Samanage, a provider of service management software to organizations on a software as a service (SaaS) model, today announced that it had raised $30 million in its D financing round led by Morgan Stanley Expansion Capital. Previous investors Marker LLC, Viola Ventures, Salesforce Ventures, Gemini Israel Ventures, and Vintage Investment Partners also took part in the round.
The current round brings the total raised by Samanage to $74.6 million. Samange founder and CEO Doron Gordon said that the purpose of the round was to support the company's accelerated growth rate, which the company is not disclosing. Over the past two years, Samange began working with large customers, including companies such as Salesforce, Siemens, and 3M. Samange's customers have an aggregate total of over two million workers.
Samanage currently has 170 employees in its headquarters in North Carolina; its offices in San Francisco, the Netherlands, and the UK; and its development center in Israel. The money raised will be used to enlarge the company's development, sales, and support teams. In the coming months, Samange plans to recruit 100 more employees, including 50 at its Netanya development center, bringing the total there to 130.
Samanage is developing a cloud application that connects to all of the systems used by an enterprise. It sends alerts, tasks, and authorization requests to the relevant people in order to make sure that the enterprise's internal processes run smoothly. One example of such an internal organization process is the reception of a new employee in all of the departments and the opening for the employee's use of all of the services used by the organization. Other examples are authorizations to enter facilities and ordering catering for organizational events.
The app, called Workflow Engine, utilizes the idea that every department in the organization is a service provider for it. The organization defines the internal organization processes it wants to streamline through the app, or selects a process from the templates suggested by Samange and adapts it to its needs. This is in addition to an artificial intelligence (AI) engine that adjusts and improves the defined processes.
In addition to recruiting employees, the financing round will be used to expand Samanage's joint platform with Salesforce - Samanage for Salesforce. The product was built in cooperation with Salesforce, which is also a strategic investor in Samanage and invested $10 million in it in 2016. Gordon says that Salesforce distributes the product to its customers, which are rated among the 2,000 largest organizations in the world. As part of cooperation with Salesforce, the product is distributed to 30 customers, a number that is increasing. "Last year, we were named the second-fasted growing company out of several thousand software providers that Salesforce works with," Gordon states.
In addition to the product developed with Salesforce, Samanage has other products, which Gordon says give it "the ability to handle every kind of customer in the market." The market, known as employee services management, is estimated at $12 billion. "We have a $12 billion market. There are not many companies in such a big market that have almost no competition. We plan to continue recruiting more customers and satisfying them," Gordon says.
Founder: CEO Doron Gordon
Offices: Netanya and North Carolina
Employees: 170, including 80 in Israel
Financing rounds: $74.6 million in four rounds.
Prominent investors: Morgan Stanley Expansion Capital, Salesforce Ventures, Gemini Israel Partners, Viola Ventures, Marker LLC, and Vintage Investment Partners
Published by Globes, Israel business news - en.globes.co.il - on November 8, 2018
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