Snow Software, a Solna, Stockholm, Sweden-based provider of Software Asset Management and Cloud Spend Management solutions, received a $120m strategic investment.
Backers included Sumeru Equity Partners and Ontario Pension Board. Following the investemnt, 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 Equity Partners’ Managing Directors, Jason Babcoke and George Kadifa, will join Snow’s board of directors.
The company intends to use the funds to accelerate global expansion plans, enhance offering across mobile and cloud platforms and drive new product innovation.
Founded in 2004 by Chief Executive Officer Axel Kling, Snow provides Software Asset Management (SAM) solutions to enable organizations to optimize licensing across mobile, desktop, data center and cloud platforms.
The company’s solutions, which are used by more than 6,000 organizations across more than 50 countries, provide automated reconciliation of license entitlements to actual software usage, installations/ removals and license upgrades as well as advanced analytics to save their annual software expenditure.