Cloud services and the adoption of applications that depend on them continue to increase in popularity, but it was a persistent feature in enterprise technology that many institutions continue to use old programs and architectures for cost and headache relocations reasons, and sometimes, if not broken, do not fix it that does not mean They could not take advantage of a better way to integrate some of these workflows, and make better use of data from these various applications, and today the startup that designed a service to help them do so has started to grow a round of financing.
Snaplogic, which has built an integration system that allows enterprises to enter and integrate both legacy and cloud applications to better monitor them and allow them to work together, has closed $ 72 million in financing growth, which it will use to expand its business globally. According to an analysis from PitchBook, this latest financing comes in at $ 260 million before valuation, which will reach about $ 332 million in post-money. We are checking with Snaplogic to see if these numbers can be confirmed directly.
This latest round, which raised Snaplogic’s total to $ 208 million, is topped by VC Arrowroot Capital, a equity development company, with the participation of Golub Capital and existing investors. The former investors represented an impressive group that included a group of financial and strategic supporters such as Andreessen Horowitz, Vitruvian (who led her previous tour), Capital One, Ignition Parnters, Microsoft and many others.
The company does not disclose the size of its customer base at this time. In its last session in 2016, it grew to 700 companies, adding 300 in just one year, which was a particularly large amount of growth. Existing clients include a number of big names like Adobe, Verizon (which owns TechCrunch), AstraZeneca, Bristol-Myers Squibb, Emirates, Schneider Electric, Siemens, Sony and Wendy. He describes the larger integration market as a $ 30 billion opportunity.
The distinctive feature of that list is that these companies are the businesses that preceded the Big Cloud revolution, and therefore they most likely do not wrestle with a mix of new and traditional applications that need to balance each other, combined in some instances to work together and harness them in relation to their data to aid in the company’s efforts The broadest about enterprise big data in areas like application integration, data integration, API management, B2B integration, and data engineering.
“This is an exciting time for SnapLogic” Gaurav Dillon, CEO of Snaplogic, said in a statement. “We are very proud to build a modern and innovative solution that solves really difficult problems for our corporate clients. This latest investment is a testament to the hard work and ongoing support of our customers, partners, and employees worldwide. Together, we will continue to chart the way forward, and make integration faster and easier so companies can From achieving its data-driven ambitions. ”
There was an interesting wave of startups that emerged specifically to address the opportunity to provide tools for companies that still use the old software suite and outdated software to give them the ability to take advantage of new innovations in computing and how to use the largest data set. Other companies include Workato (which collected itself money last year), MuleSoft (now part of Salesforce) and Microsoft itself, and in this context Snaplogic has followed a very calculated method of how to raise and expand capital.
“Our approach is to take consecutive rounds of direct terms instead of chasing a large slug on heavy conditions,” Dillon told TechCrunch once. He is a frequent businessman with a track record of conservative but healthy growth. “We built Informatica with only $ 13.5 million, so my method is to raise funds as needed.”
It is a method that resonates with investors. “SnapLogic is attacking a huge and growing opportunity in the market with a uniquely powerful and modern platform,” Matthew Savay, founder and managing partner of Arrowroot Capital, said in a statement. “They’ve designed a great product and work with an impressive list of clients and are led by an experienced executive team. Since SnapLogic focuses on continued product leadership and global expansion, we look forward to partnering with them to help make their leading integration platform in the hands of more companies in all around the world. ”
“SnapLogic is reinventing applications and data integration in the modern era,” said Robert Sverpilov, director of Golub Capital. “We are excited to support the next-generation SaaS application integration platform from SnapLogic and to help secure its position as a leader in the iPaaS system (integration platform as a service).”