Former Tableau CFO launches company that analyzes cloud spending

Damon Fletcher, former chief financial officer of Tableau, is launching a tech spending software company called Millworks Analytics.

Millworks has five employees, Fletcher said, but the company aims to get to 10 employees by the end of the year. He added that the company hasn't raised venture capital so far.

"Hopefully we'll acquire 100 or so customers in the next year," Fletcher said. "We'll land a lot of customers because of the low cost."

Millworks was founded this year and officially launched out of stealth on Tuesday. The company provides a granular breakdown of clients' cloud spending and analytics to better understand their costs. Its flagship product is called Caliper.

Millworks' services are similar to those of Bellevue-based Apptio, which sold to IBM for $4.6 billion in August. Fletcher said Millworks aims to make its product more self-service to gain market share.

The entire team is based in Seattle, Fletcher said, and Millworks plans to maintain a centralized office for the near future. The company's office is in Fremont near the Tableau headquarters.

Millworks has enough space for now — the current office seats about 10 — but the company would add space in the same location if it needs to down the road, he said.

Fletcher spent more than seven years at Tableau, according to his LinkedIn page, including more than three years as CFO. He spent more than 11 years at PwC earlier in his career.

Fletcher said breaking down cloud spending was a problem he faced often at Tableau. He added that Millworks isn't targeting massive tech companies to start.

"Initially here we're targeting technology companies probably with less than $1 billion in revenue. The larger organizations probably have a lot of existing tooling," Fletcher said. "We're getting good traction from people interested in the product."