BetterCloud Announces Strategic Growth Investment from Vista Equity Partners

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Jun 09, 2022, 08:00 ET

New capital underscores BetterCloud's market leadership and high demand for its leading SaaS Management Platform

NEW YORK, June 9, 2022 /PRNewswire/ -- BetterCloud, the leading SaaS Management Platform provider, today announced a strategic growth investment from Vista Equity Partners ("Vista"), a leading global investment firm focused exclusively on enterprise software, data and technology-enabled businesses. The partnership will enable BetterCloud to continue to accelerate growth and product innovation, expand into new geographic markets and continue to build best-in-class capabilities for its global customer base. BetterCloud's existing investors, including Accel, Bain Capital Ventures, Warburg Pincus and others, will continue as minority investors.

Businesses are embracing SaaS faster than ever before. Today, organizations use an average of 110 SaaS applications, yet many companies lack the resources, tools and know-how to properly manage their rapidly growing stack. This has created an urgent need to better protect critical business data, while keeping employees productive. In order to achieve this, IT departments need full visibility into which applications employees use and how they are using them, as well as a way to automate critical tasks, like onboarding and offboarding employees across all of their SaaS applications.

Founded in 2011, BetterCloud was designed to help IT teams manage every aspect of a company's SaaS application stack. The platform features capabilities in three key areas of SaaS Operations Management: Application Insights, User Lifecycle Management and Data Protection. Thousands of leading enterprise organizations, including Block (formerly Square), Oscar Health and HelloFresh rely on BetterCloud to automate processes and policies across their SaaS application portfolio.

"From day one, we've been laser focused on enabling companies to adopt best-in-breed SaaS applications in a secure and scalable way," said David Politis, CEO, BetterCloud. "This investment is a major milestone in that journey, and one that will allow us to continue to define and lead the SaaS Management category now and in the future. Vista is the perfect partner for BetterCloud given their tremendous experience and track record of investing in the best SaaS companies in the world, and their keen understanding of the value behind SaaS management. Together, we will continue to deliver on the promise of 'zero touch' SaaS management and elevate the role of IT in enterprises around the world."

"As the suite of SaaS applications for the enterprise continues to grow and is further integrated into operations, application management has become mission-critical for businesses," said Patrick Severson, Co-Head of Vista's Foundation Fund and Senior Managing Director. "David and the BetterCloud team have established the market leading SaaS management platform, empowering employees and creating a more secure SaaS ecosystem for all of their customers. We are thrilled to partner with them and look forward to a bright future together."

J.P. Morgan Securities LLC served as financial advisor and Gunderson Dettmer Stough Villeneuve Franklin & Hachigian, LLP acted as legal counsel to BetterCloud. Kirkland & Ellis LLP served as legal advisor to Vista.

About BetterCloud

BetterCloud is the market leader for SaaS Operations, enabling IT professionals to transform their employee experience, maximize operational efficiency, and centralize data protection. With no-code automation enabling zero touch workflows, thousands of forward-thinking organizations like Block (formerly Square), Oscar Health and HelloFresh now rely on BetterCloud to automate processes and policies across their cloud application portfolio. For more information, please visit www.bettercloud.com.

About Vista

Vista is a leading global investment firm with more than $93 billion in assets under management as of December 31, 2021. The firm exclusively invests in enterprise software, data and technology-enabled organizations across private equity, permanent capital, credit, and public equity strategies, bringing an approach that prioritizes creating enduring market value for the benefit of its global ecosystem of investors, companies, customers and employees. Vista's investments are anchored by a sizable long-term capital base, experience in structuring technology-oriented transactions and proven, flexible management techniques that drive sustainable growth. Vista believes the transformative power of technology is the key to an even better future – a healthier planet, a smarter economy, a diverse and inclusive community and a broader path to prosperity. Further information is available at vistaequitypartners.com. Follow Vista on LinkedIn, @Vista Equity Partners, and on Twitter, @Vista_Equity.

SOURCE BetterCloud