in France". Prnewswire. March 24, 2016. Retrieved May 10, 2017.
  20. "Apptio prices stock at $16 in IPO". 2016-09-22. Retrieved 2016-09-23.
  21. "LeanIX Announces Technology Partnership with Apptio to Deliver Key Data Analytics for IT Spending". businesswire. 5 May 2020. Retrieved 15 June 2020.
  22. "Apptio US SEC S-1 Registration Statement". Blog post. Apptio.
  23. "S-1". www.sec.gov. Retrieved 2016-09-30.
  24. Parkhurst, Emily (6 June 2013). "Apptio CEO: We want to be the next Pacific NW tech icon". Puget Sound Business Journal. Retrieved 20 March 2014.
  25. Sokolowsky, Jennifer (18 June 2012). "Ernst & Young honors Entrepreneur of the Year winners". Puget Sound Business Journal. Retrieved 20 March 2014.
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