BetterCloud, a startup that provides SaaS management and visibility tools, has raised $75 million in a financing round led by private equity firm Warburg Pincus, bringing funds raised to $187 million.
The substantial funding round is a sharp reminder that there’s no shortage of companies (and not just the better known) that will do well from a sustained pivot to remote working by large organisations.
(Twitter is now among the companies telling staff that they “never” need to return to their offices; others are expected to follow suit).
BetterCloud automates management and security policies for the hundreds to thousands of SaaS tools used by large organisations (from O365 to Jira, Slack to Salesforce, etc.) via a single portal that integrates with Identity and Access Management (IAM) specialists like Okta. It dubs this “SaaSOps“.
BetterCloud says it has 1,700 customers globally.
BetterCloud CEO David Politis featured in Computer Business Review’s “Five Questions” feature exactly a year ago.
He said today: “Every company has seen a dramatic change in how they work, prompting a rush to adopt SaaS applications to enable their workforces.
“Remote work, however, has created a greater need to manage and secure the cloud-based applications that power their businesses. Our customers need us more than ever and this fundraise will help us deliver on our promise to help them navigate this new way of working.”
Politis summed up the company’s offering in Five Questions as follows: “What companies need to truly protect their data is an authorisation layer that gives full visibility and control over activity within the [SaaS applications] — everything from who is sharing what internally and externally down to application configuration that can lead to data exposure.
“This is precisely where we come in.”
Existing investors Accel, Bain Capital Ventures, Flybridge Capital Partners, New Amsterdam Growth Capital, Greycroft and e.ventures also participated in the funding round, which was announced May 20, 2020.