Apptio

Last updated
Apptio, Inc.
Company type Subsidiary
Nasdaq: APTI
Industry Computer software
IT services
Founded2007;17 years ago (2007)
Founders
  • Sunny Gupta
  • Paul Mclachlan
  • Kurt Shintaffer
Headquarters,
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]
Owner Vista Equity Partners (2019–2023)
Number of employees
1,200 (2020) [2]
Parent
  • IBM (2023–present)
Website www.apptio.com

Apptio, Inc. is a Bellevue, Washington-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.

Contents

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]

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References

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