Israeli business operations co Salto raises $42m

Rami Tamir, Benny Schnaider and Gil Hoffer / Photo: Doron Latzter

Salto’s platform offers companies a better return on the dozens of SaaS licenses they already pay for.

Israeli business apps configuration startup Salto today announced that it has completed a $42 million Series B financing round led by Accel, with participation from existing investors Salesforce Ventures, Bessemer Venture Partners and Lightspeed Venture Partners. This brings the total amount of funding raised by Salto to $69 million.

As enterprises call for a more unified way to configure, analyze, and ensure compliance for their standalone SaaS (software as a service) applications, Salto is supplying the demand for a new way to improve the productivity of SaaS administrators.

Salto was founded in 2019 by chairman Benny Schnaider, CEO Rami Tamir, and CTO Gil Hoffer. The three founders were between them previously involved in three exits worth over $650 million: Pentacom (acquired by Cisco); Qumranet (the creator of KVM - acquired by Red Hat); and Ravello Systems (acquired by Oracle).

Salto has 35 employees of whom 30 are in Israel.

Tamir said, "Over the past few years, we’ve seen enterprises adopt literally hundreds of SaaS applications. Salto is the connective tissue that has been completely missing and applies widely adopted engineering principles to business operations and SaaS. We provide insights into how all the systems are configured and allow teams to untangle them, track and extend those changes across applications, and enforce a process to make each department’s stack of software operate as a cohesive whole."

Salto’s platform offers companies a better return on the dozens of SaaS licenses they already pay for and lays the foundation for a major level of change management efficiency.

With the new funding, Salto will rapidly expand its capacity to configure more business applications. Early customers expressed their need for Salto to extend its software approach and methodology beyond its initially supported SaaS applications - Salesforce, NetSuite and HubSpot. Salto plans to expand its support to a total of 10 applications by the end of 2021.

"Salto creates an ecosystem where business application administrators can make changes to applications swiftly and efficiently," said Alex Kayyal, partner and head of international at Salesforce Ventures. "We’re incredibly excited by the team’s vision to improve business agility through automation across SaaS applications as they provide clear value to customers globally."

Published by Globes, Israel business news - en.globes.co.il - on May 19, 2021

© Copyright of Globes Publisher Itonut (1983) Ltd. 2021

Rami Tamir, Benny Schnaider and Gil Hoffer / Photo: Doron Latzter
Rami Tamir, Benny Schnaider and Gil Hoffer / Photo: Doron Latzter
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