Samanage Raises $16 Million in New Funding to Support Accelerated Growth
New funding supports company’s YOY triple annual growth rate and demand for its cloud-based enterprise service management solution
Cary, N.C. — May 20, 2015 --
Samanage, provider of the only true cloud integrated enterprise service desk software on the market, today announced the close of $16 million in Series B funding to support the company’s accelerated growth rate and expansion.
The new funding is led by Marker LLC and Vintage Investment Partners, with participation from existing shareholders Carmel Ventures, Gemini Israel Ventures and Silicon Valley Bank. The new funding is the largest private funding round in the IT service management industry in the past three years.
“Samanage has evolved from an emerging player to an innovative leader in the enterprise service desk software space,” said Lluis Pedragosa, Marker, LLC. “The vision of the company combined with their agile product development and exceptional customer experience are just some of the key differentiators Samanage brings to the market. They stand out from the crowd, and we look forward to the partnership as they continue to disrupt the ITSM landscape.”
The new funding comes on the heels of the company closing their third consecutive year of triple digit growth. Customers of the enterprise service desk cloud software solution nearly doubled in 2014 and now span 52 countries. The company is on track to deliver similar performance in 2015.
“We are excited about the next growth stage for Samanage and our continued path to capitalize on the opportunity in the mid-market and enterprise Service Management industry,“ said Doron Gordon, Founder & CEO, Samanage. “This funding recognizes the hard work and amazing determination of the Samanage team to deliver a new type of software experience, one that is absolutely focused on making our customers successful by building software that they love to use.”
The company’s expansion is proving to be more than just headcount and bricks and mortar. Earlier this year, Samanage introduced the enterprise service desk designed to help customers gain value from a beautiful and easy-to-use service management solution across the organization. The company also announced their launch of the industry’s first real-time service performance benchmarking solution that empowers service organizations to measure and benchmark their performance against their peers, and identify opportunities to improve service levels.
“When we set out to build Samanage we wanted to create beautiful software that people love to use. Samanage was originally designed for the busy IT professional who needed a modern way of managing their service relationships,” said Gordon. “The superior user interface and highly configurable functionality has customers using Samanage across many areas of the organization including Human Resources, Facilities, Finance, Marketing and more. It is becoming the solution of choice for managing service interactions across the enterprise.”
The new funding will be used to scale engineering and customer facing teams, including expansion of the North American sales and customer success teams as well as a global expansion to EMEA and Asia Pacific.
Samanage is enterprise service desk software that manages service relationships in the company and helps get work done. Samanage delivers an exceptional user experience with beautiful software that people love to use. Instantly deployed and continuously updated in the cloud, Samanage service desk and asset management software quickly drives business value by connecting people with the key business services they use every day. Visit www.samanage.com.
About Marker LLC
Marker LLC (www.marker-llc.com) is a New York City and Herzliya, Israel based venture growth firm. Its mission is to help promising companies develop into great companies and great companies into enduring market leaders. Currently with approximately $350 million in assets under management, Marker LLC’s mandate is to partner with dynamic management teams and invest in businesses with high growth and market leadership potential. Marker LLC’s partners have decades of experience helping businesses and entrepreneurs around the world in a wide variety of sectors achieve remarkable success.
About Vintage Investment Partners
Located in Herzliyah Pituach Israel, Vintage Investment Partners was founded in 2003 and currently has more than $700 million under management. The firm manages a series of venture capital funds of funds, secondary funds and co-investment funds focused on Israel and Europe. Through its co-investment funds, Vintage’s team provides expansion stage venture capital for leading private technology companies. Vintage’s concentration on expansion stage technology companies allows it to provide assistance that is complementary to that of early stage firms, including through its extensive network of investors and strategic partners in the United States and Europe. Vintage’s investors consist of some of the world’s leading institutional investors, including pension funds, endowments, foundations, and financial institutions throughout the U.S., Canada, Europe and Israel. To learn more about Vintage Investment Partners visit www.vintageventures.com.
About Carmel Ventures
With over $800 million currently under management, many successful exits, and a growing portfolio of promising start-ups, Carmel is among Israel’s top-tier venture capital funds. Founded in 2000 by pioneers and leaders of the Israeli high tech industry, Carmel provides significant capital and active, hands-on support through the growth cycle of its portfolio companies and is recognized as a true company-building fund in Israel. Carmel, headquartered in Herzliya, is a member of the Viola Group, Israel’s premier technology focused Private Equity group with $2B under management. For more information, please visit www.carmelventures.com and our new blog: www.viola-notes.com.
About Gemini Israel Ventures
Since 1993, Gemini Israel Ventures has helped many of Israel’s most talented entrepreneurs to build innovative and world-changing companies. With over $700M under management, Gemini invests in early stage and growth-stage companies across a range of industries including communications, consumer electronics, enterprise software, Internet software and services, and semiconductors. More about Gemini: http://www.gemini.co.il.
About Silicon Valley Bank
For more than 30 years, SVB Financial Group (NASDAQ: SIVB) and its subsidiaries have helped innovative companies and their investors move bold ideas forward, fast. SVB Financial Group’s businesses, including Silicon Valley Bank, offer commercial and private banking, asset management, private wealth management, brokerage and investment services, funds management and business valuation services to companies in the technology, life science and healthcare, private equity and venture capital, and premium wine industries. Headquartered in Santa Clara, California, SVB Financial Group operates in centers of innovation around the world. Learn more at www.svb.com.