Snow Software Surpasses $100 Million in Annual Recurring Revenue
Facing increasingly complex environments and new budget realities, IT leaders are relying on Snow to improve visibility, optimize cost and minimize risk
Snow Software, the global leader in technology intelligence, 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.
“Magic Quadrant for Software Asset Management Tools”
“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.”