Snow Software Crosses $100 Million in Global Revenue
Stockholm, SWEDEN, September 20, 2018 Snow Software (Snow), the global leader in Software Asset Management (SAM) and Cloud Spend Management solutions, today announced that it had crossed $100 million in global revenue. This growth has been driven by thousands of the world’s leading brands tapping Snow to better manage and optimize their software and cloud investments, and deliver the maximum business impact. We believe this momentum has been recognized through both customer and industry analyst recognition. Snow was recently recognized by customers by being named a 2018 Gartner Peer Insights Customers’ Choice for Software Asset Management Tools and was also positioned by analysts as a Leader in Gartner’s inaugural Magic Quadrant for Software Asset Management Tools.
Total spend in public cloud services end-user spending, including Software as a Service (SaaS) and Infrastructure as a Service (IaaS), is forecasted to grow at 17% per year through 2022, according to Gartner’s Forecast: Public Cloud Services, Worldwide, 2016-2022, 2Q18 Update. Unlike on-premise software, most purchasing and use decisions for cloud are made within business teams, while IT retains accountability for risk and governance as well as overall spend for the business. This puts the IT organization in the difficult position of being accountable without the necessary tools and controls to deliver what the business needs.
Snow is at the forefront of helping business manage this shift, beginning with understanding what cloud services are in use within the business, but going beyond, by pinpointing where those services are being used. This allows IT to deliver a higher service level to their business partners ensuring that businesses retain the agility provided by the cloud without exposing them to compliance and data privacy risks. Snow will continue to invest heavily in this rapidly evolving market as businesses of all sizes embrace the cloud within their IT architecture.
As Snow executes this next wave of growth the company is also evolving its leadership team. Effective today, Vishal Rao, President & COO, will take over all operational responsibility and control for all functions of the business. Rao joined the business in 2016 as a board member and took an operational role as President & COO earlier in 2018 to partner with Axel Kling, running the business, focusing on go-to-market functions. Previously he held executive leadership positions at both Splunk (NASDAQ: SPLK) and Cloudera (NYSE: CLDR) helping them scale through their respective IPOs. Kling will remain CEO and on the board of directors and will focus on the innovation and strategy that drove the company to its current marketing-leading position.
“I’m incredibly proud of hitting this milestone as well as the business we’ve built at Snow, and want to thank our employees, customers, and partners who’ve made this journey possible. Now being able to get Vishal fully onboard to build and develop all functions of Snow is very exciting.” said Kling. “We set out to help businesses maximize the return they get from their software investments and we believe today’s milestone shows that we’ve proven our ability to do that, now it’s time to take the next step and create even more value for our customers and partners.”
“I’m excited for our next phase of growth and sincerely humbled to be given the opportunity to partner with Axel and to lead a team with such impressive accomplishments, and at a critical juncture for the business,” said Rao. “The challenges presented by cloud services expand the value that Snow can deliver to our customers, going beyond cost savings to enabling businesses to scale and be more productive without exposing them to the potential security, financial and compliance risks inherent in the cloud.”
“We’re proud of the accomplishments of the Snow team to date, it’s been a pleasure to partner with Axel in getting the business to this milestone,” said Mike Risman, Managing Partner at Vitruvian Partners. “The journey ahead under Vishal’s operational leadership with Axel focusing on innovation and strategy promises to fulfill more of Snow’s potential and we look forward to supporting him.”
“We saw the potential of Snow when we joined the team in 2017, we’re even more excited now as we’ve seen the market opportunity grow with the rapid adoption of cloud services,” said George Kadifa, Managing Director at Sumeru Equity Partners. “We’re confident that under this new leadership structure the Snow team will be able to fully realize the opportunity in front of them.”
1 Gartner, “Magic Quadrant for Software Asset Management Tools” by Roger Williams, April Adams, Matt Corsi, April 16, 2018.
2 Gartner, “Forecast: Public Cloud Services, Worldwide, 2016-2022, 2Q18 Update”, Fred Ng et al, July 31, 2018.
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