Snow Software and Vitruvian Partners Announce $120 Million Strategic Investment from Sumeru Equity Partners and Ontario Pension Board
Snow Software (“Snow”), the global leader in Software Asset Management (“SAM”) and Cloud Spend Management solutions, today announced a $120 million strategic investment from Sumeru Equity Partners (“SEP”) and Ontario Pension Board (“OPB”). The investment will accelerate global expansion plans, enhance Snow’s offering across mobile and cloud platforms and drive new product innovation. Existing shareholders, including CEO and co-founder Axel Kling, Snow employees and Vitruvian Partners (“Vitruvian”), will continue to hold a majority shareholding in the business and remain fully committed to Snow’s evolution. SEP Managing Directors, Jason Babcoke and George Kadifa, will join Snow’s board of directors.
Chief Executive Officer and co-founder of Snow, Axel Kling, commented: “We are grateful not only to have been part of making Software Asset Management one of the fastest-growing software verticals in the world, but also to get the opportunity to redefine the customers’ expectations of SAM solutions through coverage of new platforms, licensing types and advanced automation capabilities.
“We have come a long way but we are still only scratching the surface on the enormous potential in supporting customers to ensure that the $394.8 billion1 spent every year on enterprise software is invested efficiently. With Vitruvian and SEP, we are thrilled to have the backing of two world-class investors as Snow enters the next stage of its development on our continued quest for brilliance.”
Founded in 2004, Snow is the established global market leader in SAM, helping over 6,000 organizations across more than 50 countries contain and optimize software spend and achieve compliance with complex software licensing terms across mobile, desktop, data center and cloud solutions. Snow’s solutions provide highly automated reconciliation of license entitlements to actual software usage, installations/ removals and license upgrades as well as advanced analytics which help customers save up to 30% of their annual software expenditure.
Customers further use Snow’s solution as a decision-making analytics tool to direct investment in new software and maximizing ROI. Snow’s cloud-based and on-premise platforms have been recognized and rewarded by among others Forrester, Gartner and ITAM Review. Snow has grown its revenues by more than 50% annually since 2012 and today has over 700 employees in 21 countries. Recent notable client wins include Canon, Sky, Lockheed Martin, IKEA, Volkswagen, Tesco and Rio Tinto.
Managing Partner at SEP, Kyle Ryland, commented: “We identified Snow several years ago as a leader in managing the complexity and cost of software and cloud services, a growing challenge for enterprises. Under the leadership of Axel, Snow has demonstrated strong growth and product innovation and we are excited to partner with the company and Vitruvian to build upon that success.”
Mike Risman, Chairman of Snow Software added: “Vitruvian is delighted to continue supporting Axel and the Snow team in their drive to global leadership in this exciting market. We welcome SEP and OPB as key partners to help achieve success. Snow’s relentless focus on product excellence has delivered tremendous growth since inception, and it has been a privilege for us to work on a number of strategic initiatives with the business over the past years. The addressable market for software governance and cloud control solutions is massive. We congratulate Axel and his team on the scope of their founding vision and achieving this additional milestone on their impressive journey to global implementation.”
About Snow Software
Snow provides Software Asset Management (SAM) solutions that prevent any of the $394.8 billion spent every year on enterprise software being a wasted investment – ensuring organizations have appropriate licensing for the software they use.
More than 6,000 organizations worldwide rely on Snow to optimize licensing across mobile, desktop, data center and cloud platforms.
For more information, please visit www.snowsoftware.com
About Sumeru Equity Partners
Sumeru Equity Partners is a technology-focused private equity firm that invests in market leaders across software, technology-enabled services and hardware. The firm was founded in Silicon Valley by an experienced team from Silver Lake. Sumeru Equity Partners utilizes extensive operating and investment experience in partnership with founders and management teams to drive growth and build strategic value. We believe long-term value is created through better strategy, operations and business models, not financial engineering. Our portfolio includes industry leaders such as Blackline Systems, Buildium, Cybera, Foreflight and Talend, among others. For more information, please visit www.sumeruequity.com
About Ontario Pension Board (OPB)
Ontario Pension Board administers Ontario's Public Service Pension Plan, a defined benefit pension plan serving over 85,000 active, retired and deferred members and their employers. With more than $24.4 billion in assets, it is one of Canada's largest pension plans. Over the last 20 years, Ontario Pension Board has become one of Canada's leading direct owners of high quality commercial real estate.
About Vitruvian Partners
Vitruvian Partners is a leading pan European private equity investor focusing on high growth, technology-centric “Dynamic Situations”. Vitruvian supports entrepreneurial management teams and founders through a combination of strategic initiatives and operational support. Vitruvian has assets under management of €2.2 billion and offices in London, Stockholm, Munich, San Francisco and Luxembourg. Vitruvian has been particularly active in the technology and internet/cloud services environment with strategic investments that include: Just Eat, Farfetch, Skyscanner, Voxbone, Snapologic, CRF Health, Benify, Callcredit and OAG – as well as its longstanding support of Snow Software.
For further information on Vitruvian please contact: Kay.Larsen@instinctif.com
1 Gartner. Forecast Alert: IT Spending, Worldwide, 1Q17 Update. Published: 30 March 2017 I
+46 70 822 1149
Om Business Wire
(c) 2018 Business Wire, Inc., All rights reserved.
Business Wire, a Berkshire Hathaway company, is the global leader in multiplatform press release distribution.
Følg saker fra Business Wire
Registrer deg med din epostadresse under for å få de nyeste sakene fra Business Wire på epost fortløpende. Du kan melde deg av når som helst.
Siste saker fra Business Wire
FAA Approves AerTrakTM to Comply with Automatic Dependent Surveillance-Broadcast (ADS-B) Operations Mandate19.3.2018 18:19 | Pressemelding
The Federal Aviation Administration (FAA) has issued a Supplemental Type Certificate (STC) for installation of AerSale®’s AerTrak™ system on Boeing 737 NG series aircraft (ST04009NY), to comply with the Automatic Dependent Surveillance-Broadcast (ADS-B) Operations rule, a critical part of the agency’s Next Generation Air Transportation System (NextGen). Beginning January 1, 2020, the FAA has mandated that aircraft operating in airspace defined by 14 CFR § 91.225 must be equipped with an ADS-B Out system that meets the minimum performance requirements of 14 CFR § 91.227. ADS-B provides enhanced navigational accuracy using precise tracking via global positioning satellite (GPS) signals. Reducing risk and improving safety, the technology increases navigational coverage, especially in remote areas beyond radar range. Additionally, ADS-B enables more direct flight plans, thereby saving time, costs, and reducing emissions. “AerTrak is a cost-effective ADS-B Out solution for operators of Boei
Ghostbusters World with Google Maps API Featured During Google Keynote at GDC 201819.3.2018 18:14 | Pressemelding
The recently announced Ghostbusters World, developed in collaboration between Sony Pictures Entertainment Consumer Products, Ghost Corps and publisher FourThirtyThree Inc. (4:33), was featured today on stage during the Google Keynote at the Game Developers Conference 2018. The new gameplay video will also be on display at the Google booth on the expo floor March 21-23. Created with Maps API technology, Ghostbusters World features state-of-the-art augmented reality in the map-based game where players can suit up to patrol their neighborhoods and bust their favorite Ghostbusters ghosts! Drop by the Google booth or click here (LINK) to check out the new gameplay video. Battle and capture hundreds of new and familiar ghosts in Ghostbusters World, launching everywhere on iOS and Android devices later this year. If you ain’t afraid of no ghosts and want to keep track of news and updates, follow us on Twitter (LINK), Facebook (LINK), and YouTube (LINK). More information and assets can be foun
Bajaj Electricals Showcases ‘Smart Indoors and Connected Outdoors’ at Light + Building 201819.3.2018 16:00 | Pressemelding
Bajaj Electricals Limited, India’s leading player in consumer durables, fans, lighting and engineering projects, participates in world’s leading trade fair Light + Building 2018 at Frankfurt, Germany from March 18th-23rd, 2018. Bajaj Electricals is featuring its smart solutions at Stall D10 in outdoor arena-Agora. This press release features multimedia. View the full release here: http://www.businesswire.com/news/home/20180319005049/en/ Mr. Anant Bajaj, Joint Managing Director, Bajaj Electricals Ltd. (Photo: Business Wire) Based on the key theme of ‘Smart Indoors and Connected Outdoors’, the stall demonstrates the connection between indoors and outdoors through cloud computing. With almost eight decades of experience and expertise in lighting solutions and luminaires, Bajaj Electricals has a host of products exhibited at the trade fair ranging from smart indoor lights for home, commercial and industrial spaces to smart outdoor lights, sensor-based light, smart poles and various integra
Louis Chevrolet Watch Company launches the Chrono-Tour Bitcoin Special Edition19.3.2018 15:00 | Pressemelding
Code name: Chrono-Tour Bitcoin Special Edition – Launch: 20/03/2018 – 14.00 GMT This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20180319005494/en/ (Photo: Louis Chevrolet Swiss Watches) Event! Louis Chevrolet Swiss Watches launches a Swiss Made automatic chronograph dedicated only to Bitcoin owners. An exclusive and limited-edition series to symbolise and affirm the unique sales channel chosen by the brand: its e-commerce store. Each Louis Chevrolet Chrono Tour Bitcoin Special Edition will be Unique Chrono-Tour Bitcoin Special Edition, a well-thought-out stylish design, elegantly bringing the Bitcoin to the forefront. In addition to a specific dial, a Bitcoin logo textured around a printed circuit board will be inserted into the back glass. This gives a technological holographic effect while highlighting the mechanics of the watch. The background will be personalised with a laser and will indicate the purchase price in Bitcoins
New Global Survey Points to Key Issues, Needs and Gaps in Fight to End Smoking19.3.2018 14:00 | Pressemelding
The Foundation for a Smoke-Free World released findings today from a global survey to better understand smokers, their experiences, and challenges they face when they try to quit smoking. The survey also highlights their awareness regarding the harm caused by smoking and how their perceptions of cigarettes, alternative products, and nicotine influence their motivation to move away from smoking. The data will shape the development of research to determine the best solutions to accelerate the end of smoking across diverse cultures and economic conditions. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20180319005647/en/ Figure 1: Which of the following situations, if any, apply to you? (% - Top Three Answers per Country) (Graphic: Business Wire) The 2018 State of Smoking Survey included 17,421 current smokers, ex-smokers, and non-smokers from 13 countries: Brazil, France, Greece, India, Israel, Japan, Lebanon, Malawi, New Zealan
New Documentary Raises Global Water Crisis Awareness As 844 Million People Still Lack Access to Clean Drinking Water19.3.2018 13:12 | Pressemelding
Procter & Gamble’s (P&G) non-profit Children’s Safe Drinking Water (CSDW) Program and National Geographic are raising awareness about the global water crisis with the release of a new documentary and national survey in conjunction with World Water Day. The documentary, titled “The Power of Clean Water,” follows the lives of three women and their families, providing a first-hand perspective on the daily challenges of accessing clean drinking water. As the film progresses, viewers witness how P&G’s Purifier of Water packets, distributed by partners ChildFund in Indonesia, CARE International in Kenya and World Vision in Mexico, have helped transform these communities. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20180319005689/en/ P&G conducted a survey* to understand Americans' level of awareness and concern with the global water crisis and its effects. (Graphic: Business Wire) Global awareness of the water crisis is growing,