BELLEVUE, Wash., Oct. 25, 2017 /PRNewswire/ -- Apptio, Inc. (NASDAQ: APTI), the business management system of record for hybrid IT, is proud to announce the appointment of Theo Beack as EVP of Products and Engineering this December. In this role, Beack will drive the vision and execution of Apptio's Technology Business Management (TBM) applications and play a key role in scaling Apptio's offering to thousands of customers. Beack succeeds Ted Kummertwho will continue to serve as an advisor to Apptio and will rejoin the Madrona Venture Group, working with great companies in Seattle's growing technology ecosystem.
As EVP of Products and Engineering, Beack will lead the evolution of the next generation of Apptio's SaaS applications by fusing intelligent analytics with process and continuing to expand Apptio's product portfolio. As the leader of Apptio's global development organization, he will ensure that the most pressing concerns facing technology leaders today, including hybrid IT, agile development, digital IT, business engagement and cost optimization, are addressed by Apptio's products.
"I am excited to have Theo join our executive leadership team," said CEO, Sunny Gupta. "His intense focus on customer-driven innovation, execution and unique blend of architecture and business experience make him the perfect fit to help Apptio grow and scale. He shares my vision for building market leading products that provide value to every CIO, regardless of industry or geography. I want to thank Ted for four great years at Apptio and all his contributions, including building a world class product and engineering team."
Prior to Apptio, Beack served as CTO at Vertafore and led its product development efforts. Before that, he held several senior leadership roles at Amdocs, BEA Systems, Inc. and Software AG. Theo brings more than 25 years of experience in enterprise class software, architecture, technology strategy and innovation spanning multiple industries.
"As a technologist, I am thrilled to be joining Apptio," said Beack. "For years, I've admired and respected the work that Apptio has done to build unrivaled products for CIOs and IT leaders. I look forward to continuing on that journey and bringing my experience and perspective to Apptio's customers."
Theo was the winner of Seattle Business' 2016 Executive Excellence Award and earned two computer science degrees from the Tshwane University of Technology in his native South Africa.
"As one of Apptio's earliest investors, my team and I have always believed in Apptio's mission and it's an honor to serve on the board," said Matt McIlwain, Managing Director of Madrona Venture Group. "Theo's talents are a great addition to the Apptio executive team and I look forward to the continued evolution of innovative products that help CIOs manage the business of IT. I'm also thrilled to welcome Ted back to the Madrona family and working with him to help grow the next generation of Seattle's technology companies."
Apptio (NASDAQ: APTI) is the business management system of record for hybrid IT. We transform the way IT runs its business and makes decisions. With our cloud-based applications, IT leaders manage, plan and optimize their technology investments across on-premises and cloud. With Apptio, IT leaders become strategic partners to the business by demonstrating value of IT investments, accelerate innovation and shift their technology investments from running the business to digital innovation. Hundreds of customers choose Apptio as their business system of record for hybrid IT. For more information, please visit www.Apptio.com.
This release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 and the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements regarding our strategy, prospects, customer demand, competition, application adoption, new product releases and industry trends. Forward-looking statements are subject to known and unknown risks and uncertainties and are based on potentially inaccurate assumptions that could cause actual results to differ materially from those expected or implied by the forward-looking statements. Actual results may differ materially from the results predicted, and reported results should not be considered as an indication of future performance. The potential risks and uncertainties that could cause actual results to differ from the results predicted include, among others, those risks and uncertainties included under the caption "Risk Factors" and elsewhere in our filings with the U.S. Securities and Exchange Commission, including, without limitation, the Quarterly Report on Form 10-Q filed with the SEC on August 3, 2017. All information provided in this release is as of the date hereof, and we undertake no duty to update this information unless required by law.
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