Accenture Technology Ventures Leads $24 Million Investment in Adaytum
Alliance Expands Business Relationship Between Adaytum and Accenture
MINNEAPOLIS, Sept. 26 -- Adaytum, a leading provider of enterprise business-planning solutions, today announced it has secured a $24 million cash-and- services investment from a group of investors led by Accenture Technology Ventures, the venture capital unit of Accenture, with additional participation from St. Paul Venture Capital, 3i, and Chase H&Q Proceeds from the financing will be used by the company to continue its growth in worldwide sales, marketing, and product development.
Accenture and Adaytum have also formed an alliance to develop and implement a broad range of initiatives to deliver comprehensive business planning solutions worldwide. Under the alliance agreement, Accenture will include Adaytum- focused solutions in its Finance and Performance Management offerings. The two companies will jointly implement business development, product development, and marketing campaigns.
"We are very pleased to provide strong financial and strategic support to Adaytum," said Dean Nichols, a lead partner of Accenture’s Finance and Performance Management Practice. "By bringing the full resources of Accenture to Adaytum, we believe we can help accelerate and improve the enterprise business planning efforts of our joint customers worldwide."
As a part of the investment, Scott Killips, a partner with Accenture Technology Ventures,joined Adaytum’s board of directors. "The Internet and its distributed business models have introduced degrees of flexibility, complexity, and speed into the traditional business planning processes," said Killips. "We believe Adaytum has the right background, management team, and product insights into the potential for enterprise business planning needed to help corporations benefit from these changes, and we look forward to helping Adaytum continue to build its market position.
Adaytum e.Planning Fuels Growth
Adaytum has become a leading player in the rapidly emerging market for enterprise business-planning solutions. Some of its customers include Deluxe Corporation, ABN AMRO Bank, BFGoodrich Performance Materials, 3M, and Amway. Adaytum e.Planning is the company’s flagship product. With modules for participation from analysts, contributors, and administrators, Adaytum e.Planning combines real-time, top-down planning and modeling with workflow- driven bottom-up planning, budgeting, and forecasting information collection.
"The Adaytum success story continues to roll forward," said Guy Haddleton, chief executive officer for Adaytum. "The continued belief and support of our long-time investors -- and now the addition of Accenture Technology Ventures -- are outstanding evidence of the strength, support, and excitement that surround our company. In particular, our expanded partnership with Accenture will give us new levels of expertise and market reach that will be added fuel as we continue to aggressively pursue our mission. We’re delighted to have them playing such an enthusiastic and active role in our company."
Adaytum provides Internet-based enterprise business planning software that allows organizations to plan, track, analyze, and forecast key business activities in a proactive and collaborative manner. The choice of more than 22,000 users in 1,200 pace-setting organizations around the world, Adaytum is headquartered in the U.S., and has offices in the U.K., Canada, Denmark,and Australia, and has 22 distributors worldwide. For more information, please visit www.adaytum.com.
Adaytum and Adaytum e.Planning are trademarks or registered trademarks of Adaytum Software, Inc. All other trademarks or registered trademarks are property of their respective holders.