Public | |
Traded as | NASDAQ: APTI |
Industry |
Computer software IT services |
Founded | 2007 |
Headquarters | Bellevue, Washington, United States |
Area served
|
Worldwide |
Key people
|
|
Products | Business Management Applications |
Revenue | $160 million (2016) |
Number of employees
|
700 (2016) |
Website | www |
Apptio is a Bellevue, Wash.-based company founded in 2007 that develops technology business management software as a service applications. Apptio enterprise apps are designed to enable the assessment of IT service costs and communicate those costs to corporate leaders for planning, budgeting and forecasting purposes. The tools help CIOs run the technology departments as a business, tracking storage, cloud usage, applications, energy usage, cybersecurity, telecommunications, and reporting obligations.
In 2009, the company was the first investment for Silicon Valley venture capital firm Andreessen Horowitz. The company has approximately 325 customers, including small companies as well as corporations such as Bank of America, Metlife, Cisco, Microsoft, Starbucks, JPMorgan Chase, Goldman Sachs, Boeing, Target, Xerox, Coca-Cola and DirecTV.
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 dollars in Series B funding from the newly formed Andersson 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.