Tidemark Accomplishes Record Quarter in Financial and Customer Growth
New Strategic Investor Added
REDWOOD CITY, Calif., June 16, 2015 /PRNewswire/ -- Tidemark, maker of modern cloud business planning and enterprise analytics apps, today announced it achieved record growth in customer and financial performance during the first three months of its fiscal year, the company's strongest quarter to-date. As a result, Tidemark embarked on a series of initiatives designed to accelerate the company's evolution and international expansion. With demand rising in North American and the Europe, Middle East and Africa (EMEA) region, Tidemark opened three new offices in the United Kingdom, France and the Netherlands. In addition, the company closed another round of funding and added a new strategic investor in Workday, Inc. (NYSE: WDAY), a leader in enterprise cloud applications for finance and human resources. Existing investors Greylock Partners, Andreessen Horowitz, Redpoint Ventures, Tenaya Capital, and Silicon Valley Bank all participated in the latest fund raise of $25 million.
Tidemark's first quarter of its Fiscal Year 2016 was a monumental period for the company, driven by demand among enterprises seeking unification of financial and operational data. Tidemark saw more than 4x growth in revenue when compared to Q1 of the previous year, and more new customers than any quarter in its history. These include large brands like La Quinta Hotels, multinational corporations like Veolia Environnement, as well as high-growth companies like Zuora. Contract size based on total users was also up significantly in the company's record-setting quarter.
As the new era of enterprise performance management (EPM) takes shape, large brands in several geographies sought out Tidemark for its big data finance, data visualization and predictive analytics capabilities. They are using these advanced technologies to integrate information from different departments and systems like CRM, ERP and HCM into one environment for real-time decision-making. This provides an opportunity for all departments within each company to gain insights about the business in ways they never have before, model multiple business scenarios, forecast growth and roll-out collaboratively built plans across each company.
"Tidemark has been fortunate to work very closely with Workday since our inception, and we're very excited to forge an even deeper partnership with the company," said Christian Gheorghe, Founder and CEO of Tidemark. "We're grateful to work with investors who believe in our vision, and who can help us align our new resources for growth."
With over $100 million in total funding, Tidemark is set to deliver faster implementations and packaged financial planning and analysis (FP&A) processes as the office of the CFO is undergoing a digital transformation. The series of initiatives also include a strategic framework that puts an emphasis on building its global ecosystem of alliances, as more than ten new partners are set to distribute and implement the fast growing company's award-winning platform and portfolio of apps. Partners include Gibbs Marshall, CGI, Snyertrade and more.
"Business is under continuous pressure to perform and new innovations from Tidemark are delivering the next generation of performance management that helps align plans to goals," said Mark Smith, CEO of Ventana Research. "Tidemark continued investment into its products and customers and innovations using cloud computing and analytics help business be more agile and timely in its actions are essential. Tidemark is helping organizations replace the legacy and past of applications that are not able to keep pace with business and take too much time and resources to manage."
Tidemark also continued bringing new innovations to market with the release of the industry's first financial planning & analysis (FP&A) app specifically designed for Subscription Commerce. Leading industry analysts from Ventana Research, Gartner, Inc. and Forrester Research have all recognized Tidemark for its unique and innovation solutions for EPM in 2015.
About Tidemark
Tidemark is a new breed of enterprise performance management (EPM) software with its modern cloud and mobile-first design. Innovative brands like Netflix, Chiquita, BlackBerry, Brown University, and HubSpot rely on the Tidemark platform and advanced analytics cloud to sharpen decision-making, reduce risk and improve business performance. Using Tidemark's unique, intuitive apps, decision-makers across the organization gain access to valuable data, deep analytics capabilities, real-time collaboration, and actionable visualizations from any device. Tidemark has offices throughout North America and Europe and is funded by Greylock Partners, Andreessen Horowitz, Redpoint Ventures, Tenaya Capital, and Silicon Valley Bank. To learn more about Tidemark, please visit www.tidemark.com or follow us on Twitter @TidemarkEPM.
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