BELLEVUE, Wash -- Apptio, Inc. (NASDAQ: APTI), the business management system of record for hybrid IT, today announced it has completed the acquisition of FittedCloud, Inc., a provider of machine learning-based cloud optimization software. With this acquisition, Apptio will broaden its existing public cloud analytics with deep insights into cloud utilization, right-sizing and spending recommendations.
"Apptio is known for its unique ability to provide visibility, optimization, benchmarking and planning capabilities for corporate technology spending across multicloud and on-premises environments," said Sunny Gupta, CEO of Apptio. "FittedCloud's anomaly detection and adaptive learning algorithms analyze millions of lines of utilization data from public cloud services to predict and optimize utilization in real-time. This differentiated technology combined with Apptio's existing multicloud and hybrid business management applications will provide increased value to our customers and make it easier for them to manage the complex world of hybrid IT."
"We built FittedCloud knowing that a significant percentage of all public cloud spend is wasted because existing cloud cost management solutions rely on humans to parse spend and utilization data," said Prakash Manden, co-founder of FittedCloud. "Our patented solution was designed to solve this very hard problem through machine learning and automation. We're thrilled to apply our success to Apptio's extended suite of cloud and Hybrid business management applications."
Boston-based FittedCloud was founded in 2015 by a veteran team of engineers dedicated to solving one of the toughest problems in public cloud management. The company was recently recognized as an IDC Innovator in Data Services for Hybrid Cloud. In the future, FittedCloud's technology will be deeply integrated into Apptio's suite of SaaS applications.
Although FittedCloud is an important acquisition that strengthens Apptio's capabilities, the acquisition is not material from a financial reporting perspective. More detail on this news will be provided during Apptio's 3rd quarter earnings conference call.