Xensam Accelerates Global Momentum in 2024 as Businesses Face Rising Software Costs

Stockholm, 17 December 2024. Xensam, the world leader in AI-powered Software Asset Management technology, is marking a year of accelerating global momentum in 2024, with significant new customer traction and continued industry-leading innovation. With Gartner estimating that worldwide IT spending will reach $5.26 trillion in 2024, an increase of 7.5% from 2023, companies are facing rising costs and questions over which software investments are driving greater efficiency and productivity, with Generative AI featuring prominently as a driver in Gartner’s forecast. The rapid growth in AI software adoption – with 72% of organizations adopting AI in at least one business function - brings Software Asset Management into sharp focus, as businesses of all sizes seek to identify best-of-breed solutions, maintain compliance and security, while also ensuring AI solutions drive real productivity gains.

Xensam, through its AI-powered Software Asset Management platform, is at the forefront of helping businesses streamline the mapping and management of the hundreds or thousands of different software apps within the enterprise.

Focused on technology innovation, Xensam launched a range of new solutions, including an Integration Platform, an AI Report Builder, and new software Custom Inventory capabilities. Its industry-leading app library now encompasses 500,000 different software applications, with the number of SaaS apps recognized increasing by 50% compared to 2023.

The company achieved a 60% ARR growth and acquired major new customers worldwide, demonstrating a significant return on investment. The Isle of Wight NHS Trust achieved £250,000 in software cost savings by cutting underutilized licenses with the help of Xensam’s Active Usage Data. Xensam also achieved a 100% increase in employee growth for 2024, demonstrating robust performance across the business.

Other highlights for Xensam across the year include:

• Growth Funding: The company closed a $40 million funding round, led by Expedition Growth Capital in February.
  
  
• Leadership Transformation: The company expanded its leadership team with notable hires, including CFO Christoffer Timmas, CRO Amir Sadegh, VP of Sales Amy Marinari, and Director of Engineering Kristoffer Skagerberg.
  
  
• Industry Recognition: Xensam was recognized by Gartner in its Market Guide for SAM Tools, the Hype Cycle for I&O Automation 2024, and the Hype Cycle for ITSM 2024, and the company earned a perfect 5.0 customer rating on Gartner Peer Insights. In October, Xensam won the Highest Growth Award in the Main Software 50 Nordics Awards as well as being recognized as one of the Top 3 Overall Champions.
  
  
• Achieved SOC 2 Type 1 Compliance: The company invested in and strengthened its industry-leading commitment to data security, data privacy and operational excellence.

Xensam’s momentum sets the stage for ambitious plans in 2025 as the company continues to enhance its AI product innovations and SaaS offerings to meet the needs of agile businesses, regardless of the software stack and IT environment.

About Xensam

Xensam is the world’s leading provider of AI-powered Software Asset Management (SAM). Our intuitive technology allows businesses to optimize and manage all software across their hybrid IT environments without requiring complex deployments or high technical expertise. Recognizing 93% of software out-of-the-box, Xensam detects more applications than any other vendor to provide unprecedented visibility of actual SaaS, AI and on-premises utilization down to the minute. Presented in an easy-to-use interface supported by an AI chatbot, our platform is designed to deliver highly accurate intelligence to a broad user base. The company was founded in Stockholm, Sweden, in 2016 and operates across Europe and the US.