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Adaptive Insights Announces Ron Codd, Former CFO of PeopleSoft and Board Member of Many Successful Public Companies, as New Investor and Senior Advisor
|By Marketwired .
|May 7, 2014 01:50 PM EDT
PALO ALTO, CA -- (Marketwired) -- 05/07/14 -- Adaptive Insights, the worldwide leader in cloud-based business and financial analytics solutions for companies and nonprofits of all sizes, today announced that Ron Codd, former CFO of PeopleSoft, has joined the company as a new investor and Senior Advisor.
Ron currently serves on the board of directors of some of the hottest IPOs in recent years, including Adaptive Insights customers FireEye and Rocket Fuel as well as Veeva Systems and ServiceNow. He previously served on the boards of DROBO, SeaMicro, DemandTec, Interwoven, and Agile Software. His extensive IPO experience, as well as his senior financial management track record leading enterprise technology companies, including PeopleSoft, MIPS Technologies, Wyse Technology, and Tandem Computers, will be highly beneficial as he advises Adaptive Insights' colleagues and customers on the best practices for corporate performance management for successful high-growth enterprise companies.
Ron joins other Adaptive investors and advisors who share his high-profile finance background, including Jeff Epstein, former CFO of Oracle, who also recently joined Adaptive Insights as an investor and Senior Advisor. Increasingly, more notable, forward thinking CFO's are embracing technology innovation in the cloud to improve business practices and decision making. Solutions from cloud-based leader Adaptive Insights have become the industry standard, compared to unreliable, error-prone Excel spreadsheets on the low end or costly, cumbersome, IT-intensive legacy on-premise software in the enterprise.
The announcement of Ron Codd as an investor and Senior Advisor extends the exceptional momentum of Adaptive as it continues on its strong growth trajectory. The company recorded 96 percent year over year growth in new software bookings in the first quarter of 2014. Adaptive Insights' product innovations and experienced leadership team are dominating the fast-growing cloud BI and CPM markets, which combined represent a $30+ billion addressable market. The company's leadership position in the industry is validated by consistently ranking as #1 in customer satisfaction and user experience in independent analyst reports, along with more than 2,000 customers in over 85 countries that have successfully implemented solutions from the Adaptive Suite. The company has raised $100 million in funding from premier global venture capital firms.
"We're thrilled to be engaging with Ron Codd as an advisor and investor in Adaptive. He is a long time director and CFO of some of the most recognizable and successful software companies in history, many of which had highly successful exits," said John Herr, CEO of Adaptive Insights. "Most of Ron's board assignments are with top growth companies that run on Adaptive, as are most of the new tech IPO's today. We look forward to continuing to leverage Ron's expertise to build out our thought leadership and customer opportunities with successful high-growth companies and enterprises."
Ron Codd has worked as a corporate director and an independent business consultant since 2002. He served as President, Chief Executive Officer and director of Momentum Business Applications, Inc. from 1999 to 2002. He was also Senior Vice President of Finance and Administration as well as CFO of PeopleSoft, Inc. from 1991 to 1998.
"Adaptive Insights is a disruptive force that has captured a significant leadership position in the cloud business and financial analytics market," commented Codd. "Adaptive is very well positioned, with more than 2000 passionate and committed customers, an extensive and strong partner network, exceptionally high user experience ratings, and the most complete and integrated suite of any cloud CPM provider."
About Adaptive Insights
Adaptive Insights is the worldwide leader in cloud-based business and financial analytics solutions for companies and nonprofits of all sizes. The company's software as a service (SaaS) platform allows finance and management teams to work together to plan, monitor, report on, and analyze financial and operational performance. With capabilities for budgeting, forecasting, reporting, consolidation, dashboards, and business intelligence, Adaptive Insights enables finance, sales, and other business leaders to make better, faster, more collaborative decisions that drive a true competitive advantage.
Adaptive Insights is used by over 2,000 customers worldwide, from midsized companies and nonprofits to large corporations, including AAA, Boston Scientific, CORT, Konica Minolta, NetSuite, Philips, and Vail Resorts. The company is the #1 fastest growing cloud business analytics and CPM software company on the Deloitte Technology Fast 500 list, and ranks #1 in customer satisfaction in independent industry surveys. With customers and partners in over 85 countries worldwide, the company has the strongest channel ecosystem in the cloud CPM space, with worldwide partners including Armanino, Intacct, IntuitiveTek, Plex Systems, SAP, and NetSuite, which offers Adaptive Insights as the NetSuite Financial Planning Module. Adaptive Insights is headquartered in Palo Alto, Calif. and is funded by Bessemer Venture Partners (BVP), Norwest Venture Partners (NVP), Royal Bank of Canada (RBC), ONSET Ventures, Monitor Ventures, and Cardinal Venture Capital.
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