Seattle: Apptio, the provider of on-demand Technology Business Management (TBM) solutions, has closed a $50 million series D round of funding led by T.Rowe Price Associates. The existing investors Andreessen Horowitz, Greylock Partners, Madrona Venture Group and Shasta Ventures also participated in this round of funding. With this current round of funding, the total fund raised by the company amounts to $91 million.

The fund will be used to further invest in the development of the company’s TBM platform, expand market penetration, drive customer success, and maintain its independence as the industry’s trusted provider of TBM solutions. In addition, the company also announced it has appointed current Apptio Board Member Tom Bogan as Chirman of the Board, who is currently Chairman of the Board of Citrix and serves as an independent Director for PTC in addition to several other private companies.

“In my three decades leading enterprise software companies, I have never seen the convergence of disruptive technologies drive such a fundamental transformation in the IT delivery model. Apptio delivers highly automated and integrated IT processes including transparency, benchmarking, planning and performance management,” said Tom Bogan, Chairman of the Board for Apptio.

Apptio was co-founded in 2007 by Sunny Gupta, Kurt Shintaffer, and Paul McLachlan as an independent provider of on-demand Technology Business solutions for managing business of IT. The company enables IT leaders to manage the cost, quality and value of IT Services by providing deep visibility into the total cost of IT services, communicating the value of IT to the business through an interactive “Bill of IT”, and strategically aligning the planning, budgeting and forecasting processes.

“There is a perfect storm brewing in today’s IT environment. The emergence of Cloud and SaaS options has shattered the IT monopoly, forcing CIOx to become a competitive service provider and prove their value to the business. Our vision is to enable every CIO across all verticals and sizes to better communicate the cost, quality and value of their IT investments,” said Sunny Gupta, Co-Founder and CEO of Apptio.

Sunny Gupta is also the President of Apptio. His career in enterprise software spans more than 20 years, with roles in general management, strategic marketing, product management and business development. Before founding Apptio, Gupta was EVP Products at Opsware. Prior to this, he was the co-founder and CEO of iConclude. Gupta holds a BS in Computer Science from the University of South Carolina.

“Apptio has pioneered the creation of a new enterprise SaaS category for CIOs that enables them to manage the business of technology and clearly communicate its value to the enterprise,” said John O’Farrell, General Partner for Andreessen Horowitz.

Since closing its series C round of funding, the company has demonstrated momentum across all facets of its business. It has more than doubled revenues and now counts more than 85 global enterprise companies as customers, including Bank of America, Boeing, and several others.