The Danish startup Viio helps companies keep track of all the software subscriptions and cloud services that employees have access to.
When Viio asks a medium-sized company how many software subscriptions they have, the typical answer is “about 20”. But most actually have well over 100, often between 200 and 500. They even report that they have seen an example with 1100 software tools in a company with only 1500 employees. And many of them are not used, but they are paid for.
According to research firm Gartner, 30 percent of SaaS costs are wasted. So, there is a huge potential in managing SaaS agreements. The waste may consist of having licenses for too many users or the solution not being used as much as paid for. Or other solutions already meeting the need.
Most companies have experienced this problem, which is why Viio has been able to raise over € 3 million (25 million DKK) from a number of well-known investors, led by the venture fund North Ventures and including Christian Kromann, CEO of SimCorp, Dorrit Kromann, Klaus Holse, former CEO of SimCorp and now Chairman of the Confederation of Danish Industry, Susanne Bechmann Holse, Ulrik Bo Larsen, former CEO of Brandwatch (formerly Falcon.io), and Ole Andersen, former Nordic Director of Apple.
“Viio addresses a need present in every company I’ve encountered. Enormous sums are spent on software that is never used. Viio has a huge market potential and with such clear ROI for customers, it is a no-brainer to buy the tool. It is complex to build a solution like Viio, but the team really delivers on it and they execute the plans we have laid out strongly.”
says Ulrik Bo Larsen, board member and investor in Viio
Viio Sheds Light on Software Costs
Viio has registered over 60,000 different SaaS services that one can subscribe to. These range from well-known services like ChatGPT, Zoom, and Photoshop to large enterprise solutions like Google Workspace or Teams, and to more obscure AI services, small apps, and cloud services used to make the next PowerPoint presentation extra polished.
Hits Trend After COVID-19
During Covid-19 and the period of zero interest rates and “free” capital, SaaS consumption ran wild in many companies. Everyone needed Zoom and/or Teams for remote work and online meetings. Now, the economic environment is tighter, and many are thoroughly cutting unnecessary expenses. Companies have been trying to solve the problem for a couple of years, but it has become very complex. Therefore, Viio addresses a significant, unmet need.
“We find that companies want to buy the solution, but they also want to buy the expertise to get the full value of the solution. When we started offering that and not just being another SaaS, sales exploded.”
says Michael Fornander, CEO and founder of Viio
This can save companies very large amounts of money:
“We always offer 3 times ROI to customers and have several cases with 10 times ROI,”
says Michael Fornander.
However, Viio’s long-term mission is much more ambitious than reducing customers’ costs:
“We are at the beginning of another technological revolution where all software is assessed as part of a whole, and where parts are continuously optimized and replaced so the solution is optimal. With our data foundation and insight into employees’ use of software within each company, we can help companies make the best choices based on both economy and what other similar companies use. This will be a competitive parameter for our customers, not about costs, but about creating an agile technological foundation that significantly increases their value creation.”
says Michael Fornander.
