H.I.G. Growth Partners Completes Growth Investment in ProsperOps
SAN FRANCISCO – February 23, 2023 – H.I.G. Growth Partners (“H.I.G. Growth”), the dedicated growth capital investment affiliate of H.I.G. Capital, is pleased to announce that it led a $72 million investment in ProsperOps (“ProsperOps” or the “Company”), an autonomous cloud cost optimization platform. ProsperOps delivers best-in-class return on investment on cloud spend, unlocking maximum value and savings outcomes for companies building in the cloud. The investment enables ProsperOps to further scale its platform capabilities, engineering, and go-to-market teams, as well as expand from Amazon Web Services (AWS) to additional cloud providers.
According to the FinOps Foundation’s “2023 State of FinOps” report, a top FinOps challenge cited is developing creative ways to reduce cloud spend, as up to one third of cloud spend is estimated to be wasted. ProsperOps removes the burden on developers by autonomously managing Savings Plans and Reserved Instances across compute services such as Amazon Elastic Compute Cloud (EC2), Fargate, and Lambda. FinOps and finance teams further benefit with clear ROI, showback, and savings performance benchmarks.
Today, ProsperOps administers savings for nearly $800 million of compute usage and analyzes nearly 20 million customer environment changes per month for some of the world’s leading born-in-the-cloud businesses, including Coinbase, Drift, and Wix. ProsperOps only makes money when customers save money with its “savings as a service” model based on the cloud cost savings generated by the platform. On average, ProsperOps customers achieve a savings of 40%.
Chris Cochran, CEO of ProsperOps said, “Cloud waste is rampant and holistic optimization requires an automated approach. The scale and complexity of this problem necessitates an algorithmic rather than a human solution. We’ve been profitably growing the business by triple digits, and the backing from our investors enables us to fully pursue the market opportunity. We look forward to expanding our customer reach and cost optimization platform so every business can prosper in the cloud.”
Ross Hiatt, Managing Director and Co-Head of H.I.G. Growth said, “The ongoing tailwinds driving public cloud adoption present an exciting opportunity to invest, and ProsperOps is particularly unique in its ability to help customers get the most out of public cloud at a time when every dollar counts. I’m looking forward to leveraging H.I.G.’s capabilities and relationships to further accelerate the Company’s strong momentum.”
ProsperOps is the leading FinOps automation platform. Founded in 2018, ProsperOps provides an intuitive, autonomous cloud cost optimization experience that automatically manages discount instruments to maximize compute savings and minimize commitment risk. ProsperOps is a founding and Premier member of the FinOps Foundation and a FinOps certified platform, AWS Cloud Management Tool Competency & ISV-Accelerate Partner, and 2021 Gartner Cool Vendor in Cloud Computing. Learn more and get started at www.prosperops.com.
About H.I.G. Growth Partners
H.I.G. Growth Partners is the dedicated growth capital investment affiliate of H.I.G. Capital, a leading global alternative investment firm with $54 billion of equity capital under management.* H.I.G. Growth seeks to make both majority and minority investments in strong, growth-oriented businesses located throughout North America, Europe and Latin America. H.I.G. Growth Partners considers investments across all industries but focuses on certain high-growth sectors where it has extensive in-house expertise such as technology, healthcare, internet and media, consumer products and technology-enabled financial and business services. H.I.G. Growth strives to work closely with its management teams to serve as an experienced resource, providing broad-based strategic, operational, recruiting, and financial management services from a vast in-house team and a substantial network of third-party relationships. For more information, please refer to the H.I.G. website at www.HIGgrowth.com.