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Apptio Announces Acquisition of Targetprocess
With the acquisition, the planned integration of Apptio and Targetprocess will enable organizations to align their portfolio, product management, and software delivery teams with a single source of truth.
FREMONT, CA: Apptio, the leading provider of technology business management (TBM) solutions that help organizations analyze, optimize, and plan technology spend, announced the completion of the acquisition of Targetprocess, a leading Agile portfolio and work management solution.
Founded in 2004, Targetprocess empowers organizations to plan, track, and prioritize work from the strategic portfolio of projects and products to the software delivery team. It was named a Leader in Gartner's Magic Quadrant for Enterprise Agile Planning Tools, 2020, and recognized as a Strong Performer in Forrester's Value Stream Management Solutions Wave for Q3 2020.
The acquisition of Targetprocess builds on Apptio's robust platform and reinforces its position as a market-leading provider of solutions that offer a holistic view of technology investments across on-premise, cloud, and development resources. It will allow customers to make smarter decisions about their technology investments and optimize the delivery of those investments.
"COVID-19 has forced every organization to be digital first – enterprises are moving from waterfall project to product delivery so they can deliver continuously for faster innovation. Agile represents an incredibly powerful set of software development practices but its dynamic and continual nature leads to complex challenges in understanding value, optimizing, and planning resources and measuring financials," said Scott Chancellor, Chief Product and Technology Officer at Apptio. "As a result of the large-scale shift to remote working in the past year, it is more important than ever to solve these challenges in order to enable distributed teams to work together as efficiently as possible in pursuit of business objectives. Through this acquisition, Apptio will help our customers accelerate their Agile transformation through effective portfolio management and financial governance."
The rebranded Apptio Targetprocess will deliver critical insights on a common platform, enabling customers to accelerate their Agile transformations, manage demand and resource capacity to reduce costs, and track the business value of investments through the enterprise.
Apptio Targetprocess will bring together Apptio's proven IT financial management applications and Targetprocess's SAFe-aligned solution to create a differentiated offering that will deliver more value through transparency, greater business agility, and a more robust and more accountable partnership with the business.
This marks Apptio's fourth acquisition since going private with Vista Equity Partners in 2019, demonstrating its continued commitment to strengthening its platform to help organizations of all sizes drive optimal financial management across their business.