Torii, an Israeli startup that develops an automated SaaS management platform (SMP), has raised $50 million in Series B financing led by Tiger Global Management.This investment brings the total amount raised by the company to date to $65 million. No further details were revealed about the round or about Torii’s current valuation.
Founded in 2017, Torii declares that the company helps IT professionals gain total control over managing SaaS applications with the world’s first automation-centered SaaS management platform. Torii automates the discovery, spend optimization, operations and compliance of SaaS to help organizations reduce spend, free IT time from manual tasks, and manage SaaS sprawl.
SaaS stands for Software as a Service. This refers to any kind of software that is used by the consumer online, as opposed to being downloaded from the Internet. Google Docs is an example of this and companies like Microsoft are moving more and more towards offering their programs, like Office, as an SaaS. And so the need for proper Saas management services continues to grow. And all of this is done on the cloud.
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Does your #IT team feel dragged down by the mire of the SaaS Swamp? 🐊
You’re not alone. We found that IT pros are sick of being reactive to SaaS – especially Shadow IT. In fact, 64% of IT pros want to adopt #SaaSManagement ASAP!
— Torii (@torii_hq) January 27, 2022
SaaS management platforms (SMPs) are the vehicles by which the administrators of the Information technology (IT) teams at any organization manage the day-to-day operations for Microsoft Office 365, Google G Suite and many more types of SaaS applications. SMPs allow IT administrators to manage application policies, take action to fix any problem they may uncover, track the usage of a given application to determine if it is of benefit to the company and automate IT administrative tasks.
“The old way of centralized decision-making doesn’t work in the cloud. It’s now easier than ever for any employee to trial, deploy, integrate, and expense any new cloud application,” said Uri Haramati, founder and CEO of Torii of the need to offer better SaaS Management tools. “Tiger’s investment is an incredible validation of Torii’s unique worldview – one in which IT teams empower their employees to accelerate innovation, instead of constantly chasing Shadow IT.”