Apptio Closes Series D Round
As reported in today's Wall Street Journal, we are thrilled to announce that Apptio has closed its Series D round in the amount of $50 million, bringing the total amount raised by the company to $91 million since Apptio was founded in 2007. Leading this round, we welcome a new investor into our ranks: T. Rowe Price, the mutual fund giant who has also made similar styled late-stage investments in other notable technology brands including Facebook, Twitter, LinkedIn, and Netflix. Existing investors Andreessen Horowitz, Greylock Partners, Madrona Venture Group, and Shasta Ventures also showed their confidence in the company by joining this latest round.
This round of funding is significant for a number of reasons — but none more important than what it will enable us to do: make each and every Apptio customer wildly successful in their IT transformation journey. More than 85 companies have now deployed Apptio to help them make smarter decisions about their IT spend and become better partners to the business. We also believe this investment serves as an important validation of the Technology Business Management category and demonstrates that a major disruption is underway in the enterprise software market.
There is little doubt in our minds that the TBM market opportunity is significant, and growing. Gartner estimates that worldwide IT spending will exceed $3.7 trillion in 2012. And yet, very few CIOs are able to confidently articulate their IT costs to the business. With the continued maturity of the public Cloud, the shift to shared services, and the relentless pressure to reduce IT costs, enterprise CIOs have begun to wake up to the reality that they require a purpose-built management system that can seamlessly marry financial and operational metrics in order to run IT more like a business.
For a company that's less than five years old, Apptio is in an incredible position to lead this charge forward. To this end, we intend to invest over 70% of annual expenses into our engineering and customer success functions. As a SaaS provider we must demonstrate value to our customers on a daily basis and so we will continue to invest heavily in those areas that help our customers realize fast time to value.
Of course, our team will continue to expand to meet these demanding requirements. We currently have close to 50 open positions in our Bellevue headquarters as well as our Center of Excellence in North Carolina and our London office. Interested in learning more? Check out Apptio's Careers Page to learn more about why Apptio was named as one of the top 3 places to work in Washington State.