Budgeting Software Provider Adaptive Planning Announces
Series B Financing; Names Ken Ross Chairman of the Board of Directors;
Company Also Forms Board of Advisors with Visionaries John Dillon and Leslie
Murdock, Experts in Enterprise Planning and On-Demand Solutions
Mountain View, Calif., (September 15, 2005) - Adaptive
Planning, Inc., the leading provider of on-demand budgeting,
forecasting and reporting applications, today announced it has
secured $5 million in venture capital funding. The Series B
financing, which was led by Monitor Venture Partners, includes
Series A lead investor ONSET Ventures. Jerome Engel, general
partner at Monitor, will join the board of directors. The
company also announced Ken Ross, former president and CEO of
Pillar Corporation, has been named executive chairman of the
board of directors.
Adaptive Planning is a simple solution to a complex and
recurring management problemgetting the management team
meaningfully involved in the setting and monitoring of financial
goals, without placing an undo burden on their time, said
Jerome Engel. As a C.P.A. and former CFO and audit partner in a
Big Four firm, I was immediately impressed by how powerful
Adaptive Plannings on-demand solution is for todays business
environment.
"Mid-market companies are vastly underserved by current
enterprise planning products, said Ken Ross. Adaptive Planning
meets the needs of this growing market with the right set of
features in an affordable, easy-to-deploy solution. This is a
tremendous opportunity to help shape the future of corporate
planning.
Adaptive Planning has also formed an advisory board that
includes John Dillon and Leslie Murdock, recognized experts in
enterprise planning. Dillon and Murdock bring substantial domain
and business model expertise to the company, strengthening
Adaptive Plannings ability to deliver a world class solution.
Adaptive Planning is changing the landscape of the Performance
Management market much like Salesforce.com revolutionized CRM,
said John Dillon. Companies can now get a best-of-breed
budgeting, forecasting and reporting solution delivered over the
web, reducing the risks and costs associated with traditional
Performance Management software.
Engel, Ross, Dillon and Murdock bring substantial expertise to
Adaptive Planning:
- Jerome Engel has a long history of building successful high
potential ventures, both as an entrepreneur and as a venture
investor. In addition to his role at Monitor Venture Partners,
he is also on the faculty of the Haas School of Business at the
University of California at Berkeley where he serves as
Executive Director of the Lester Center for Entrepreneurship &
Innovation, which he founded, and as Chair of the Haas Schools
Entrepreneurship Program,. Engel serves on the board of
directors of Jupiter Systems, MedAmerica and Electrascan.
- Ken Ross is a seasoned software executive and entrepreneur who
pioneered the Performance Management market while at Pillar
Corporation. After growing Pillar into a leading enterprise
budgeting and planning company, Ross engineered its acquisition
by Hyperion (HYSL) in 1995. Most recently, Ross was a general
partner at RRE Ventures, a New York-based venture capital firm
focused on early stage information technology investing, where
he headed the firm's Silicon Valley office. Ross has also held
chief executive positions with Extricity, Documentum and Ross
Systems.
- John Dillon is an experienced technology executive who
established the enterprise Business Performance Management
market as CEO of Hyperion Solutions (HYSL) and Arbor Software.
Dillon also was an early pioneer in the on-demand application
market as the CEO of Salesforce.com. He is currently the CEO of
Navis.
- Leslie Murdock brings proven financial, operational and
strategic advisory services to early-stage and middle market
companies. He was one of the first to recognize the need for
senior level financial consulting services and was founder and
president of Horn Murdock Cole, Silicon Valley, previously
Murdock & Associates.
"The wealth of experience we are gaining by adding these experts
to our team will be a tremendous asset as we build our solutions
for corporate budgeting and planning for mid-market companies,"
said Rob Hull, CEO of Adaptive Planning.
About Monitor Venture Partners
Founded in 2002, Monitor Ventures is an early-stage venture
capital firm that partners with exceptional entrepreneurs to
commercialize technology into world-class products and services
from the ground up. MVP leverages the investment, operating and
entrepreneurial experience of its partners with its privileged
access to the resources of the Monitor Group to accelerate
portfolio companies path to customers, capital and
profitability.
About ONSET Ventures
ONSET Ventures specializes in providing an ideal mix of
start-up, follow-on, and intellectual capital to entrepreneurs
and early-stage technology ventures, to help transform
world-class ideas into sustainable and valuable businesses. The
firm has backed over 100 companies since 1984 and now has more
than $700 million under management.
About Adaptive Planning
Adaptive Planning is the leading provider of on-demand
budgeting, forecasting, reporting and analytics applications.
Adaptive Planning makes it easy for small to mid-size companies
to move beyond spreadsheets to a full-featured planning solution
for 1/5 the cost of traditional enterprise planning
applications. Delivered as a service over the web, Adaptive
Planning includes world class hosting, support, training, and
application upgrades for a low monthly subscription fee.
Adaptive Planning is headquartered in Mountain View, California
and can be reached at 650-528-7500 or www.adaptiveplanning.com.
