Xensam Raises €37 Million to Drive Innovation in Software Asset Management

Technology provider Xensam has secured €37 million in growth funding from Expedition Growth Capital to propel its advancements in AI-powered Software Asset Management (SAM). The funding will be utilized to support AI product development and the expansion of Xensam’s operations in the United States and Europe.

As the demand for Software as a Service (SaaS) continues to surge, organizations are relying on an increasing number of software tools to manage applications, track usage, identify overspending, and maintain compliance. In response, Xensam aims to simplify and automate SAM through their intuitive platform fueled by proprietary AI.

Co-founded in 2016 by brothers Oskar Fösker (CEO) and Gustav Fösker (CTO) in Stockholm, Xensam utilizes its perpetual agent to identify hundreds of thousands of applications, whether they are SaaS or on-premise. This process generates comprehensive insights across hybrid environments, providing businesses with a clear understanding of how users interact with applications throughout their digital infrastructure.

The platform offers a user-friendly experience, eliminating the need for technical expertise or manual configuration. It is also highly versatile, seamlessly integrating with any software and allowing for the collection of additional data to establish a single source of truth. Xensam’s Security Centre further enhances the platform by providing crucial information on potential compliance issues and security vulnerabilities, effectively reducing the risk of security breaches.

With the recent funding injection, Xensam plans to further innovate its platform, introducing advanced features such as a ChatGPT-inspired chatbot. The introduction of this chatbot aims to enhance accessibility and user experience, ensuring that software asset management becomes even more intuitive and efficient.

Oliver Thomas, the founder and managing partner at Expedition Growth Capital, praised Xensam’s transformative role in the industry, recognizing the company’s ability to empower businesses with their user-friendly and AI-driven SAM solution. Expedition Growth Capital looks forward to supporting Xensam’s growth journey as their first external investor.

Through its commitment to innovation and seamless automation, Xensam is poised to continue redefining the landscape of software asset management, delivering exceptional value to organizations in the ever-expanding SaaS market.

An FAQ section based on the main topics and information presented in the article:

Q: What is Xensam?
A: Xensam is a technology provider that specializes in AI-powered Software Asset Management (SAM).

Q: What is SAM?
A: SAM stands for Software Asset Management. It involves managing software applications, tracking usage, identifying overspending, and maintaining compliance.

Q: What is the funding secured by Xensam for?
A: Xensam has secured €37 million in growth funding from Expedition Growth Capital. The funding will be used for AI product development and expanding operations in the United States and Europe.

Q: How does Xensam simplify and automate SAM?
A: Xensam utilizes a proprietary AI-driven platform to simplify and automate SAM. It offers a user-friendly experience, eliminates the need for technical expertise, and seamlessly integrates with any software.

Q: What does Xensam’s platform provide?
A: Xensam’s platform provides comprehensive insights across hybrid environments, allowing businesses to understand how users interact with applications throughout their digital infrastructure. It also includes a Security Centre to identify compliance issues and security vulnerabilities.

Q: What advanced feature does Xensam plan to introduce?
A: Xensam plans to introduce a ChatGPT-inspired chatbot to enhance accessibility and user experience in its platform.

Definitions:

– Software Asset Management (SAM): The practice of managing and optimizing software applications throughout their lifecycle. It involves tracking licenses, usage, compliance, and costs.

– SaaS: Software as a Service. It refers to software applications that are delivered over the internet and accessed by users through a web browser.

– AI: Artificial Intelligence. It refers to the simulation of human intelligence in machines that are programmed to mimic human cognitive processes.

– Compliance: The adherence to laws, regulations, and standards related to software licensing and usage.

Suggested related links:

Xensam – Official website of Xensam, the technology provider specializing in AI-powered Software Asset Management.

Expedition Growth Capital – Official website of Expedition Growth Capital, the company that provided the growth funding to Xensam.

Software Asset Management (Wikipedia) – Wikipedia page providing a comprehensive overview of Software Asset Management.