Applications os News
SnapLogic Raises $165M In Funding, Boosts Valuation To $1 Billion
The additional capital follows what the application and data integration tech developer calls a year of record growth.
Application and data integration technology developer SnapLogic has raised $165 million in a round of funding that follows what the company describes as a year of robust revenue growth.
The round brings SnapLogic’s total financing to $371.3 million, according to the Crunchbase website, and the company’s valuation to $1 billion. SnapLogic last raised capital in a $72 million Series G funding round in October 2019.
The latest funding round was led by Sixth Street Growth, which will join the company’s board, according to the company.
SnapLogic, founded in 2006 and based in San Mateo, Calif., offers the SnapLogic Intelligent Integration Platform, an AI-powered Integration Platform as a Service for connecting cloud data sources, on-premises applications and SaaS applications. The software helps organizations automate common workflows and business processes.
“The enterprise automation market is booming, and our latest funding is further validation of our growing momentum and product leadership in that space,” said SnapLogic CEO Gaurav Dhillon, in a statement. “Unlike point-to-point players, our focus on the enterprise will unlock the power of applications, data, and APIs. In the post-pandemic era, our customers will use AI and automation to revolutionize their hybrid workforces. With SnapLogic, hybrid- and multi-cloud enterprises can ensure their massive investments in public and private clouds, SaaS, cloud data warehousing, and APIs will pay off.”
SnapLogic said the company will exit 2021 with record annual bookings, without disclosing actual revenue figures. The SnapLogic platform is now processing 2.7 trillion customer documents per month, the company said. Customers include Adobe, Aramark, Drax and Magellan Health.
“Modern enterprises are democratizing access to data and applications and empowering business teams to use low-code, self-service technologies to build the solutions they need to work better and faster,” said Michael McGinn, partner and co-head of global investment firm Sixth Street Growth, in a statement. “SnapLogic’s seasoned management team, sound economic model, and sustainable growth plan put it in a great position to capitalize on the thriving Enterprise Automation sector and expanding hybrid workplace trends.”