Cloud Finance Intelligence Startup Adaptive Insights Gets $75M, Reportedly At A Unicorn Valuation
Summary
“As a former CFO myself, I have seen this first hand and it is accelerating — look at Twitter’s Anthony Noto and Google’s Ruth Porat, and the fact that 25 percent of CEOs at Fortune 500 companies are former CFOs.” The news comes on the back of Adaptive Insights — originally founded in 2003 — seeing a very strong period of recent growth, with (undisclosed) revenues rising 50 percent year-on-year on a customer base of 2,700, many of them huge companies in their own right (they include the likes of American Family Insurance, Coca-Cola, Boston Scientific, LinkedIn, Palantir, Zendesk and more). Later products at the company, under the name Adaptive Suite, have expanded well beyond basic financial planning to include business intelligence, expense analytics and more, using the cloud-based model to make the software cheaper and easier to implement than incumbent solutions for the same problems. In keeping with its general growth, the company has also been expanding the customer base that it targets, using its entry point of people on the finance team “to get a seat at the table with the rest of the organization,” in Hull’s words. Adaptive leads this market through tremendous product innovation, strong executive leadership, and a rapidly growing, fanatical customer base. We see an IPO as just one step on the journey to building long term value for our shareholders, and a relevant and lasting company for customers, partners, employees and the industry at large.”