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Adaptive Planning gets Salesforce seal of approval (money)

Seal-of-approval

Corporate performance management (CPM) company Adaptive Planning just got some valuable market validation.

The Palo Alto, Calif.-based company extended the $45 million funding round it raised in May to a few additional investors, including Salesforce.com and former Oracle CFO Jeff Epstein, Adaptive Planning announced Wednesday morning.

In a call with VentureBeat last night, Adaptive Planning CEO John Herr declined to disclose the amount of new investment. It’s more about strategy than capital, he said.

“Salesforce means a lot,” said Herr. “It’s a very powerful brand on Main Street.”

Epstein, meanwhile, is now a senior advisor to Adaptive. Epstein has helped Adaptive develop its business and build a community of chief financial officers, said Herr.

Adaptive Planning offers a suite of cloud-based software for budgeting, planning, forecasting, and data discovery. It has more than 1,800 customers, from very small businesses to major enterprises like Coca-Cola, Nissan, and Toyota.

It competes with solutions from Oracle, IBM, and SAP, but its cloud-based offering and strong partner network have made it a leader in the CPM space.

Adaptive Planning’s software is available on Salesforce’s AppExchange.

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