Apptio, which offers enterprise SaaS for managing IT and operations to large companies looking to stay abreast of the latest advances, has raised yet more money from a familiar roster of investors. This $50 million round, their fourth, was led by “certain investment strategies” at T. Rowe Price Associates, Inc., augmented by continuing investment from Andreessen Horowitz, Greylock Partners, Madrona Venture Group and Shasta Ventures.
This brings their total funding raised to $91 million since their Series A in 2007 with Greylock and Madrona.
A slight change in the lineup saw board member Tom Bogan appointed as Chairman, and the company hired over a hundred people in 2011; they now employ 250 people.
The press release also reveals that the company has passed the $100 billion mark in “IT spend under management,” which is to say the combined IT budgets of the many companies they work with. The list of companies includes such major players as Boeing, Facebook, JPMorgan Chase, Microsoft, and Cisco, which is an investor.
No specific use for the new money was mentioned, it is likely to be used for continued scaling, hiring, and the expansion of services being offered.
Apptio is the leading independent provider of on-demand Technology Business Management (TBM) solutions for managing the business of IT. Apptio enables IT leaders to manage the cost, quality and value of IT Services by providing deep visibility into the total cost of IT services, communicating the value of IT to the business through an interactive “Bill of IT,” and strategically aligning the planning, budgeting and forecasting processes. Apptio’s TBM solutions play a critical role in helping companies understand and...