Apptio Named to 2011 TiE50 List of Promising Startups
Leading Provider of Technology Business Management Software Joins Elite List of Most Promising Companies
SEATTLE, WA--(Marketwire - May 9, 2011) - Apptio, the leading provider of on-demand Technology Business Management (TBM) solutions, today announced that the company has been recognized as a recipient of The Indus Entrepreneur 50 (TiE50) award, an elite list honoring this year's most promising companies. The TiE50 were selected based on business model, IP value and leadership. Competing against more than 1600 nominated companies from the software, Internet, mobile, energy, and life sciences industries, Apptio joins past award TiE50 winners including Mint.com, Xobni and Splunk. Being named to the TiE50 marks the third award for the company this month, as Apptio's CEO, president and co-founder, Sunny Gupta, was recently named the Seattle 2.0 Startup CEO of the Year and is currently an Ernst & Young Entrepreneur of the Year Pacific Northwest finalist.
"The TiE50 is a prestigious honor that validates our company's mission, outstanding leadership, strong financial position and vast market potential," said Sunny Gupta, co-founder, president and CEO of Apptio. "Apptio joins a group of highly successful companies, many of which have experienced exceptional growth and notable accomplishments over the years. This recognition further fuels our passion to provide CIOs with solutions that transform the business of IT."
Backed by Andreessen Horowitz, Cisco, Greylock Partners and others, Apptio was founded in 2007 to help CIOs manage the business of IT. The company's TBM solution 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. The company has seen revenue growth of more than 300 percent over the past year, signing Fortune 1000 companies such as Bank of America, Boeing, Clorox, Facebook, JPMorgan Chase, Microsoft, Northrop Grumman and Starbucks.
"TiE50 companies this year again represented an extraordinary set of ideas, innovation, and business opportunities," said Ram K. Reddy, chair of the TiE50 2011. "Since its inception two years ago, 94 percent of TiE50 companies have been funded, attracting over $20 billion in investments. Forty-two companies have already exited."
Apptio and the other TiE50 winners will be honored at TiEcon on May 13-14, 2011 in Santa Clara, CA. The full list of 2011 TiE50 winners is available at http://www.tie50.net/TiE50Awards/2011Winners_List.asp.
Apptio is the leading provider of SaaS-based 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 drive chargeback, virtualization, cloud and other key technology initiatives. Global enterprise customers including Bank of America, Boeing, Cisco, Clorox, Facebook, JPMorgan Chase, Microsoft, Northrop Grumman, Procter & Gamble, St. Luke's Health System, and Swiss Re rely on Apptio to manage more than $50 billion in annual IT spend. For more information on Apptio, please visit http://www.apptio.com or the Lean IT blog at http://leanit.apptio.com/.
Barokas PR for Apptio