Daily News: March 15, 2012

Norwest Venture Partners Leads Venture Financing for Adaptive

Adaptive Planning, a cloud-based corporate performance management solutions provider, announced that it has secured $22 million in new venture financing.

Norwest Venture Partners led the round, with existing investors Cardinal Venture Capital, Clairmont Capital, Monitor Ventures, and ONSET Ventures also participating. Adaptive Planning will use the new capital to accelerate growth in sales and marketing, product development, and new channels and markets.

“We are delighted to have NVP as an investor,” said John Herr, CEO of Adaptive Planning. “We have grown the business rapidly by providing exceptional value and customer satisfaction to mid-sized companies and large corporations, and now serves 27,000 users in over 1,200 organizations globally. The new funding will allow us to scale our direct sales and partner channels worldwide, and to deliver a broad set of new performance management capabilities — across CPM, business intelligence, functional planning and reporting, and more. In addition, NVP is a great firm, and this investment not only validates our vision and leadership, but also underscores the exceptional opportunity ahead.”

As part of the funding, Sergio Monsalve, partner at Norwest Venture Partners, will be joining Adaptive Planning’s board of directors.

Palo Alto, CA-based Norwest Venture Partners, with subsidiaries in India, Israel and Hong Kong, is a global venture and growth equity investment firm that manages more than $3.7 billion in capital.