Swedish company Snow Software has raised $120 million from Sumeru Equity Partners (SEP) and the Ontario Pension Board. Existing shareholders, including CEO and co-founder Axel Kling, Snow employees and Vitruvian Partners, will continue to hold the majority of shares in the company. SEP Managing Directors, Jason Babcoke and George Kadifa, will join Snow’s board of directors.
Snow says that the company will use the new funding to accelerate their global expansion plans, enhance offerings across mobile and cloud platforms, and drive new product innovation.
Founded in 2004, Snow is a provider of Software Asset Management (SAM) and Cloud Spend Management solutions. The company works with over 6,000 organizations in more than 50 countries to contain and optimize their spending on software and to comply with complex software licensing terms across mobile, desktop, data center and cloud solutions. Snow claims that their solutions help their customers to save up to 30% on their annual software expenditure.
The company has over 700 employees across 21 countries, and its clients include Canon, Sky, Lockheed Martin, IKEA, and Volkswagen.
“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 billion spent every year on enterprise software is invested efficiently,” said Kling in a statement.
“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," added Kyle Ryland, Managing Partner at SEP. "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.”
Read more: Business Wire (Press release)