Since its IPO in October last year, cloud-based enterprise planning services provider Anaplan (NYSE: PLAN) has delivered robust growth. Last month, Anaplan announced its second quarterly results that surpassed market expectations and sent the stock soaring.

Anaplan’s Financials

For the second quarter, Anaplan’s revenues grew 46% to $84.5 million, surpassing the Street’s forecast of $78.3 million. GAAP operating loss was $41.2 million, compared to $19.9 million a year ago. Non GAAP operating loss was $0.12 per share, compared with the Street’s forecast of a loss of $0.16 per share. Cash and Cash Equivalents were $356.0 million as of July 31, 2019.

By segment, subscription revenues grew 48% to $73.6 million and professional services revenues grew 33% to $10.9 million.

For the third quarter, Anaplan expects revenue of $85.5-$86.5 million compared to analyst estimates of $86 million. For the full fiscal year 2020, it raised its revenue guidance to $339-$343 million from $326-$331 million. The Street had forecast revenues of $74.4 million for the quarter.

Anaplan’s Mintigo Acquisition

Along with its results, Anaplan also announced its plans to acquire Israel-based predictive marketing and sales analytics company Mintigo for an undisclosed sum. Mintigo was founded in 2009 by Ehud Ben-Reuven, Jacob Shama, and Tal Segalov. Mintigo’s solution connects analytics to revenue and its Sales Coach product guides sellers through sales conversations with specially designed talk tracks. Its customers include companies like Oracle, Getty Images, Red Hat (now part of IBM), and Neustar. Its annual revenue is estimated to be $14.4 million.

Prior to its acquisition, Mintigo had raised $51 million from investors including Vintage Investment Partners, Maverick Ventures Israel, Maverick Ventures Israel, Glilot Capital Partners, Adams Street Partners, La Maison ITF, Giza Venture Capital, Sequoia Capital Israel, and JAL Ventures.

With the Mintigo acquisition, Anaplan plans to leverage their team talent and technology to accelerate and expand its ML and AI capabilities across its platform. This acquisition is more likely an acquihire for the team rather than the product.

Anaplan has been investing in introducing ML and AI capabilities to its business planning and execution platform. It recently announced platform advances to include predictive analytics and automation to help with scenario-based decision-making within Connected Planning; an optimizer that helps find new ways to automate, anticipate, and accelerate the planning process to improve prediction on outcomes based on multiple internal and external factors; and frictionless integration that leverages Anaplan’s integration capabilities and purpose-built connectors to gain insights from disparate data sources for true connected planning.

Anaplan was recently named a Leader in Gartner’s Magic Quadrant for Cloud Financial Planning and Analysis Solutions of Differentiation for the third consecutive year. Anaplan competes in the cloud-based financial planning market against Oracle, Host Analytics, and Adaptive Insights, which is now part of Workday.

Last October, Anaplan listed its stock at $17 apiece and raised $263.5 million at a valuation of $1.8 billion. Prior to listing, Anaplan had raised $300 million from investors including PremjiInvest, Baillie Gifford, Brookside Capital, Coatue Management, Founders Circle Capital, Harmony Ventures, Sands Capital Management, Salesforce Ventures, Sands Capital Ventures, DFJ Growth, Shasta Ventures, Meritech Capital Partners, and Granite Ventures.

Anaplan’s stock is currently trading at $53 with a market capitalization of $7 billion. It hit a 52-week high of $60.36 in July. It hit 52-week low of $20.37 in December last year.