BetterCloud, the leading SaaS Management Platform provider, announced a strategic growth investment from Vista Equity Partners (“Vista”), a leading global investment firm focused exclusively on enterprise software, data and technology-enabled businesses. The partnership will enable BetterCloud to continue to accelerate growth and product innovation, expand into new geographic markets and continue to build best-in-class capabilities for its global customer base. BetterCloud’s existing investors, including Accel, Bain Capital Ventures, Warburg Pincus and others, will continue as minority investors.
Businesses are embracing SaaS faster than ever before. Today, organizations use an average of 110 SaaS applications, yet many companies lack the resources, tools and know-how to properly manage their rapidly growing stack. This has created an urgent need to better protect critical business data, while keeping employees productive. In order to achieve this, IT departments need full visibility into which applications employees use and how they are using them, as well as a way to automate critical tasks, like onboarding and offboarding employees across all of their SaaS applications.
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Founded in 2011, BetterCloud was designed to help IT teams manage every aspect of a company’s SaaS application stack. The platform features capabilities in three key areas of SaaS Operations Management: Application Insights, User Lifecycle Management and Data Protection. Thousands of leading enterprise organizations, including Block (formerly Square), Oscar Health and HelloFresh rely on BetterCloud to automate processes and policies across their SaaS application portfolio.
“From day one, we’ve been laser focused on enabling companies to adopt best-in-breed SaaS applications in a secure and scalable way,” said David Politis, CEO, BetterCloud. “This investment is a major milestone in that journey, and one that will allow us to continue to define and lead the SaaS Management category now and in the future. Vista is the perfect partner for BetterCloud given their tremendous experience and track record of investing in the best SaaS companies in the world, and their keen understanding of the value behind SaaS management. Together, we will continue to deliver on the promise of ‘zero touch’ SaaS management and elevate the role of IT in enterprises around the world.”
“As the suite of SaaS applications for the enterprise continues to grow and is further integrated into operations, application management has become mission-critical for businesses,” said Patrick Severson, Co-Head of Vista’s Foundation Fund and Senior Managing Director. “David and the BetterCloud team have established the market leading SaaS management platform, empowering employees and creating a more secure SaaS ecosystem for all of their customers. We are thrilled to partner with them and look forward to a bright future together.”