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October 16, 2013 at 4:52 PM
Michel Feaster spent more than a decade building products for breakout enterprise software companies Mercury Interactive, Opsware and Apptio.
October 28, 2010 at 6:00 AM
Bellevue enterprise software startup Apptio is announcing today that it’s hooked up with Wipro, the Indian tech giant.
Wipro will use Apptio’s IT management system with hundreds of customers. In turn, Apptio will use Wipro consulting services to support its product suite.
“By combining Apptio’s solution and Wipro’s IT 360 framework, our customers can optimize the quality of their IT services, showcase the value IT delivers to the business and reduce costs,” Wipro senior vice president, Deepak Jain Sr., said in the release.
It’s a non-exclusive arrangement. Apptio’s hoping to make similar partnerships with other companies, a spokeswoman said.
Apptio started in November 2007 and now has 105 employees and $37.5 million in funding.
August 31, 2010 at 4:00 AM
Seattle enterprise software vendor Apptio raised a whopping $16.5 million in a third round of funding that positions the company to pursue a public offering next.
Apptio will use the funding to push into new markets and generally grow its business. It plans to add 30 employees by the end of the year, after hiring 30 since January. It currently has 85 employees.
The series C round brings Apptio’s funding to $37.5 million. The round was led by Shasta Ventures, with participation from current Apptio investors, including Andreesen Horowitz, Greylock Partners and Madrona Venture Group.
Apptio makes tools that enterprise technology managers use to monitor, analyze and report on their operations and spending.
In its funding announcement, Apptio said it has seen a 300 percent increase in bookings year-over-year, doubling the number of Fortune 1000 companies using its products. Customers include Alaska Airlines, Blue Cross Blue Shield, BNP Paribas, Cisco, Expedia, Hallmark, Starbucks and JPMorgan Chase.
“We are operating with a very strong cash position, but still received high interest from outside investors which ultimately influenced the timing of this financing round,” Sunny Gupta, co-founder, president and chief executive, said in the release.
A spokeswoman said the company has no specific plans for an IPO at this time, but provided the following statement:
We do not anticipate taking another round of funding. We are managing the company in a way that builds shareholder value. Given our belief in the market opportunity and the capital we have to fund our growth, we believe we have a good shot at a very successful IPO.
Apptio could also become a target for acquisition by one of the major enterprise software companies building up their portfolios. Gupta sold his previous startup, iConclude, in 2007 for $60 million.
August 18, 2009 at 4:00 AM
August is supposed to be a quiet month, but the tech deals just keep coming.
Whether it marks a recovery or not, money’s starting to flow, including a $14 million financing round that Bellevue enterprise startup Apptio is announcing today.
Apptio, which makes an on-demand system for chief information officers to manage the business side of their jobs, has signed up 36 mostly Fortune 1000 companies since it began in November 2007.
Co-founder and Chief Executive Sunny Gupta said Apptio could be profitable today but he’s opting to continue building and investing in what could become a major company. His goal is to reach $100 million in sales — enough for an IPO — and perhaps 500 to 700 employees within four or five years.
“We really want to go very big and build the next large software company in the Pacific Northwest,” he said.
Innovation often comes from smaller companies and after all the consolidation in the software industry lately there aren’t many left.
“There is a great opportunity to build these next-tier companies,” he explained.
Gupta has been involved in a series of profitable enterprise ventures, including iConclude, a Bellevue company he sold in 2007 to Opsware for $70 million. Opsware was led by Netscape co-founder Marc Andreessen, who funded Apptio as an angel investor.
Andreessen went on to form a venture capital firm with investment partner Ben Horowitz that raised $300 million and led the $14 million funding round that Apptio’s announcing today. Other investors include Shasta Ventures, Greylock Partners and Madrona Venture Group. The latter two invested $7 million in Apptio in 2007.
“Apptio has the right mix to become a major market force: a deep team with proven success in IT management, early technology leadership addressing real world problems, a $1 billion-plus market opportunity, and a winning SaaS [software as a service] delivery model,” Horowitz said in the release. “We’re excited to have them as one of our first investments in the new fund.”
Gupta said the $14 million will be used to double the company’s sales team — which now has offices in New York, Boston and Chicago — and add new product features and functions. He expects to add about 15 employees to the current 40-person team within three or four months.
Apptio launched its product in June 2008. Its customers include Starbucks, Cisco, Alaska Airlines, BNP Paribas and Blue Cross Blue Shield.
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