REDWOOD CITY, Calif. and IRVING, Texas, May 18, 2015 /PRNewswire/ -- Tidemark, maker of modern cloud business planning and enterprise analytics apps, and La Quinta Holdings Inc. (NYSE: LQ) today announced the two companies are working together to enhance La Quinta's financial planning and analysis (FP&A) environment with next-generation, mobile-first apps from Tidemark.
La Quinta, which owns, operates and franchises more than 870 hotels in North and Central America, has been the fastest-growing select-service hotel brand among its main competitors in the United States over the past ten years, based on data provided by hotel market benchmark service STR. Additionally, the company has significant embedded growth opportunity with a pipeline of more than 200 franchise hotels. Deploying Tidemark will provide La Quinta with an enhanced FP&A system that is accessible to managers on-demand and will provide finance executives with additional insights into operating results while continuing to drive the chain's performance in key financial metrics.
A strategic decision to move to a more robust, cloud-based FP&A solution led the company to conduct extensive proof-of-concept evaluations of several platforms. La Quinta chose Tidemark based on its intuitive, mobile-first user experience and superior scalability – both key requirements for extending the hotel brand's financial planning processes to managers throughout La Quinta.
"La Quinta has an exciting future of growth and expansion and we wanted an enhanced financial planning system that is capable of growing with us," said Keith Cline, executive vice president and chief financial officer, La Quinta. "Tidemark offers a more comprehensive approach to our planning, budgeting and forecasting process that allows us to better analyze our data. After evaluating Tidemark against several competitors, we determined that Tidemark's solution best fits our needs."
"Tidemark is a perfect fit for La Quinta's lean and efficient IT strategy," said Vivek Shaiva, executive vice president and chief information officer, La Quinta. "Tidemark's impressive ability to scale allows us to accommodate our corporate growth. Users everywhere have access to the application, securely on any device. Tidemark's model aligns well with our existing cloud-based strategy."
"It's thrilling to see a fast-growing organization like La Quinta adopt Tidemark's modern, born-in-the-cloud FP&A platform – and not just to handle core planning tasks, but to explore brand new ways to optimize financial performance," said Christian Gheorghe, founder and CEO, Tidemark. "La Quinta is the embodiment of Tidemark's vision to enable companies to run in the now and impact the future."
About La Quinta
La Quinta Holdings Inc. (LQ) is a leading owner, operator and franchisor of select-service hotels primarily serving the upper-midscale and midscale segments. The Company's owned and franchised portfolio consists of more than 870 properties with approximately 86,700 rooms located in 47 US states, Canada, Mexico and Honduras. These properties operate under the La Quinta Inn & Suites™, La Quinta Inn™ and LQ Hotel™ brands. La Quinta's team is committed to providing guests with a refreshing and engaging experience. For more information, please visit: www.LQ.com.
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.