Provider of On-Demand Technology Business Management Signs Dozens of Major Enterprise Customers and Grows Revenue by 300% in 2010
BELLEVUE, Wash. - January 12, 2011 - Apptio, the leading provider of on-demand Technology Business Management (TBM) solutions, today announced that it has achieved record results across all facets of its business in 2010. One of the key metrics that exemplifies the explosive growth of Apptio's business is "IT spend under management" which is defined as the total value of a customer's IT spend. For Apptio, the total value of IT spend under management grew from approximately $7 billion in 2009 to more than $50 billion in 2010, representing an increase of more than 600%. In addition, revenue for the company grew by more than 300% from 2009 and the company signed dozens of major new enterprise customers over the course of 2010, including Bank of America, Boeing, Facebook, Level3, Northrop Grumman, Swiss Re, and Apollo Group.
"By all measures, 2010 was an extraordinary year for Apptio as we set some very aggressive growth goals and were able to surpass all of them," said Sunny Gupta, co-founder, president and CEO of Apptio. "The Technology Business Management category is poised to become the next major IT software market category as CIOs recognize just how critical it is to communicate the cost, quality and value of the IT services they are responsible for delivering to the business. Apptio continues to drive innovation with its industry leading TBM platform and our traction with major enterprise customers shows no sign of slowing down in the coming year."
Other major highlights from FY 2010 include:
- Corporate Funding: The company closed a $20 million Series C round of funding which included strategic investments from Shasta Ventures, Andreessen Horowitz, Greylock Partners, Madrona Venture Group, and Cisco Systems, accelerating the company's potential to capture a major market position in the growing billion dollar TBM market;
- Product Innovation: Apptio launched several new product innovations in 2010, including Demand-based Forecasting, cost transparency templates that enable IT leaders to evaluate the cost-benefit of moving IT services to the Cloud, as well as a Private Cloud Business Management solution, and numerous feature enhancements that together provide the most comprehensive solution on the market;
- Global Reseller Partnerships: Apptio forged strategic reseller alliances with Cisco and Wipro, two of the world's largest technology companies. These important channel partners are now offering value-added Apptio solutions to their global customer base;
- Company Growth & European Expansion: To support the strong demand for its suite of solutions, Apptio has nearly tripled its staff in 2010 to 125 employees, rounded out its executive team with key hires, and added two new directors to its board. Apptio also established a beachhead in Western Europe with the opening of its first European headquarters in London; and
- Industry Recognition: Apptio was honored with several prestigious industry awards in 2010, which included being inducted into the JPMorgan Chase "Hall of Innovation" and was also named as a winner of the Red Herring 100 North America award.
"As our business has grown over the past decade, so have the demands on our IT division," said Troy Lane, Director of Finance for Apollo Group Inc., the shared services division to one of the world's largest private education providers. "We selected Apptio because we recognized that the only way we would be successful in driving costs out of our organization would be through greater transparency into the operating costs of our IT services. In just a short period of time, Apptio has already demonstrated tremendous value in helping us gain IT cost transparency, enabling us to better communicate the value of the IT services we deliver to the business."
Apptio is the leading independent provider of on-demand Technology Business Management (TBM) solutions for managing the business of IT. Apptio enables IT leaders to manage the cost, quality and value of IT Services by providing deep visibility into the total cost of IT services, communicating the value of IT to the business through an interactive Bill of IT™, and strategically aligning the planning, budgeting and forecasting processes. Apptio's TBM solutions play a critical role in helping companies understand and drive chargeback, virtualization, cloud and other key technology initiatives. Global enterprise customers such as Bank of America, Boeing, JPMorgan Chase, Microsoft, St. Luke's Health System, and Swiss Re rely on Apptio® products and services to reduce costs and align IT with business priorities. For more information, visit the Apptio website or the Apptio blog.
Barokas PR for Apptio