Host Analytics, a cloud-based enterprise performance management (EPM) firm, has announced that it has closed $17m in Series D venture financing.
The firm said the proceeds will be used to fuel the company's continued 'rapid' growth, including continued North American and international expansion, and to support growth in the company's strategic partner program.
The company says it recently completed a record 2012 with revenue growth in excess of 90%, and that it won transactions at key customers including WD-40, Spouts Farmers Market, NEC and machine data analysis firm Splunk.
The round was financed by the company's existing investors: Advanced Technology Ventures, Trident Capital, StarVest Partners and Next World Capital.
"The cloud has transformed virtually every other sector in the enterprise software business and that transformation is now hitting the EPM market in full force," said Deborah Farrington, founder and general partner at StarVest Partners. "Host Analytics is the right company in the right place at the right time to lead the market transformation."
Host Analytics provides the industry's only cloud-based suite of EPM applications, the company claims, including financial reporting, planning, budgeting, consolidation and analytics. "With the Host Analytics EPM suite, customers can deploy faster, with increased security and a greatly reduced carbon footprint, at a fraction of the total cost of ownership compared to traditional on-premises alternatives," it says.
"Host Analytics had a stellar 2012, including record sales and customer growth," said Dave Kellogg, CEO at Host Analytics. "This financing will enable us to continue full speed ahead in disrupting the traditional on-premises EPM market with the greatly superior cloud technology and business model. We are in the pole position to become the Salesforce, the SuccessFactors or the Marketo of the EPM space."