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.
 | |
| Company type | Subsidiary |
|---|---|
| Nasdaq: APTI | |
| Industry | Computer software IT services |
| Founded | 2007 |
| Founders |
|
| Headquarters | , United States |
Area served | Worldwide |
Key people | |
| Products | Business 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 |
|
| Website | www |
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
External links
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