Cloud Financials Upstart Adaptive Insights Names CFO
Adaptive Insights, a cloud software company that sells software for financial planning, has named a new CFO after a search that began last summer.
The new executive, Jim Johnson, has experience with both private and public companies. Most recently, he was at TIBCO Software, which went private in a $4.3 billion buyout in September 2014. (Johnson left in October.) His resume also includes stints at Veritas Sofware and Sun Microsystems. In addition to his duties as CFO, Johnson will also have responsibility for operations at Adaptive Insights.
Johnson’s appointment, along with the addition of former Citrix CEO Mark Templeton to the Adaptive Insights board, mark two more milestones on the company’s journey toward an initial public offering. Templeton grew Citrix from a $10 million pre-IPO company to a $3 billion public company before retiring last year after 20 years with the company.
When Adaptive Insights disclosed a $75 million fundraiser last June, CEO Tom Bogan indicated the infusion would likely be its last round before testing the public market. He declined to provide any update on timing during a chat with Fortune. “It should take us through cash-flow break even,” Bogan said.
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Johnson was actually a user of Adaptive Insights’ applications, which are focused on corporate budget planning and financial modeling, before he began interviewing for his new job. “I understand the relevance of the market and the problem it’s solving,” Johnson said.
And the addition of Mark Templeton to Adaptive Insights’ board shouldn’t be all that surprising given that Bogan was chairman of Citrix’s board for 10 years, and is currently the lead independent director of the board at Citrix.
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Adaptive Insights is one of several fast-growing companies that sell cloud software for finance teams, along with Tidemark, Host Analytics, Anaplan (which just raised another $90 million), and Workday. As of its last quarter, Adaptive Insights had more than 3,000 customers including Boston Scientific, Coca-Cola, Bridgestone, and Toyota.