Apptio is a Bellevue, Wash.-based company founded in 2007 that develops technology business management software as a service applications. Apptio enterprise apps are designed to enable the assessment of IT service costs and communicate those costs to corporate leaders for planning, budgeting and forecasting purposes. The tools help CIOs run the technology departments as a business, tracking storage, cloud usage, applications, energy usage, cybersecurity, telecommunications, and reporting obligations.
In 2009, the company was the first investment for Silicon Valley venture capital firm Andreessen Horowitz. The company has approximately 325 customers, including small companies as well as corporations such as Bank of America, Metlife, Cisco, Microsoft, Starbucks, JPMorgan Chase, Goldman Sachs, Boeing, Target, Xerox, Coca-Cola and DirecTV.
The company was founded in 2007 by Sunny Gupta, Kurt Shintaffer and Paul McLachlan. Prior to founding the company, Gupta and Shintaffer worked together at iConclude before it was purchased by Opsware in 2007. In November 2007, the company received $7 million in funding from Madrona Venture Group and Greylock partners while it was operating in stealth mode. Apptio raised an additional $14 million dollars in Series B funding from the newly formed Andersson Horrowitz fund in 2009. In 2010, the company raised an additional $16.5 million in Series C funding led by Shasta Ventures, with participation from previous investors. In March 2012, the company raised an additional $50 million in Series D funding to continue scaling, hiring and expanding its services. In 2013, Apptio raised an additional $45 million in Series E funding, bringing its total raised to $136 million from firms including Greylock Partners, Madrona Venture Group, Janus Capital and T. Rowe Price.
In March 2014, Apptio opened offices in Sydney and Melbourne, Australia. In 2015, the company announced that it was adding an office in Denver. Apptio added another international office in March 2016, when it announced it would open an office in Paris, France.
On September 23, 2016, Apptio raised $96 million with its IPO.
Apptio founded the Technology Business Management Council in 2012, a non-profit organization that had over 2,900 CIOs and other senior IT leaders by 2014. It was reported by the Puget Sound Business Journal that the council “aims to help IT departments run like businesses by setting standards and best practices” . The council held its first conference in November 2013.