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IT service management firm Samanage raises $30M
Information technology service management firm Samanage Inc. today said it has raised $30 million in new funding to accelerate its growth and expand internationally.
The new round, from Morgan Stanley Expansion Capital, a private investment platform within Morgan Stanley Investment Management, brings the company’s total funding to $74 million.
Founded in 2007, Samanage competes with ZenDesk Inc. and ServiceNow Inc. in the rapidly growing ITSM market that includes activities such as designing, delivering, creating, supporting and managing IT services. Built to address the need for a modern IT and employee service management platform and pitched a “service success company,” Samanage enables operations personnel to set up a customized web-based portal where users can ask for help when they encounter a problem.
As described when it raised its last raised money in February 2017, the platform lends itself to everything from assisting new employees with unfamiliar software to sorting out outages that affect large groups of workers. When a new request comes down the pipe, the service prioritizes it based on the severity of the issue at hand, placing it into a centralized feed that enables administrators on call to start troubleshooting quickly.
Samanage serves more than 2 million users worldwide across IT, human resources, finance, facilities, marketing and other departments. The company is also embracing automation, artificial intelligence and machine learning on its platform.
“Samanage has a clear vision for improving the employee service experience for their customers by leveraging the principles of ITSM in every department to create smart and meaningful service experiences across the organization,” Pete Chung, head of Morgan Stanley Expansion Capital, said in a statement. “Employee service is a large and growing industry.”
According to a spokesperson for Samanage, the cloud-based ITSM industry is expected to reach $8.78 billion by 2021, a figure taken from a Research and Markets report.
Previous investors in Samanage include Viola Ventures, Vintage Investment Partners, Gemini Israel Ventures, Marker, Salesforce Ventures and Silicon Valley Bank.
Image: Samanage
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