CloudOlive, which develops a SaaS platform for MSPs to centrally manage and automatically reconcile any SaaS supplier invoice against client billings, has raised a second round of funding and is planning more product integrations, the company confirmed to ChannelE2E. Financial terms of the funding were not disclosed.
CloudOlive, based in Sydney, Australia, was founded by Datto veteran Adam Ross and serial entrepreneur Enrico Tam, through the Antler Venture Capital incubator in 2020.
CloudOlive for MSPs: Potential Financial Benefits
CloudOlive's software integrates with Datto Autotask PSA, and can ingest data from over 55 suppliers (including Microsoft CSP, Datto, Webroot, Sophos, global distributors and more), and automatically reconciles that information against client billings.
CloudOlive's software benefits MSPs in three ways, the company asserts:
- Increased margin: Avoids revenue leakage by identifying every cent for accurate billing.
- Automation saves time: Takes the pain out of manually reconciling variable, consumption based charges every month.
- Greater accuracy: Detects contract compliance and avoids billing errors.
CloudOlive Funding: Next MSP Software Integrations, Automations
The latest funding will support:
- Product development, including a per-user and bundle optimization module, as well as the ability to solve more complex billing arrangements an MSP has, such as splitting a single supplier tenant to many customer accounts.
- More integrates with such MSP toolsets as ConnectWise Manage (recruiting beta testers now), Kaseya BMS, Syncro, Halo PSA, Xero, and Quickbooks Online.
Once the right foundations are in place, CloudOlive will "create a single API connector for the entire MSP ecosystem to utilize," the company told ChannelE2E.
MSP Software Startups: Automation, Sales Acceleration, Security
The MSP industry, growing at roughly 10 percent per year, continues to attract startup software companies -- some of which are led by former MSP owner/operators or veterans of larger MSP technology companies. Early stage startups we've been tracking serve the following market segments:
- SaaS application security and management: Augmentt and SaaS Alerts
- MSP Sales Automation: Zomentum
- MSP Data Quality and Billing Automation (and More): Gradient MSP
- MSP Security: AutoElevate, Evo Security, Password Boss and Zorus
- MSP Cloud Monitoring and Cost Management: Ternary and nOps
- MSP Robotic Process Automation: ElectroNeek and Rewst.
- Integrated PSA-RMM: Atera, Syncro and SuperOps.ai
- What Segments and Startups Did We Miss? Email me the details - [email protected]
Disclosure: ChannelE2E co-founder Joe Panettieri is a member of angel investor networks such as Channel Angels and Florida Funders. Current Channel Angels and Florida Funders investments are disclosed here and here, respectively.
