Bitium Raises $6.5 Million Series A Financing Led by Polaris Partners

Enterprise Software Company to Accelerate Growth and Continue Product Development in App Management and Single Sign-On

SANTA MONICA, Calif.--()--Bitium, an enterprise software company that provides app management, single sign-on and analytics for more than 1,500 cloud-based apps allowing companies to securely manage their software catalog, announced today that it has raised $6.5 million in Series A funding from Polaris Partners. The round includes participation from previous investors including Amplify, Resolute VC, Double M Partners, Social Leverage, Karlin Ventures, Lazerow Ventures and Rob Glaser. Polaris Managing Partner Dave Barrett has joined Bitium’s board of directors. The new capital will be used to continue the company’s rapid growth in the app management and single-sign-on space, accelerate product development and expand sales and marketing activities.

Bitium’s app management platform helps organizations manage their growing list of SaaS apps with single sign-on and permissions management. As a result of the converging trends of bring-your-own apps (BYOA), bring-your-own device (BYOD), the consumerization of the enterprise and the inevitable move to the cloud, companies are left with little visibility of the apps their employees use and few tools to manage those apps. Bitium solves this with a solution that allows for flexible employee adoption while securely managing cloud-based software.

Bitium’s core features include:

  • Fixed pricing model
    • This includes unlimited apps and users – allowing universal adoption across the entire company.
  • Identity access management/single sign-on
    • Bitium users can access more than 1,500 cloud-based apps with a single sign-on and can grant and revoke application access to employees in one click – including app provisioning.
  • Secure partner provisioning
    • Bitium is the only company that lets companies request and grant access to corporate accounts on behalf of partners without sharing passwords.
  • App insight and auditing
    • Bitium’s proprietary grading scale rates user passwords (A to F) based on strength and how easily it could be breached, giving IT a quick view into enterprise security.
    • Bitium’s reports create insights into apps that are assigned to specific employees but not being used, allowing managers to save money by shutting off unused accounts.

“As software moves to the cloud at a rapid pace, we are poised to continue our rapid expansion and Polaris and Dave understand the importance of an open adoption model for enterprises. Their expertise is going to be an asset as we drive product growth, sales and marketing,” said Scott Kriz, CEO Bitium. “Companies are seeing that by empowering employees with Bitium, the role of IT is changing from gatekeeper to curator. We enable companies to realize long-term strategic advantages over their competition with increased efficiency and agility, by allowing them to focus on their core business instead of locking down the organization for the sake of security.”

“As spending on enterprise technology continues to rise, the demand for systems that manage disparate apps and devices looms large – Gartner predicts that worldwide IT spending is on pace to reach $3.8 trillion in 2014,” said Barrett. “Bitium has built a product that not only solves a major issue for organizations of all sizes, but also provides a superior user experience to other products on the market. We are still at the beginning stages of a SaaS revolution that will impact web and mobile users for the next generation, and Bitium is well positioned with a compelling strategy, stellar product platform and world-class technology team.”

About Bitium

Bitium is an enterprise software company that provides app management, single sign-on and analytics for more than 1,500 cloud-based apps, including Google Apps, collaboration tools, CRM, social networks, accounting programs, bug trackers, customer service dashboards, marketing tools and more. Bitium was founded in 2012 by Scott Kriz and Erik Gustavson and is funded by Polaris Partners and a group of strategic investors in the enterprise cloud space. Bitium is headquartered in Santa Monica, CA.

Contacts

Brew Media Relations
Michelle Kim, 310-464-6344
mkim@brewpr.com

Release Summary

Bitium announced $6.5 million in Series A financing led by Polaris Partners.

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Contacts

Brew Media Relations
Michelle Kim, 310-464-6344
mkim@brewpr.com