Software-as-a-service monitoring firm BetterCloud raises $75M
Software-as-a-service management company BetterCloud Inc. today said it has raised $75 million in a fresh round of funding led by the private equity firm Warburg Pincus.
Existing investors Accel, Bain Capital Ventures, Flybridge Capital Partners, New Amsterdam Growth Capital, Greycroft and e.ventures also participated in the round, which brings BetterCloud’s total amount raised to $182 million.
BetterCloud began life as a provider of management and infrastructure monitoring tools for Google LLC’s G Suite applications. But in recent years the company has evolved its services to cover just about any kind of SaaS offering.
Nowadays, BetterCloud enables information technology teams to define, remediate, and enforce management and security policies for various SaaS applications, including G Suite, Office 365, Salesforce, Slack, Dropbox and more. The company’s tools enable organizations to learn how different employees are using each of the above apps, so they can make more informed decisions about how they’re accessed. BetterCloud also offers data protection tools to help companies secure their information technology environments, providing automatic alerts to any issues that crop up, as well as suggestions to help remediate them.
Like many tech firms, BetterCloud has in recent weeks seen a big jump in demand for its services, as companies struggle to get to grips with their employees working from home.
“In the last decade, we’ve experienced major inflection points in the transition to SaaS, from the rise of cloud office suites like Salesforce, Google Apps, and Office 365, to what we today call the digital workplace with a best-in-breed application for virtually every function,” BetterCloud Chief Executive David Poltis said in a statement. “But the forced move to remote work in the last two months has accelerated this shift, and there’s no turning back.”
Poltis said the coronavirus pandemic has forced thousands of companies to change the way they work, and many are only just now adopting SaaS products for the first time to enable remote work. In turn, this has created more demand for a tool that’s able to manage and secure all of those apps, Poltis said.
BetterCloud will use the new funds to ensure it can meet that demand. “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,” he added.
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