Back in 2009, Apptio was famed venture capital firm Andreessen Horowitz’s first investment. Today Apptio announced closing a $45 million fifth round of funding, bringing the company’s total to $136 million.
Apptio’s software is used by businesses to manage their IT systems and services. Its Technology Business Management (TBM) solutions monitor financial and operational data about IT and technical customer support to provide added transparency and cost-efficiency.
IT systems are complicated and expensive. Developments in computing, such as the migration to the cloud, have changed the way businesses structure their IT systems. With these shifts comes the need to gain an understanding of how the various products, services, resources, and assets are being used. Apptio gathers and analyzes data about IT system performance so businesses can make data-driven decisions and get the most out their IT investments.
Apptio has subscriptions from 29 of the Fortune 100 companies and has more than 125 global enterprise customers, including Boeing, Royal Bank of Scotland, Safeway, Target, and Xerox. This financing will support Apptio’s accelerating growth and expand its international presence. New investors Janus Capital and the Hillman Company led this round, with participation from existing investors Andreessen Horowtiz, Grelock Partners, Madrona Venture Group, Shasta Ventures, and accounts managed by T.Rowe Price Associates. The company closed its $50 million Series D last March.
“Apptio has everything we like to see in investments — a big market with a significant problem,” Ben Horowitz said to VentureBeat about the 2009 investment. “The way companies get information about modern IT is extremely broken, and they’ve built a terrific product to address that.
Apptio was founded in 2007 and is based in Bellevue, Washington.