Bellevue-based Apptio has a new logo, a new headquarters and a growing slate of new customers.
But one thing remains the same: The company’s mission to transform the way CIOs manage and monitor IT spending.
Things are going well for the Sunny Gupta-led company, which showed off its new HQ at an open house Thursday night. Located in downtown Bellevue across the street from the Bravern, the new headquarters is a bit symbolic of what’s to come at Apptio. For one, it’s inspired by the Pacific Northwest, featuring restored wood from barns in central Washington.
Secondly, it’s simply big.
The five-year-old company has leased three floors of the Plaza East building, about 60,000 square feet of space. And to fill all of that space, Apptio plans to go on an aggressive hiring spree this year, adding between 100 and 150 people to the 350-strong workforce.
Gupta, who just moved the company into the new building this week, tells GeekWire that they are already about 70 percent full. And the remaining space could evaporate quickly, given that Gupta told employees, customers and partners at last night’s open house that they plan to hire between 100 and 150 employees this year alone.
“Our sense is, before we know it, we are going to be filling this thing out,” said Gupta, who has not been shy in the past about his desire to build Seattle’s next large enterprise software company.
Apptio raised $50 million last year from T. Rowe Price, Madrona Venture Group and others, money that it is now putting to work to scale the business. Apptio boasts more than 125 customers, big names such as Starbucks, JPMorgan Chase and Cisco, which helped grow the company’s revenue by 85 percent last year.
But Gupta, who declares that “Act One of Apptio is now complete,” has much more in store. He said that they’ve established themselves as a leader in technology business management, capturing about 90 percent market share in the niche.
But Gupta says that Act Two “starts now.” And what might that be?
Well, for one, he said that Apptio will expand into new verticals and geographies, including Europe and Asian expansion. There’s also a goal to expand the product to serve smaller customers, which may have the same IT spending problems as the big dogs already using the product. Right now, he said most of the customers using Apptio have IT budgets of more than $50 million, with one of the biggest customers managing an IT budget of more than $6 billion.
“That vision is, how do we take Apptio from its current form to becoming the Salesforce.com of IT. Just as every VP of sales buys Salesforce as their number one software — every IT function, every technologist five years from now will buy Apptio … to run IT.”
Given that big mission, one has to ask if Apptio is headed toward an IPO in 2013. It certainly could be in the cards with venture capitalists valuing Apptio at $600 million during last year’s financing round.
But Gupta, who is certainly swinging for the fences this time, is keeping the IPO plans close to the vest even as investors clamor to get into hot enterprise software deals.
“People say, when are you going to go public and all, and we don’t really talk about that. That’s just a financing event. We are really more excited about how do you build a long-lasting company, which you deliver so much value and change the way CIOs run IT and make it pervasive.”
And, since Gupta is breaking things into acts, what’s Act Three all about? He’s not saying much about that at the moment, other than this one-liner.
“We want to apply what we are doing for IT to other spaces.” Stay tuned. This is one story that will be fun to watch.
Coming up on GeekWire: Find out the story behind Apptio’s new logo and hear Gupta’s secrets for startup success.