INDIANAPOLIS, November 29, 2022— Zylo, the enterprise leader in SaaS Management, announced today a USD 31.5 million Series C funding round led by Baird Capital’s Venture Team. Organizations worldwide must rely on Zylo to find, manage, and reduce SaaS application spend, sprawl, and risk – challenges that the current economic climate has heightened.
Spring Lake Equity Partners joined existing investors Bessemer Venture Partners, Menlo Ventures, and High Alpha in the round, as well as a strategic partner and investor Coupa Ventures.
Eric Christopher, CEO, and co-founder of Zylo:
“We’re excited to welcome Baird Capital’s Venture Team and Spring Lake Equity Partners as new investors who, like our returning partners, see Zylo as the SaaS Management category leader. This money will allow us to accelerate product innovation and recruiting, building on our past year’s success, which includes tripling new business and establishing demand and customer retention records.”
According to Zylo research, firms utilize more than 300 SaaS apps on average and overpay on licensing by 15% each year. Zylo removes wasteful expenditures, allowing businesses a better return on their software investment. The typical SaaS cost is USD 65 million per year, so the prospect for savings is enormous. CIOs and CFOs increasingly turn to Zylo’s SaaS Management solutions to get visibility into their businesses’ SaaS obligations and prevent SaaS sprawl.
“SaaS investment has become even more crucial in recent years as businesses looked to prioritize new tools and technologies that would assist keep their operations functioning throughout the epidemic. However, this new environment has resulted in increased SaaS spending and installations that have lost efficiency and control, creating its difficulty that is affecting businesses worldwide “said Benedict Rocchio, a new Zylo board member, and partner at Baird Capital. “Baird Capital clearly understands the value that Zylo gives to its clients through SaaS management and feels it is even more important in today’s economic context.”
More about the startup:
Zylo is the corporate SaaS Management leader. Adobe,Coupa, Atlassian, Doordash, Intuit, Slack, Salesforce, and Yahoo use Zylo’s enterprise-proven technology and unique SaaS Management experience to control escalating SaaS expenses and risks while enhancing employee software uptake and driving innovation.
Zylo has more than 30 million SaaS subscriptions and USD 30 billion in SaaS expenditure under management than any other vendor. Only Zylo’s corporate SaaS management platform provides complete visibility into your SaaS footprint, allowing you to generate actionable insights and automate operations. Along with the platform, Zylo provides a suite of spend optimization services to drive greater cost savings while freeing up resources, utilizing a tried-and-true best-in-class approach to managing SaaS negotiations from start to finish.
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