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
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]
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

  1. ↑ "Leadership". Apptio. Retrieved May 10, 2023.
  2. 1 2 Tony Lystra (January 26, 2021). "How Sunny Gupta led Apptio to a record-breaking end to 2020". Puget Sound Business Journal. Retrieved June 23, 2022.
  3. 1 2 Ovide, Shira (18 November 2013). "IPO Candidate Apptio Adds 3 Public-Company Veterans". WSJ Digits. Retrieved 20 March 2014.
  4. ↑ King, Rachel (15 May 2013). "TBM startup Apptio raises $45M; plans to expand global footprint". ZDNet. Retrieved 20 March 2014.
  5. 1 2 Grant, Rebecca (15 May 2013). "Andreessen Horowitz's first investment Apptio closes $45M fifth round". VentureBeat. Retrieved 20 March 2014.
  6. ↑ Horton, Nick (July 2012). "100 Best Companies to Work For 2012: Large Companies". Seattle Business magazine. Retrieved 20 March 2014.
  7. ↑ Bond, Phillip J. (15 Nov 2014). "A new way to track government spending on technology". The Hill . Retrieved 7 Jan 2014.
  8. 1 2 Ricketts, Camille (19 August 2009). "First Andreessen Horowitz investment, Apptio, raises $14M". Venture Beat. Retrieved 20 March 2014.
  9. 1 2 "Apptio, Inc. Completes Acquisition of Digital Fuel From Skyview Capital". Apptio. Archived from the original on February 3, 2018. Retrieved March 12, 2018.
  10. 1 2 Hesseldahl, Arik (15 May 2013). "Apptio Lands $45 Million Series E From Janus Capital". All Things D. Retrieved 20 March 2014.
  11. 1 2 Dudley, Brier (6 November 2013). "Apptio founder Sunny Gupta on building the region's next big tech company". The Seattle Times. Archived from the original on 13 April 2014. Retrieved 20 March 2014.
  12. 1 2 "Apptio prices stock at $16 in IPO". 2016-09-22. Retrieved 2016-09-23.
  13. ↑ Krazit, Tom (2018-11-11). "Vista Equity Partners to pay $1.9 billion in private-equity deal for Apptio". GeekWire. Retrieved 2018-11-12.
  14. ↑ Tom Krazit (February 2, 2018). "Apptio acquires former VMware spinoff Digital Fuel for $42.5M". GeekWire. Retrieved April 30, 2022.
  15. 1 2 Malik, Yuvraj (June 26, 2023). "IBM to buy software co Apptio for $4.6 bln to bolster cloud offerings". Reuters.
  16. 1 2 Geraldo, Renata (2023-08-14). "Tech giant IBM finishes $4.6 billion acquisition of Bellevue firm". The Seattle Times. Retrieved 2023-08-14.
  17. ↑ Kugiya, Hugo (December 13, 2013). "Paul McLachlan: Winner 2013 Innovator Award". Puget Sound Business Journal. Retrieved May 10, 2017.
  18. ↑ Cook, John (November 15, 2007). "Repeat Entrepreneur Forms Apptio, Scores $7 Million". Seattle Pi. Retrieved May 10, 2017.
  19. ↑ Wauters, Robin (August 31, 2010). "Apptio Raises $16.5 million From Andreessen Horowitz, Greylock and Others". TechCrunch. Retrieved May 10, 2017.
  20. ↑ Coldewey, Devin (March 15, 2012). "Apptio Raises Another $50 Million in Series D Round". TechCrunch. Retrieved May 10, 2017.
  21. ↑ Francis, Hannah (25 March 2014). "Apptio partners with UXC for Australian launch". The Australian. Retrieved 11 April 2014.
  22. ↑ Demmitt, Jacob (December 8, 2015). "Apptio Opens its 11th Office With New Engineering Center in Denver". GeekWire. Retrieved May 10, 2017.
  23. ↑ "Apptio Expands Global Presence with New Office in France". Prnewswire. March 24, 2016. Retrieved May 10, 2017.
  24. ↑ "Apptio Enters into Definitive Agreement to be Acquired by Vista Equity Partners for $1.94 Billion - Apptio" . Retrieved 2021-08-23.
  25. ↑ "Apptio buys Cloudability for cloud cost optimization".
  26. ↑ "Apptio opens first Centre of Excellence in India to help fuel digital transformation". News Minute. August 22, 2019. Retrieved May 6, 2022.
  27. ↑ "LeanIX Announces Technology Partnership with Apptio to Deliver Key Data Analytics for IT Spending". businesswire. 5 May 2020. Archived from the original on 2020-05-27. Retrieved 15 June 2020.
  28. ↑ Maria Deutscher (February 11, 2021). "Apptio acquires Targetprocess to help enterprises plan IT investments". Silicon Angle. Retrieved May 6, 2022.
  29. ↑ "Apptio Unifies Product Experience to Support Digital-First Strategies". Yahoo. April 6, 2021. Retrieved May 6, 2022.
  30. ↑ "Apptio Opens New Product Innovation Center in Poland to Attract Top Tech Talent". Markets Insider. August 10, 2021. Retrieved May 6, 2022.
  31. ↑ "Apptio teams up with Microsoft to provide end-to-end visibility on the cloud". Back End News. December 28, 2021. Retrieved April 30, 2022.
  32. ↑ "Apptio and IBM Announce Collaboration to Help Accelerate Enterprise Transformation". HPC. October 12, 2021. Retrieved April 30, 2022.
  33. 1 2 "Apptio US SEC S-1 Registration Statement". Blog post. Apptio.
  34. ↑ "S-1". www.sec.gov. Retrieved 2016-09-30.
  35. ↑ Parkhurst, Emily (6 June 2013). "Apptio CEO: We want to be the next Pacific NW tech icon". Puget Sound Business Journal. Retrieved 20 March 2014.
  36. ↑ "The Forrester Wave™: Cloud Cost Management And Optimization, Q4 2020".
  37. ↑ "Past Stevie® Winners and Finalists".
  38. ↑ "Gartner Magic Quadrant for Cloud ERP for Product-Centric Enterprises". Gartner. Retrieved May 6, 2022.
  39. ↑ "Gartner Magic Quadrant for Enterprise Agile Planning Tools". Gartner. Retrieved May 6, 2022.
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