Snow Software, a provider of software asset management (SAM) and cloud spend management solutions, has secured a USD120 million 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, 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.
Kling says: “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 USD394.8 billion 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 has helped over 6,000 organisations across more than 50 countries contain and optimise software spend and achieve compliance with complex software licensing terms across mobile, desktop, data centre and cloud solutions. Snow’s solutions provide automated reconciliation of license entitlements to software usage, installations/ removals and license upgrades as well as advanced analytics which help customers save up to 30 per cent of their annual software expenditure.
Customers further use Snow’s solution as a decision-making analytics tool to direct investment in new software and maximising ROI.
Snow has grown its revenues by more than 50 per cent annually since 2012 and has over 700 employees in 21 countries. Recent notable client wins include Canon, Sky, Lockheed Martin, IKEA, Volkswagen, Tesco and Rio Tinto.
Kyle Ryland, managing partner at SEP, says: “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, adds: “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.”
