Xensam raises $40 million from Expedition Growth Capital to power the next generation of AI-powered Software Asset Management
Stockholm, Sweden, 9 February 2024: Xensam, the leading technology provider of AI-powered Software Assessment Management, is announcing today that it has raised $40 million in growth funding from Expedition Growth Capital. The previously bootstrapped company will use the funding to invest in AI product development and expand operations in the US and Europe.
As the SaaS market continues to grow considerably, the number of software tools used by organisations and businesses of all sizes has exploded. Software asset management (SAM) tools have surged in popularity to help businesses manage applications, track usage, identify overspending and maintain compliance.
Simplified, intuitive software management
Founded in Stockholm in 2016 by brothers Oskar Fösker, CEO, and Gustav Fösker, CTO, Xensam’s vision is to simplify and automate SAM, with proprietary AI. Its intuitive platform allows IT executives and other stakeholders to understand precisely how users interact with applications across the entire digital infrastructure, delivering significant cost and efficiency savings.
Xensam's platform with its perpetual agent can identify hundreds of thousands of applications, whether they are SaaS or on-premise, to provide a comprehensive organisational overview across hybrid environments. The insights generated are easy to understand and don’t require any technical expertise or manual configuration. Furthermore, the platform can integrate with any software, allowing additional data to be collected to provide a single source of truth. The platform's Security Centre provides an overview of potential compliance issues and security vulnerabilities, including pirated software detection and missing anti-virus tools, which helps reduce the risk of security breaches.
Oskar Fösker, co-founder and CEO of Xensam, said: “We founded Xensam to provide an intuitive platform for software asset management and resource optimisation by leveraging AI and automation. Since then, we have grown over 126% year-on-year and demonstrated how innovative, scalable and user-centric technology can deliver exceptional value to customers. We’re thrilled to partner with Expedition Growth Capital to help fuel the next phase of our expansion.”
Gustav Fösker, co-founder and CTO of Xensam, said: "By pioneering AI from the start, we’ve transformed SAM for hundreds of companies, making it user-friendly and removing manual work. With the new funding, we can continue to innovate the platform with more advanced features, including a ChatGPT-inspired chatbot that will enhance its accessibility and user experience."
Oliver Thomas, founder and managing partner at Expedition Growth Capital, said: “Xensam is one of the most impressive European growth companies we’ve come across. In the nearly eight years they have been operating, they have built a critical solution which is enabling companies with thousands of employees to track, monitor and manage software usage. We’re delighted to be working closely with the company as their first external investors and look forward to being a part of their growth journey.”
Contact: Sayula Kirby, Director at Burlington PR, email@example.com
About Xensam: Xensam AB is the leading technology provider in software asset management, providing an AI-powered SaaS platform that helps enterprises worldwide optimize software usage, security and costs. Being a cloud-based platform with a unique approach to software normalization, Xensam has built a strong reputation as the complete SAM platform for a hybrid environment by combining SaaS Management and on-prem. Xensam AB was founded in 2016 by Oskar Fösker (CEO) & and Gustav Fösker (CTO) and is headquartered in Stockholm, Sweden, with a local presence in the UK, the US, and across Europe. For more information, please visit www.xensam.com.
About Expedition Growth Capital: Expedition Growth Capital is a software specialist growth equity firm. Expedition focuses on €10m - €30m minority equity investments in rapidly growing, founder-owned software businesses across Europe. Expedition is typically the first outside investor in companies that have built world-class products, and strong, growing market positions, in valuable categories of business software. Expedition is a supportive, experienced partner for ambitious European founders who have historically chosen to build their businesses away from the pressures of venture capital. www.expedition.capital
Europe's largest SAM & IT Procurement annual congress is coming to Germany from February 25th to February 27th and the Xensam team
Xensam, the leading technology provider of AI-powered Software Assessment Management, raises $40 million in growth funding from Ex
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