U.S. tech giant SolarWinds buys Israeli AI company for 350 mln USD
The U.S. tech giant SolarWinds, a provider of IT (information technology) software, has acquired Samanage, an Israeli provider of enterprise IT management software, for 350 million U.S. dollars, as both companies announced on Friday, Trend reports citing Xinhua.
This is the first acquisition of SolarWinds in Israel and is expected to increase its operations in the state by making additional acquisitions.
Samanage was established in 2007 and is headquartered in the Israeli coastal city of Netanya and in Cary, North Carolina.
According to the company, about three million employees in enterprises worldwide use its services daily.
Samanage products combine advanced artificial intelligence (AI) and machine learning technologies that enable organizations to automate intra-organizational service processes.
This streamlines the organizations' activity and helps work between the various departments to be conducted more efficiently.
Samanage has raised about 69 million U.S. dollars to date, mainly from Morgan Stanley Expansion Capital, Viola Ventures, Gemini, Marker, Vintage and Salesforce Ventures.
SolarWinds, founded in 1999 and headquartered in Austin, Texas, is traded on the New York Stock Exchange (NYSE) with a market cap of about 5.85 billion U.S. dollars. The company provides tools to IT departments for more than 300,000 corporate customers.
SolarWinds intends to immediately integrate Samanage products into its IT operations.
The Israeli new service will complement the range of products offered by SolarWinds to various types of customers, from small and medium businesses to large enterprises.