Adaptive Planning, a Mountain View, Calif. company that sells a collaborative business performance management software, has raised $7.5 million in financing.

Cardinal Venture Capital led the round, which included previous investors ONSET Ventures and Monitor Ventures

The company sells its software to small and midsized companies. From the statement:

Adaptive Planning’s third round of financing brings its total outside investment to $19 million. As part of today’s news, the company announced that Eric Dunn, general partner of Cardinal Venture Capital, is joining Adaptive Planning’s board of directors along with existing directors Terry Opdendyk of ONSET Ventures, Jerome Engel of Monitor Ventures, and Ken Ross, president and CEO of Seriosity and former president and CEO of Pillar Corporation.

“Our company’s business model successfully leverages the two biggest trends in business software today—software-as-a-service and open source—enabling us to provide unprecedented value to midsized companies worldwide,” said William A. Soward, chief executive officer of Adaptive Planning. “This investment is an affirmation of not only our corporate strategy, but also the sizeable mid-market BPM and BI opportunity that remains untapped.”

Adaptive Planning’s BPM solutions enable companies to move beyond Excel spreadsheets and improve decision making by automating their budgeting, forecasting, and reporting processes. The software provides flexible choices to customers through three different product editions and multiple deployment options. Adaptive Planning Express Edition is a free open source version that delivers entry-level budgeting and forecasting capabilities for departments and teams. Adaptive Planning Corporate Edition and Enterprise Edition are commercially licensed products that provide enhanced features for company-wide budgeting, forecasting, reporting, and analysis, as well as expanded support and indemnification, for an affordable annual subscription. Adaptive Planning can either be accessed as an on-demand, web-based service, or deployed on-site in a company’s datacenter.