REDWOOD CITY, Calif., Aug. 1, 2013 /PRNewswire/ -- Tidemark, the cloud-based enterprise analytics company, today announced significant corporate milestones and momentum, including 250 percent year-over-year growth in the first half of its fiscal year ending July 31, 2013 (1H FY2014). The company's growth was driven by new Fortune 1000 customers across five vertical industries. Enterprises seeking to empower a culture of data-driven performance continue to turn to Tidemark's cloud-based applications. Chiquita, Brown University, Hostess Brands, and Cerner are among the new accounts that have recently joined the Tidemark family of customers. Tidemark is gaining momentum from the rapid time to value experienced by customers, with every customer live within 90 days.
"Legacy vendors, such as Oracle Hyperion, SAP and IBM Cognos are suffocating customers with archaic technology that prohibits getting the right people involved in actively managing the performance of the company," said Christian Gheorghe, Founder and CEO, Tidemark. "The velocity of business and increasing importance of data outside a company's walls have created new challenges that can't be solved by focusing on a few power users who act as the gatekeepers to information. We're excited about the caliber of customers we continue to add to the Tidemark family, and their trust in us to help facilitate the business transformation they are seeking."
While large enterprises continue to invest heavily in business analytics, Gartner estimates that between 70 and 80 percent of all enterprise analytics projects fail. According to Tony Rizzo, Co-founder, Customer Success at Tidemark: "It's not surprising most business analytics projects fail considering it takes nine to twelve months to deploy a legacy analytics system. Our applications, combined with a disruptive implementation approach, enable our customers to bring critical information to all corners of their organization in a fraction of the time."
"Brown sought a partner that could deliver the flexibility we needed in our financial planning process for both high-level planning and detailed budgeting, and meet our aggressive time frame," said Susan Howitt, Associate Vice President for Budget and Planning, Brown University. "Tidemark's strong partnership with Workday, its cloud-based application, and its focus on collaboration as part of financial planning were key factors in our selection process."
"We knew that our extremely tight time frame necessitated speed and flexibility in our analytics platform implementation," said Robert Molina, Vice President, Financial Planning and Analysis, Hostess Brands. "Tidemark provided us with a solution that legacy systems couldn't."
To further propel Tidemark's legacy replacement momentum and support additional innovation, the company is also announcing it has secured $13 million in new venture financing. Tenaya Capital (HubSpot, New Relic, Lithium) led the round, with participation from existing investors Greylock Partners, Andreessen Horowitz and Redpoint Ventures. This latest round brings the total amount raised to over $48 million.
"Tidemark is innovating in a space that hasn't significantly changed in the last 15 years," said Tom Banahan, Managing Director of Tenaya Capital. "After evaluating several companies in this important category, we concluded that Tidemark was the only company truly disrupting the legacy approach to analytics. Tidemark's founders and management have deep domain experience and they have built an exceptional team across every piece of the business. We are excited about our opportunity to help accelerate Tidemark's disruption of the enterprise analytics marketplace."
Tidemark helps medium and large enterprises transform their businesses with cloud-based planning, forecasting and analytic applications that work for everyone on any device. Tidemark apps empower business users to affect the complete story of their company performance. Leading companies using Tidemark's multi-tenant platform for analytics and performance management include Chiquita, Hostess Brands, Pabst Brewing Company, ServiceSource and Brown University. Tidemark is funded by Greylock Partners, Andreessen Horowitz, Redpoint Ventures, Tenaya Capital and Dave Duffield. To learn more about Tidemark, please visit www.tidemark.net or follow us on twitter @TidemarkEPM.