Snow Software Receives Investment From Vitruvian Partners
Snow Software AB, the leading provider of Software Asset Management (“SAM”) solutions, today announced it has received an investment from funds managed by Vitruvian Partners. The founders and key management will continue in their existing roles and retain a substantial equity investment in the business, in partnership with Vitruvian Partners.
Founded in 2004, Snow Software is a leading developer of solutions for companies seeking to optimise their software spend and increase their level of compliance. Snow’s products allow for highly automated reconciliation of license entitlements to software installations, software usage monitoring, installations/removals, license upgrades, as well as advanced analytics which help customers save up to 30% of their annual software expenditure. Clients further use Snow as a decision making tool in order to direct investment in new software towards those applications where ROI will be maximised. Depending on client preferences, Snow’s product suite can be delivered both as a regular software license and as a fully hosted
software-as-a-service (“SaaS”) solution.
Snow has grown revenues at an average rate of over 75% between 2008 and 2011. Snow is a leading vendor of SAM solutions in the Nordic and UK markets, and is expanding very rapidly in Germany, the Netherlands and the US. Clients which have chosen to adopt Snow include blue-chip names in both the private and public sectors: e.g. ABB, NHS, Royal bank of Scotland, ASSA Abloy, Kingfisher, Salesforce.com and Electrolux.
Chief Executive Officer and co-founder of Snow, Axel Kling, commented:
Vitruvian Partners has a strong track record of helping European technology companies reach their fullest potential and we are thrilled to have them on board. Within a few years, we have gone from being a Nordic provider of inventory solutions to a leading global SAM company and with Vitruvian on the team we will have the necessary skillset and experience to develop our solutions and business even faster going forward.