BELLEVUE, Wash., Oct. 3, 2018 /PRNewswire/ -- Apptio, Inc. (NASDAQ: APTI), the business management system of record for hybrid IT, today announced it has completed the acquisition of FittedCloud, Inc., a provider of machine learning-based cloud optimization software. With this acquisition, Apptio will broaden its existing public cloud analytics with deep insights into cloud utilization, right-sizing and spending recommendations.
"Apptio is known for its unique ability to provide visibility, optimization, benchmarking and planning capabilities for corporate technology spending across multicloud and on-premises environments," said Sunny Gupta, CEO of Apptio. "FittedCloud's anomaly detection and adaptive learning algorithms analyze millions of lines of utilization data from public cloud services to predict and optimize utilization in real-time. This differentiated technology combined with Apptio's existing multicloud and hybrid business management applications will provide increased value to our customers and make it easier for them to manage the complex world of hybrid IT."
"We built FittedCloud knowing that a significant percentage of all public cloud spend is wasted because existing cloud cost management solutions rely on humans to parse spend and utilization data," said Prakash Manden, co-founder of FittedCloud. "Our patented solution was designed to solve this very hard problem through machine learning and automation. We're thrilled to apply our success to Apptio's extended suite of cloud and Hybrid business management applications."
Boston-based FittedCloud was founded in 2015 by a veteran team of engineers dedicated to solving one of the toughest problems in public cloud management. The company was recently recognized as an IDC Innovator in Data Services for Hybrid Cloud. In the future, FittedCloud's technology will be deeply integrated into Apptio's suite of SaaS applications.
Although FittedCloud is an important acquisition that strengthens Apptio's capabilities, the acquisition is not material from a financial reporting perspective. More detail on this news will be provided during Apptio's 3rd quarter earnings conference call.
Apptio (NASDAQ: APTI) is the business management system of record for hybrid IT. We transform the way IT runs its business and makes decisions. With our cloud-based applications, IT leaders manage, plan and optimize their technology investments across on-premises and cloud. With Apptio, IT leaders become strategic partners to the business by demonstrating value of IT investments, accelerate innovation and shift their technology investments from running the business to digital innovation. Hundreds of customers choose Apptio as their business system of record for hybrid IT. For more information, please visit www.Apptio.com.
This release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 and the Private Securities Litigation Reform Act of 1995. These forward-looking statements include statements regarding the potential benefits of our acquisition of FittedCloud, Inc. to us, our customers and FittedCloud's customers and the successful integration of FittedCloud and its technology into our business and products. Forward-looking statements are subject to known and unknown risks and uncertainties and are based on potentially inaccurate assumptions that could cause actual results to differ materially from those expected or implied by the forward-looking statements, including, among others, our ability to successfully integrate FittedCloud technology into ours, as well as those risks and uncertainties included under the caption "Risk Factors" and elsewhere in our filings with the U.S. Securities and Exchange Commission, including, without limitation, the Form 10-Q filed with the SEC on August 3, 2018. All information provided in this release is as of the date hereof, and we undertake no duty to update this information unless required by law.