On Wednesday, NYC-based BetterCloud announced that it raised $75 million in a financing round led by Warburg Pincus. This brings the company’s total capital raised to $187 million since it was founded in 2011.
Software-as-a-service (SaaS) companies are in a golden age right now, but, as a result, SaaS has become a crowded space. Now people spend their workdays switching between multiple SaaS applications — whether it be Salesforce, Google Drive, Dropbox, Microsoft Office, etc. — just to get things done. So BetterCloud has created one SaaS application to rule them all.
The BetterCloud platform manages a company’s portfolio of SaaS applications in order to make things less siloed. It can monitor how employees use each application, manage users and data from a single place and work to make sure data is secure in each location. BetterCloud calls this SaaS Operations, or SaaSOps for short.
Now that companies across the country are having their employees work from home, the use of SaaS solutions has increased. As a result, BetterCloud has seen usage of its platform grow significantly. BetterCloud plans to use its new funding to meet this increase in demand, as well as deliver future product innovations.
“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 [Microsoft] Office 365, to what we today call the digital workplace with a best-in-breed application for virtually every function,” CEO David Politis 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.”
Politis continued, “Every company has seen a dramatic change in how they work, prompting a rush to adopt SaaS applications to enable their workforces. Remote work, however, has created a greater need to manage and secure the cloud-based applications that power their businesses. 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.”
BetterCloud also recently announced a partnership with OneLogin to automate secure user authentication. The company also launched BetterCloud Content Scanning to protect sensitive data across Google Drive, Microsoft SharePoint, Dropbox and more.