Snow Software exceeds $100M in ARR fueled by rising cloud adoption and need to optimize IT budgets
Snow Software announced it surpassed $100 million in annual recurring revenue (ARR). Fueled by skyrocketing cloud adoption, increasing security threats and the need to optimize IT budgets, Snow started the year with 40% year-over-year growth in total ACV bookings driven by 115% growth in subscription ACV bookings.
These milestones were achieved as Snow successfully pivoted to a recurring revenue business model, now at 75% recurring revenue and growing, and remains on track to positive EBITDA in 2020.
“As organizations accelerate their reliance on cloud, complex hybrid environments are the new reality for many IT leaders, and Snow sits at the nexus of this transformation,” said Vishal Rao, President and Chief Executive Officer at Snow.
“Crossing $100 million ARR reaffirms that visibility, optimization and governance across all technology is a strategic priority for the enterprise. Of course, we would not have been able to achieve this milestone without the continuous support of our customers and partners.
“Today, we serve Global 2000 companies in healthcare, finance, energy, defense and more – the trust that organizations like NASA, Nordstrom, ING, Dyson and Vodafone have placed in us is humbling.
“By providing a flexible platform of best-in-class solutions for managing software, SaaS, hardware and cloud, we are uniquely positioned to deliver long-term value for the world’s largest organizations.”
Snow has continued to double down on innovation to address the growing market need for asset management, cost optimization and risk mitigation both on-premises and in the cloud.
Over the past year, Snow has deepened its SaaS capabilities to include advanced functionality for essential workplace tools such as Office 365 and Adobe Creative Suite as well as remote work staples such as Zoom, GoToMeeting and WebEx, driving its SaaS product to 500% year-over-year ACV bookings growth.
Snow also acquired the leading hybrid cloud management company Embotics, and has seen strong demand for its award-winning Commander cloud management platform from both prospects and existing customers.
“Now, more than ever, it’s essential that companies optimize IT spend, minimize risks and increase governance over technology investments,” said Mike Risman, Chairman of the Board at Snow and Managing Partner at Vitruvian.
“When we first invested in Snow, they were the dominant players in the European market with a strong focus on software asset management. Over the past two years, they have truly transformed the business to meet the needs of today’s IT leaders.
“Snow has now achieved global scale as a platform player with unmatched breadth and depth. We are thrilled to continue working with the team as they deliver on Snow’s bold vision for technology intelligence.”
Analysts and industry experts continue to recognize Snow. In 2020, Snow was named a Leader in the Gartner Magic Quadrant for Cloud Management Platforms for the second year in a row.
Snow was also a finalist in both the ITAM Review Excellence Awards and SIIA CODIE Awards. This follows a strong 2019, where Snow was recognized as a Leader in the Gartner Magic Quadrant for Software Asset Management Tools for the second year in a row.
In addition to analyst and industry recognition, Snow was named a 2019 Gartner Peer Insights Customers’ Choice in Software Asset Management Tools for the third time.