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SnapLogic bags $37.5 million from Microsoft and Silver Lake as integration war heats up
Christmas has arrived early for SnapLogic Inc., which secured $37.5 million in fresh capital from Microsoft Corp. and Silver Lake Partners as part of a funding round announced today to speed the adoption of its namesake cloud connectivity service. The startup is one of several working to make it easier for organizations to integrate the growing number of new applications and devices finding use among their workers into the corporate network, a field that has drawn considerable investor attention in recent quarters.
Competitor MuleSoft Inc. secured a massive $128 million earlier this year in a round that saw the participation of over a dozen different backers including Microsoft rival Salesforce.com and bumped its valuation past the $1.5 billion mark. Apigee Inc., meanwhile, raised $87 million around the same time through an initial public offering on the NASDAQ, which could be the next step for SnapLogic given that Silver Lake’s investment came from its Waterman arm. The debt fund’s area of focus is described as “late stage pre-IPO growth” financing on its website.
For the time being, however, the integration startup plans to focus on scaling marketing operations and generate more international demand for its software. SnapLogic already saw bookings increase an impressive 182 percent sequentially last quarter and now boasts more than 400 customers including Verizon Communications Inc., Adobe Systems Inc. and several other big names from the technology world. The company also has a broad alliance with Microsoft to help organizations move data to its Cortana Analytics Suite, a relationship that the investment elevates into the strategic realm.
Salesforce.com likewise had a partnership agreement with MuleSoft prior to its financing round, which effectively splits a significant portion of the cloud connectivity segment along the competitive lines of the customer relationship management world. Whether that dynamic will end up impacting end-users in any substantial way still remains to be seen, however. SnapLogic and its rival each currently provide support for solutions from both vendors.
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