Snow Software announced a $120 Million strategic investment
Snow Software, a Stockholm, Sweden-based company developing Software Asset Management solutions, has announced entering into an $120 million strategic investment agreement with Sumeru Equity Partners and Ontario Pension Board.
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. Sumeru's Managing Directors, Jason Babcoke and George Kadifa, will join Snow’s board of directors.
Snow Software, founded in 2004 by CEO Axel Kling, is the established global market leader in software asset management (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.
Snow Software has grown its revenues by more than 50% 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.
In 2012, Snow Software received an undisclosed amount of investment from Vitruvian Partners.