ITASCA, Ill. and STOCKHOLM, Sweden and AUSTIN, Texas , Nov. 28, 2023 (GLOBE NEWSWIRE) -- Flexera and Snow Software today announced a definitive agreement under which Flexera intends to acquire Snow.
Worldwide IT spending could reach $5.1 trillion in 2024, according to Gartner. It is estimated that up to 32% of this spend is wasted. Together, Flexera and Snow will provide deeper visibility and greater insights into the assets, technologies, terms of licensing and usage that comprise this spend and associated risks. Flexera and Snow will offer an expanded global footprint, a powerful strategic partner network and expanded IT Asset Management (ITAM), SaaS Management and FinOps capabilities. Customers will gain precise, detailed, and dynamic views into their technology blueprint to make strategic business decisions.
Additional value for customers and partners of Snow and Flexera
“This acquisition is a big win for the customers and partners of both companies,” said Jim Ryan, President and CEO of Flexera.
“Flexera and Snow each have different centers of gravity in different subsegments in a broad and dynamic space,” noted Ryan. “Through this acquisition, our people, portfolios and our combined strengths give customers even more choices and an expanded foundation for ITAM and FinOps. The world-class partner network, innovative technology, excellent customer base and talented employees of Snow provide great value to the marketplace. We are excited about the opportunity to grow the value we deliver to customers even further.”
“The combined strengths of Flexera and Snow will help our customers realize the ongoing value of their technology investments,” explained Vishal Rao, President and CEO of Snow. “At Snow, we have been focused on bringing our vision for Technology Intelligence, or the ability to understand and manage all technology, to life. This is a bold proposition, as it both addresses the challenges of today and provides a blueprint to prepare for the future. With this step, we see an incredible opportunity to accelerate Technology Intelligence while complementing Flexera’s mission to help customers derive more value from their technology. Our collective efforts will create further breadth, depth and support for our customers and partners who are adapting to increasingly complex IT environments, while shouldering technical, financial, operational and innovative responsibilities for their organizations. It’s going to be an exciting time, and we look forward to the next phase of our journey with Flexera.”
Continued support for existing products
Flexera will continue to innovate, enhance, maintain, and support both Flexera and Snow solutions. Global partners will have even more support as Flexera will continue to work with partners of both Flexera and Snow, including those that offer hosted options.
The transaction is subject to customary closing conditions, including the receipt of required regulatory approvals. Barclays, Goldman Sachs & Co. LLC, Jefferies LLC, Mizuho Securities USA LLC, and UBS Investment Bank served as financial advisors to Flexera. J.P. Morgan Securities LLC served as financial advisor to Snow.
About Flexera
Flexera saves customers billions of dollars in wasted technology spend. A pioneer in ITAM, Flexera provides award-winning, data-oriented SaaS solutions for technology value optimization (TVO), enabling IT, finance, procurement and cloud teams to gain deep insights into cost optimization, compliance and risks for each business service. Flexera One solutions are built on a set of definitive customer, supplier and industry data, powered by Technopedia, that enables organizations to visualize their Enterprise Technology Blueprint™. Thousands of customers subscribe to Flexera’s technology value optimization solutions, delivered by 1,300+ team members worldwide. Learn more at www.flexera.com.
About Snow Software
Snow Software is changing the way organizations understand and manage their technology consumption. Snow’s technology intelligence platform provides comprehensive visibility and contextual insight across software, SaaS, hardware and cloud. With Snow, IT leaders can effectively optimize resources, enhance performance and enable operational agility. Learn more at www.snowsoftware.com.
For more information:
Flexera PR Contact:
Cyndi Tackett
Flexera
publicrelations@flexera.com
Snow Software PR Contact:
Ciri Haugh
Snow Software
press@snowsoftware.com
