PALO ALTO, CA--(Marketwired - Jul 25, 2016) - Adaptive Insights, the only pure-play cloud vendor to be named a leader in strategic cloud corporate performance management (CPM), today announced that the Business Intelligence Group (BIG) has honored Adaptive Insights' Founder and Chairman Rob Hull with a 2016 Stratus Award, naming him Cloud Executive of the Year. In its annual Stratus Awards, BIG sought to identify the companies, products, and individuals offering unique solutions that take advantage of cloud technologies.
Hull founded Adaptive Insights in 2003 with a vision to develop a SaaS-based solution that could be used by modern finance leaders to maximize business performance. His primary goals were to ensure that the solution was easy to use, easy to deploy and eliminated the need for IT. Under Hull's guidance, Adaptive Insights has pioneered new product, business model and go-to-market strategies that have revolutionized how businesses manage the financial planning and analysis (FP&A) function. Today, Adaptive Insights' solutions are in use by more than 3,000 customers -- three times that of its closest cloud competitor -- in 85 countries across the globe.
"This award distinguishes Rob's leadership and pioneering vision, while underscoring the pivotal role that cloud CPM solutions play in enabling businesses to achieve maximum corporate performance," said Byron Deeter, partner at Bessemer Venture Partners. "Over a decade ago, Rob had a vision that finance teams could be far more strategic and collaborative if they simply had better FP&A software solutions. Today, that vision comes to fruition every day with thousands of organizations that manage their corporate performance and create value using Adaptive Insights."
Growing Momentum and Maturity in Cloud CPM
Further underscoring the growing preference and maturity of cloud-based CPM solutions, Adaptive Insights software has received top placement alongside traditional on-premises vendors in industry analyst reports.
Adaptive Insights emerged for the first time in the Leaders Quadrant of the Gartner 2016 Magic Quadrant for Strategic CPM Solutions report. This is the first year that a cloud-only vendor has been placed in the Leaders Quadrant of the Gartner Strategic CPM report.* Further momentum is expected in the cloud CPM market as CFOs continue to express their desire to implement SaaS solutions. According to Adaptive Insights' CFO Indicator Q1 2016 survey, CFOs report that 33% of their IT infrastructure is SaaS today, and expect SaaS to comprise 60% of their infrastructure by 2020.
"Congratulations to Rob and Adaptive Insights for helping accelerate adoption of the cloud and for working to transform the finance team into a group of strategic business collaborators that can significantly and positively impact business performance," said Russ Fordyce, Managing Director of the Business Intelligence Group. "The cloud is dominating the technology industry and we foresee that trend continuing to grow."
About the Magic Quadrant
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About Business Intelligence Group
The Business Intelligence Group was founded with the mission of recognizing true talent and superior performance in the business world. Unlike other industry and business award programs, business executives -- those with experience and knowledge -- judge the programs. The organization's proprietary and unique scoring system selectively measures performance across multiple business domains and then rewards those companies whose achievements stand above those of their peers.
About Adaptive Insights
Adaptive Insights is the leader in cloud corporate performance management (CPM). Via its software as a service (SaaS) platform, the company offers capabilities for budgeting, forecasting, reporting, consolidation, dashboards, and analytics that empower finance, sales, and other business leaders with insight to drive true competitive advantage. The Adaptive Suite is sold direct or is available through Adaptive Insights' robust cloud CPM channel ecosystem of 200+ partners, including Accenture, Armanino, BDO, CohnReznick, Intacct, KPMG, McGladrey, Plex Systems, and Workday. NetSuite also offers Adaptive Planning as its NetSuite Financial Planning Module.
More than 3,000 companies in 85 countries use Adaptive Insights. These range from midsized companies and nonprofits to large corporations, including AAA, Boston Scientific, CORT, Epcor, NetSuite, Philips, P.F. Chang's, and Siemens. Adaptive Insights is headquartered in Palo Alto, Calif. For more information, visit www.AdaptiveInsights.com, the Adaptive Insights Blog, and follow Adaptive Insights on LinkedIn, Twitter, Facebook, and YouTube.
*Gartner, "Gartner, Magic Quadrant for Strategic Corporate Performance Management Solutions," by Christopher Iervolino and John E. Van Decker, May 31, 2016.