Apptio is a Bellevue, Washington-based company founded in 2007 that develops technology business managementsoftware as a service applications. Apptio enterprise apps are designed to assess and communicate the cost of IT services for planning, budgeting and forecasting purposes. Apptio's services offer tools for CIOs to manage technology departments' storage, applications, energy usage, cybersecurity, and reporting obligations. In 2009, the company was the first investment for Silicon Valleyventure capital firmAndreessen Horowitz. The company has approximately 550 customers of various sizes. On November 11, 2018, it was announced that Apptio would be acquired by the private equity firmVista Equity Partners for $1.9 billion.
History
The company was founded in 2007 by Sunny Gupta, Kurt Shintaffer and Paul McLachlan. Prior to founding the company, Gupta and Shintaffer worked together at iConclude before it was purchased by Opsware in 2007. In November 2007, the company received $7 million in funding from Madrona Venture Group and Greylock partners while it was operating in stealth mode. Apptio raised an additional $14 million in Series B funding from the newly formed Andreessen Horrowitz fund in 2009. In 2010, the company raised an additional $16.5 million in Series C funding led by Shasta Ventures, with participation from previous investors. In March 2012, the company raised an additional $50 million in Series D funding to continue scaling, hiring and expanding its services. 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. In March 2014, Apptio opened offices in Sydney and Melbourne, Australia. In 2015, the company announced that it was adding an office in Denver. Apptio added another international office in March 2016, when it announced it would open an office in Paris, France. On September 23, 2016, Apptio raised $96 million with its IPO. On February 2, 2018, Apptio completed the acquisition of Digital Fuel SV, LLC, a provider of IT business management tools. Currently, Apptio has plans to expand their footprint by creating and operating a Tier 1 Center of Excellence in Bengaluru, Karnataka, India. In May 2020, LeanIX revealed technology collaboration with Apptio to include core IT spending data analytics.
Apptio founded the Technology Business Management Council in 2012, a non-profit organization that had over 2,900 CIOs and other senior IT leaders by 2014. 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". The council held its first conference in November 2013.
Awards
In 2012, CEO Gupta was among Ernst & Young's "Entrepreneur of the Year" award winners.
