Friday, March 16, 2012
Apptio (not to be confused with Appirio) Closes $50 Million Series D Round
Apptio, the leading provider of on-demand Technology Business Management (TBM) solutions, today announced that it has closed a $50 million Series D funding round. Certain investment strategies managed by T. Rowe Price Associates, Inc. led the round and were also joined by existing investors Andreessen Horowitz, Greylock Partners, Madrona Venture Group and Shasta Ventures. The new round of capital will be used to further invest in the development of the company's TBM platform, expand market penetration, drive customer success, and maintain its independence as the industry's trusted provider of TBM solutions. The Series D round brings the total amount raised by Apptio to $91 million. In addition, the company also announced it has appointed current Apptio Board Member Tom Bogan as Chairman of the Board. Bogan is currently Chairman of the Board for Citrix (CTXS) and serves as an independent Director for PTC (PMTC), in addition to several other private companies. "Apptio has pioneered the creation of a new enterprise SaaS category for CIOs that enables them to manage the business of technology and clearly communicate its value to the enterprise," said John O'Farrell, general partner for Andreessen Horowitz. "This is a winning team that knows how to execute at scale. We are delighted to be participating in this latest funding round."
at 10:11:00 PM