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Apptio

Topic: Company

 From HandWiki - Reading time: 6 min
Short description: American software company
Apptio, Inc.
TypeSubsidiary
IndustryComputer software
IT services
Founded2007; 17 years ago (2007)
Founders
  • Sunny Gupta
  • Paul Mclachlan
  • Kurt Shintaffer
Headquarters
Bellevue, Washington
,
United States
Area served
Worldwide
Key people
  • Sunny Gupta (CEO)[1]
  • Kurt Shintaffer (CFO)
  • Jeremy Ung (CTO)
  • Allison Breeding (CMO)
ProductsBusiness Management Applications, Cloud Financial Management, Investment Planning
Revenue$300 million (2020)[2]
Number of employees
1,200 (2020)[2]
Parent
  • IBM (2023–present)
  • Vista Equity Partners (2019–2023)
Websitewww.apptio.com

Apptio is a Bellevue, Washington (state) -based company founded in 2007 that develops technology business management (TBM) software as a service (SaaS) applications.[3][4][5] Apptio enterprise apps are designed to assess and communicate the cost of IT services for planning, budgeting and forecasting purposes;[6] Apptio's services offer tools for CIOs to manage technology departments' storage, applications, energy usage, cybersecurity, and reporting obligations;[7] manage the costs of public cloud, migration to public cloud and SaaS portfolios; and adopt and scale Agile across the enterprise.

In 2009, the company was the first investment for Silicon Valley venture capital firm Andreessen Horowitz.[8] The company has approximately 550 customers[9] of various sizes.[10][11] The company went public in September 2016.[12]

On November 11, 2018, it was announced that Apptio would be acquired by the private equity firm Vista Equity Partners for $1.9 billion.[13] That same year, Apptio acquired Digital Fuel, a cloud computing expenditure company, for $42.5 million.[14]

In June 2023, IBM agreed to acquire Apptio from Vista for $4.6 billion.[15] The acquisition was completed on August 10, 2023.[16]

History

The company was founded in 2007 by Sunny Gupta, Kurt Shintaffer and Paul McLachlan.[17][better source needed] Prior to founding the company, Gupta and Shintaffer worked together at iConclude before it was purchased by Opsware in 2007.[8] In November 2007, the company received $7 million in funding from Madrona Venture Group and Greylock Partners while it was operating in stealth mode.[18] Apptio raised an additional $14 million in Series B funding from the newly formed Andreessen Horowitz fund in 2009.[5]

In 2010, the company raised an additional $16.5 million in Series C funding led by Shasta Ventures, with participation from previous investors.[19]

In March 2012, the company raised an additional $50 million in Series D funding to continue scaling, hiring and expanding its services.[20] In 2013, Apptio raised an additional $45 million in Series E funding, bringing its total raised to $136 million from firms including Greylock Partners, Madrona Venture Group, Janus Capital and T. Rowe Price.[3][10]

In March 2014, Apptio opened offices in Sydney and Melbourne, Australia .[21] In 2015, the company announced that it was adding an office in Denver.[22] Apptio added another international office in March 2016, when it announced it would open an office in Paris, France.[23] On September 23, 2016, Apptio raised $96 million with its IPO.[12]

On February 2, 2018, Apptio completed the acquisition of Digital Fuel SV, LLC, a provider of IT business management (ITBM) tools.[9] On November 11, 2018, Apptio entered into definitive agreement to be acquired by Vista Equity Partners for $1.94 billion. Apptio shareholders received $38.00 in cash per share, representing a 53% premium to the unaffected closing price as of November 9, 2018.[24]

In 2019, Apptio acquired Cloudability, a firm that manages cloud spend.[25] Apptio opened its first India office location in August 2019.[26] In May 2020, LeanIX revealed technology collaboration with Apptio to include core IT spending data analytics.[27]

In February 2021, the company acquired Targetprocess, a software platform that specializes in business investments, for agile.[28] In April 2021, Apptio launched a redesigned portfolio of products including: ApptioOne, Targetprocess, and Cloudability.[29] Apptio announced its first certified solution and integration with ServiceNow in July 2021. The following month, Apptio opened its Kraków, Poland office.[30]

In December 2021, the company announced its collaboration with Microsoft to deploy Apptio’s platform on Microsoft Cloud to help enterprises migrate and optimize workloads.[31] Apptio also partnered with IBM to accelerate enterprise transformation and improve hybrid cloud technology that same year.[32]

In June 2023, IBM agreed to acquire Apptio from Vista Equity Partners for $4.6 billion in an all-cash deal.[15] In August, the company announced the completion of the acquisition of Apptio.[16]

Technology Business Management Council

Apptio founded the Technology Business Management Council in 2012,[33] a non-profit organization that had over 2,900 CIOs[34] and other senior IT leaders by 2014.[33] It was reported by the Puget Sound Business Journal that the council "aims to help IT departments run like businesses by setting standards and best practices" .[35] The council held its first conference in November 2013.[11]

Awards

In 2020, Apptio’s Cloudability was named a Leader in The Forrester Wave for Cloud Cost Management and Optimization.[36]

Apptio was a Bronze winner for the 2021 Stevie Awards.[37] In 2021, Apptio’s Targetprocess was recognized by Gartner as Leader in the Enterprise Agile Planning Tools Magic Quadrant.[38] Targetprocess was recognized again in 2022 by the Gartner EAP Magic Quadrant.[39]

References

  1. ↑ "Leadership". Apptio. http://www.apptio.com/about/company/leadership. 
  2. ↑ 2.0 2.1 Tony Lystra (January 26, 2021). "How Sunny Gupta led Apptio to a record-breaking end to 2020". https://www.bizjournals.com/seattle/news/2021/01/26/courageous-leaders-sunny-gupta-apptio.html. 
  3. ↑ 3.0 3.1 Ovide, Shira (18 November 2013). "IPO Candidate Apptio Adds 3 Public-Company Veterans". WSJ Digits. https://blogs.wsj.com/digits/2013/11/18/ipo-candidate-apptio-adds-3-public-company-veterans/. Retrieved 20 March 2014. 
  4. ↑ King, Rachel (15 May 2013). "TBM startup Apptio raises $45M; plans to expand global footprint". ZDNet. http://www.zdnet.com/tbm-startup-apptio-raises-45m-plans-to-expand-global-footprint-7000015456/. Retrieved 20 March 2014. 
  5. ↑ 5.0 5.1 Grant, Rebecca (15 May 2013). "Andreessen Horowitz's first investment Apptio closes $45M fifth round". VentureBeat. https://venturebeat.com/2013/05/15/andreessen-horowitzs-first-investment-apptio-closes-45m-fifth-round/. Retrieved 20 March 2014. 
  6. ↑ Horton, Nick (July 2012). "100 Best Companies to Work For 2012: Large Companies". Seattle Business magazine. http://seattlebusinessmag.com/article/100-best-companies-work-2012-large-companies. Retrieved 20 March 2014. 
  7. ↑ Bond, Phillip J. (15 Nov 2014). "A new way to track government spending on technology". http://thehill.com/blogs/pundits-blog/technology/224263-a-new-way-to-track-government-spending-on-technology. Retrieved 7 Jan 2014. 
  8. ↑ 8.0 8.1 Ricketts, Camille (19 August 2009). "First Andreessen Horowitz investment, Apptio, raises $14M". Venture Beat. https://venturebeat.com/2009/08/19/first-andreessen-horowitz-investment-apptio-raises-14m/. Retrieved 20 March 2014. 
  9. ↑ 9.0 9.1 "Apptio, Inc. Completes Acquisition of Digital Fuel From Skyview Capital". Apptio. https://www.apptio.com/press-release/apptio-inc-completes-acquisition-digital-fuel-skyview-capital. 
  10. ↑ 10.0 10.1 Hesseldahl, Arik (15 May 2013). "Apptio Lands $45 Million Series E From Janus Capital". All Things D. http://allthingsd.com/20130515/apptio-lands-45-million-series-e-from-janus-capital/. Retrieved 20 March 2014. 
  11. ↑ 11.0 11.1 Dudley, Brier (6 November 2013). "Apptio founder Sunny Gupta on building the region's next big tech company". The Seattle Times. http://blogs.seattletimes.com/brierdudley/2013/11/06/apptio-founder-sunny-gupta-on-building-the-regions-next-big-tech-company/. Retrieved 20 March 2014. 
  12. ↑ 12.0 12.1 "Apptio prices stock at $16 in IPO". 2016-09-22. http://www.seattletimes.com/business/technology/apptio-sets-ipo-stock-price-at-16/. 
  13. ↑ Krazit, Tom (2018-11-11). "Vista Equity Partners to pay $1.9 billion in private-equity deal for Apptio". GeekWire. https://www.geekwire.com/2018/report-vista-equity-partners-poised-pay-1-9-billion-private-equity-deal-apptio/. Retrieved 2018-11-12. 
  14. ↑ Tom Krazit (February 2, 2018). "Apptio acquires former VMware spinoff Digital Fuel for $42.5M". https://www.geekwire.com/2018/apptio-acquires-former-vmware-spinoff-digital-fuel-42-5m/. 
  15. ↑ 15.0 15.1 Malik, Yuvraj (June 26, 2023). "IBM to buy software co Apptio for $4.6 bln to bolster cloud offerings". Reuters. https://www.reuters.com/markets/deals/ibm-acquire-software-firm-apptio-46-bln-2023-06-26/. 
  16. ↑ 16.0 16.1 Geraldo, Renata (2023-08-14). "Tech giant IBM finishes $4.6 billion acquisition of Bellevue firm" (in en-US). The Seattle Times. https://www.seattletimes.com/business/technology/tech-giant-ibm-finishes-4-6-billion-acquisition-of-bellevue-firm/. 
  17. ↑ Kugiya, Hugo (December 13, 2013). "Paul McLachlan: Winner 2013 Innovator Award". Puget Sound Business Journal. http://www.bizjournals.com/seattle/print-edition/2013/12/13/paul-mclachlan-winner-2013-innovator.html. 
  18. ↑ Cook, John (November 15, 2007). "Repeat Entrepreneur Forms Apptio, Scores $7 Million". Seattle Pi. http://blog.seattlepi.com/venture/2007/11/15/repeat-entrepreneur-forms-apptio-scores-7-million/. 
  19. ↑ Wauters, Robin (August 31, 2010). "Apptio Raises $16.5 million From Andreessen Horowitz, Greylock and Others". TechCrunch. https://techcrunch.com/2010/08/31/apptio/. 
  20. ↑ Coldewey, Devin (March 15, 2012). "Apptio Raises Another $50 Million in Series D Round". TechCrunch. https://techcrunch.com/2012/03/15/apptio-raises-another-50-million-in-series-d-round/. 
  21. ↑ Francis, Hannah (25 March 2014). "Apptio partners with UXC for Australian launch". The Australian. http://www.theaustralian.com.au/business/latest/apptio-partners-with-uxc-for-australian-launch/story-e6frg90f-1226864209015. Retrieved 11 April 2014. 
  22. ↑ Demmitt, Jacob (December 8, 2015). "Apptio Opens its 11th Office With New Engineering Center in Denver". GeekWire. http://www.geekwire.com/2015/apptio-expands-with-new-engineering-center-in-denver/. 
  23. ↑ "Apptio Expands Global Presence with New Office in France". Prnewswire. March 24, 2016. http://www.prnewswire.com/news-releases/apptio-expands-global-presence-with-new-office-in-france-300240147.html. 
  24. ↑ "Apptio Enters into Definitive Agreement to be Acquired by Vista Equity Partners for $1.94 Billion - Apptio" (in en-US). https://www.apptio.com/company/news/press-releases/apptio-enters-into-definitive-agreement-to-be-acquired-by-vista-equity-partners-for-1-94-billion/. 
  25. ↑ "Apptio buys Cloudability for cloud cost optimization". https://www.techtarget.com/searchcloudcomputing/news/252463539/Apptio-buys-Cloudability-for-cloud-cost-optimization. 
  26. ↑ "Apptio opens first Centre of Excellence in India to help fuel digital transformation". August 22, 2019. https://www.thenewsminute.com/article/apptio-opens-first-centre-excellence-india-help-fuel-digital-transformation-107680. 
  27. ↑ "LeanIX Announces Technology Partnership with Apptio to Deliver Key Data Analytics for IT Spending". 5 May 2020. https://www.businesswire.com/news/home/20200505005118/en/LeanIX-Announces-Technology-Partnership-Apptio-Deliver-Key. 
  28. ↑ Maria Deutscher (February 11, 2021). "Apptio acquires Targetprocess to help enterprises plan IT investments". https://siliconangle.com/2021/02/11/apptio-acquires-targetprocess-help-enterprises-plan-investments/. 
  29. ↑ "Apptio Unifies Product Experience to Support Digital-First Strategies". April 6, 2021. https://www.yahoo.com/?err=404&err_url=https%3a%2f%2fwww.yahoo.com%2fnow%2fapptio-unifies-product-experience-support-215700855.html. 
  30. ↑ "Apptio Opens New Product Innovation Center in Poland to Attract Top Tech Talent". August 10, 2021. https://markets.businessinsider.com/news/stocks/apptio-opens-new-product-innovation-center-in-poland-to-attract-top-tech-talent-1030713802. 
  31. ↑ "Apptio teams up with Microsoft to provide end-to-end visibility on the cloud". December 28, 2021. https://backendnews.net/apptio-teams-up-with-microsoft-to-provide-end-to-end-visibility-on-the-cloud/. 
  32. ↑ "Apptio and IBM Announce Collaboration to Help Accelerate Enterprise Transformation". October 12, 2021. https://www.hpcwire.com/off-the-wire/apptio-and-ibm-announce-collaboration/. 
  33. ↑ 33.0 33.1 "Apptio US SEC S-1 Registration Statement". Blog post. Apptio. https://www.sec.gov/Archives/edgar/data/1419625/000119312516693063/d76087ds1.htm. 
  34. ↑ "S-1". https://www.sec.gov/Archives/edgar/data/1419625/000119312516693063/d76087ds1.htm. 
  35. ↑ Parkhurst, Emily (6 June 2013). "Apptio CEO: We want to be the next Pacific NW tech icon". Puget Sound Business Journal. http://www.bizjournals.com/seattle/blog/techflash/2013/06/apptio-ceo-we-want-to-be-the-next.html. Retrieved 20 March 2014. 
  36. ↑ "The Forrester Wave™: Cloud Cost Management And Optimization, Q4 2020". https://www.forrester.com/report/the-forrester-wave-cloud-cost-management-and-optimization-q4-2020/RES157473. 
  37. ↑ "Past Stevie® Winners and Finalists". https://stevieawards.com/search-past-winners-and-finalists?site_type=&year=2021&company_name=apptio&award=&nomination_title=&country=&category_group=&state=&category=&city=&submitted_by=&industry=&items_per_page=10. 
  38. ↑ "Gartner Magic Quadrant for Cloud ERP for Product-Centric Enterprises". https://www.gartner.com/en/documents/4005091. 
  39. ↑ "Gartner Magic Quadrant for Enterprise Agile Planning Tools". https://www.gartner.com/en/documents/4013976. 

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