Citrix Systems (CTXS) Chairman Joins Leading Cloud Corporate Performance Management Company
PALO ALTO, CA -- (Marketwired) -- Adaptive Insights, the worldwide leader in cloud corporate performance management (CPM) and business intelligence (BI) for the biggest brands and the hottest companies, today announced the appointment of Thomas F. Bogan as Chief Executive Officer. This appointment comes at the close of a banner year for Adaptive. Bogan's deep experience scaling high-growth enterprise software companies is the perfect complement to fuel Adaptive's next phase of expansion and innovation.
Bogan joins the company with a 25-year track record of success in building and growing large enterprise and cloud software companies. As President and COO of Rational Software, Bogan grew the business to $750 million in revenue prior to its acquisition by IBM. As investor, mentor and board member, he has also helped to scale high-velocity cloud software companies such as Rally Software (RALY), Apptio, and Acquia. Bogan currently serves as Chairman of the Board of Citrix Systems (CTXS), a $3 billion software company that includes a $600 million SaaS applications division. A former partner with venture capital firm Greylock Partners, Bogan is also a successful investor and former CFO.
"I couldn't be happier to be joining Adaptive," said Bogan. "Adaptive had the vision to bet early on that the CPM landscape could be reshaped by a cloud-based solution, providing new opportunities both to Excel users and companies that still relied on legacy on-premises solutions. That bet is paying off, as finance and management teams everywhere now rely on Adaptive to make faster, better-informed decisions. It's exciting to see how Adaptive is revolutionizing the way businesses are managed on a global scale."
He added, "I look forward to working together with the team to build an enduring company -- one that is ultimately measured by both revenue and relevance. There are only a handful of highly-successful software companies that have this opportunity, and I believe Adaptive is poised to become one of them."
"By hiring a former CFO, and veteran leader of Tom's caliber, we are fortunate to have a CEO who intuitively understands our customers, appreciates the value of a partner ecosystem, and is known for developing great employee teams," shared Rob Hull, Founder and Chairman of Adaptive Insights. "As we ready for the next stage of growth, I'm confident that Tom will guide Adaptive to punch through any growth and scaling obstacles to keep us on the fast track of success and value creation."
Bogan's arrival comes on the heels of a record 2014 for Adaptive, with:
- 2,500 active customers, 4x greater than the rest of the cloud CPM competitors combined;
- 100%+ revenue renewal rate including upsells, along with a #1 rating in customer satisfaction by numerous analyst firms; and
- More than 50% YoY bookings growth
Adaptive's investors are some of the leading venture capital firms in enterprise software and cloud computing investing today. They include: ONSET Ventures, Norwest Venture Partners, Information Venture Partners, Bessemer Venture Partners, Cardinal Venture Capital, and Monitor Ventures.
Following are their perspectives on the appointment of Tom Bogan as CEO:
"Adaptive has built an outstanding team that has been able to evolve to the complex demands of a fast-growing company," said Terry Opdendyk, Founder and Partner of ONSET Ventures. "This has been in the company's DNA since it was founded in our conference room. We know that Tom will help it realize its full potential."
"There is nothing more fundamental to a company's success than financial and operational management, and Adaptive Insights is truly delivering on its promise to transform financial forecasting models," said Sergio Monsalve, Partner at Norwest Venture Partners, a global, multi-stage venture capital and growth equity investment firm that has partnered with entrepreneurs to build great software businesses for more than 50 years. ?"With the addition of Tom, Adaptive is firmly in the fast lane for its next phase of growth and innovation. It is one of a select few companies that has the right mix of talent, product, and vision to be that next great software business." ??
"With a long history of investing in cloud solutions and performance management software companies, I am excited to see Adaptive tap a veteran technology leader like Tom Bogan as its new CEO," said Robert Antoniades, Co-founder and General Partner, Information Venture Partners. "Tom's experience advancing enterprise software companies is exactly what the company needs for this stage along its rapid growth trajectory."
"At Bessemer, we've evaluated thousands of cloud businesses over the years," said Byron Deeter, Adaptive board member and Partner at Bessemer Venture Partners, a leading venture firm with investments in cloud companies such as Box, Cornerstone OnDemand, DocuSign, Eloqua, LinkedIn, and Skype. "Adaptive Insights embodies all the ingredients of a hot cloud company: hyper-growth, product innovation, and a very satisfied (and fast-growing) customer base. With Tom Bogan at the helm, their future shines even brighter."
About Adaptive Insights
Adaptive Insights is the worldwide leader in cloud corporate performance management (CPM) and business intelligence (BI). Via its software as a service (SaaS) platform, the company offers capabilities for budgeting, reporting, consolidation, dashboards, and business intelligence that empower finance, sales, and other business leaders with insight to drive true competitive advantage. The Adaptive Suite is sold direct or is available through Adaptive's robust cloud CPM channel ecosystem of 200+ partners, including Accenture, Armanino, Cohn Reznick, Intacct, KPMG, McGladrey, and Plex Systems. NetSuite also offers Adaptive Insights as its NetSuite Financial Planning Module.
More than 2,500 companies in 85 countries use Adaptive Insights. These range from mid-sized companies and nonprofits to large corporations, including AAA, Boston Scientific, CORT, Konica Minolta, NetSuite, Philips, and Siemens. Adaptive Insights is headquartered in Palo Alto, Calif. For more information, visit www.AdaptiveInsights.com, read our Adaptive Insights Blog, and follow Adaptive on LinkedIn, Twitter, Facebook, and YouTube.
Contacts: Derek Kober Adaptive Insights 650-810-2486 [email protected] Gina Giachetti Highwire PR 415-963-4174 ext. 17 [email protected]