Adaptive Planning announced that it achieved record growth in new customers and partners in 2006. This growth complements key corporate milestones for Adaptive Planning, which include the introduction of the first open source BPM solution, significant expansion of its product suite, completion of its executive team, and receipt of prestigious industry awards and recognition. These fiscal and corporate achievements come as Adaptive Planning closes a $7.5 million round of venture funding led by new investor Cardinal Venture Capital, creating strong momentum for the company in 2007.
In 2006, Adaptive Planning demonstrated exceptional momentum in the BPM market by signing a record number of new customers. Customer growth was strong across multiple industries, including the software, nonprofit, high technology, healthcare, and manufacturing segments. New customers ranged in size from less than $5 million to over $500 million in annual revenues, and included both privately- and publicly-held companies from across the globe. Notable new clients from select industries include Black Duck Software, StepStone, and SuccessFactors (software), DentalPlans.com, Gilsbar Inc., and Passport Health Communications (healthcare), Cortina Systems, Tennant Company, and Uponor (manufacturing), and numerous others including AAA, Jaguar Mining, and Med-Eng.
In addition to adding new customers, Adaptive Planning also deepened relationships with existing clients. As confirmation of its sterling customer satisfaction, over 90% of Adaptive Planning clients renewed their subscriptions.
In 2006 Adaptive Planning also launched a worldwide partner program and tripled its roster of partners. By committing marketing, sales, and technical resources to the partnership, these organizations are helping Adaptive Planning expand its reach and successfully support growing international demand.
Other key corporate milestones achieved by Adaptive Planning include:
* Introduced First Open Source BPM Solution. In August 2006 the company launched the industryâ€™s first open source BPM solution, Adaptive Planning Express Edition, which provides an entry-level set of capabilities for collaborative budgeting and forecasting. Available for free, this application features a simple â€œone-clickâ€ approach to downloading and installing powerful enterprise software. To date, the project has generated over 35,000 downloads from 69 countries, demonstrating broad market acceptance for solutions that address the unmet need for affordable, easy-to-use BPM solutions. Adaptive Planning Express Edition consistently ranks as the top project in the â€œSpreadsheetsâ€ and â€œOLAPâ€ categories at SourceForge.net, among the top five highest ranking projects in the Finance and Accounting categories, and in the top 50 out of 143,000 total projects. Adaptive Planning was also a founding member of the recently announced Open Solutions Alliance, a consortium of leading open source companies dedicated to driving adoption of comprehensive open source business solutions.
* Significantly Expanded Product Suite. During 2006, Adaptive Planning introduced new product configurations, offering its solutions in three editionsâ€”Express Edition, Corporate Edition, and Enterprise Editionâ€”to meet the varying needs of different types and sizes of companies. The company also introduced an on-site version of its leading software as a service (SaaS) solution, providing customers with flexible deployment options. And finally, Adaptive Planning released three new versions of the software, with each release continuing to add new product features that help companies automate their budgeting, forecasting, reporting, and analysis. Notable new features include graphical dashboards and charting, a Get Started Wizard, workflow, multi-currency support, and numerous user-requested enhancements. All told, these flexible choices, together with the softwareâ€™s powerful, affordable, and easy-to-use features, deliver unprecedented value to budgeting, forecasting, and reporting clients worldwide.
* Completed Executive Team. Adaptive Planning completed its executive team in 2006, with three key hires that contribute both operational excellence and domain expertise to the company. William A. Soward joined as chief executive officer. Previously, he was general manager of FRS, S1 Corporationâ€™s most successful business unit, as well as interim CEO of S1 Europe and S1â€™s Edify business unit. Neil Thomas was named vice president of sales. Previously, Neil was a sales executive at Cognos and a founding member of the budgeting and planning company Adaytum. And Kumar Thiagarajan joined as chief community officer, responsible for spearheading the companyâ€™s open source and on-site initiatives. Prior to Adaptive Planning, Kumar was founder and CEO of CastBridge, a real-time collaborative spreadsheet company.
* Received Prestigious Industry Awards and Recognition. Adaptive Planning was named the â€œ2007 Mid-Market Vendor of the Yearâ€ by BPM Partners, a noted authority on budgeting, forecasting, and reporting solutions. In granting the award, BPM Partners cited Adaptive Planningâ€™s leading-edge product offerings, as well as its outstanding customer satisfaction marksâ€”the company placed in the top four out of more than two dozen BPM vendors whose customers were surveyed. In addition, Adaptive Planning was named a finalist in the Best Financial Software Solution category of the 2007 CODiE Awards, which honor outstanding achievement and vision in the software industry. And, Adaptive Planningâ€™s unique business model and customer value were highlighted in leading industry publications and analyst reports including The Wall St. Journal, Inc. Magazine, Business Finance Magazine, Financial Executive Magazine, Intelligent Enterprise, and Gartner, Inc.â€™s Magic Quadrant for CPM Suites, 2006, among others.
* Closed New Round of Venture Funding. Adaptive Planning recently completed a new round of funding, with a $7.5 million investment led by new investor Cardinal Venture Capital. The new funds will be used for additional product development to expand the breadth of solutions it offers its customers, as well as to extend its marketing, sales, and business development activities.
â€œWe are delighted with our 2006 growth and corporate achievements,â€ said William A. Soward, chief executive officer, Adaptive Planning. â€œWe are particularly pleased with our strong rate of customer adoption and stellar customer satisfaction scores, which testify not only to the value that our solutions deliver to mid-market clients, but also to our companyâ€™s commitment to world-class support. We are now building on these successes to make 2007 a breakout year for Adaptive Planning.â€