Financing to Fund 10X Acceleration in Development Speed
PALO ALTO, Calif., Oct. 7, 2024 /PRNewswire/ — Josys, the SaaS Management platform that simplifies how IT works, has successfully secured $100 million in venture debt. This latest financing, combined with the $125 million Josys has previously raised, gives the company the strongest financial backing of any SaaS Management company in the world. Today, Josys is announcing plans to make large-scale investments in product development in both its Silicon Valley and Bangalore office locations and expects to increase the speed of development tenfold over the next two years.
This latest financing gives the company the strongest financial backing of any SaaS Management company in the world
Since Josys’ Series B round in September 2023, the company has multiplied revenue by 3X, doubled its customer count in Japan, and successfully expanded globally by gaining customers in the United States, Australia, and Southeast Asia. This new financing positions Josys for its next stage of growth as the leader in SaaS Management, where it aims to serve the needs of enterprises that are struggling with the security and cost challenges that sit at the core of SaaS operations.
Josys is also launching two new services this month to help customers dramatically improve the efficiency and effectiveness of their SaaS Management efforts. In a recent Josys survey, 79% of respondents admitted that their current processes for managing and governing SaaS licenses are too painful. Another 63% mentioned that they are still using spreadsheets as their primary approach for managing all of their SaaS applications. With time-consuming manual processes being the default solution for most organizations, it’s no surprise that 91% of survey respondents confirmed their interest in purchasing a SaaS management solution within the next 18 months.
To ensure the successful implementation and deployment of SaaS Management best practices, Josys is opening the world’s first SaaS Operations Excellence Center to help customers fully realize the value of critical SaaS Management tasks such as shadow IT detection, security optimization, license rationalization, and employee lifecycle management. Josys’ new 10,000 square foot Center is located in Kaihin-Makuhari, Chiba City, just outside of Tokyo and currently staffed by 30 SaaS operations analysts and technicians. With the aim of further developing and scaling its expertise to help customers strengthen their SaaS security posture and reduce IT overhead, Josys plans to expand the team to 100 by the end of 2025.
Josys is also announcing the general availability of its Multi-Tenant Portal, a SaaS Management module that allows centralized IT teams to manage the SaaS ecosystem and security posture of an entire group of companies. This solution is particularly useful for visualizing potentially weak security configurations of M&A targets and overseas subsidiaries, enabling real-time monitoring of shadow IT, privileged account status, and the detection of inactive employee accounts. With the Josys Multi-Tenant Portal, companies can respond swiftly to cross-company SaaS security risks and build a defense system that proactively identifies issues before they become problems.
To learn more about Josys, please visit josys.com or contact us here for more information.
About Josys
Josys is the SaaS Management Platform that simplifies how IT works. Our holistic approach equips IT teams with 360-degree control over their SaaS applications by making it easier to visualize user access, analyze utilization trends, and automate provisioning processes that will make IT operations run more efficiently.
Contact: pr@josys.com
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