SAManage Ltd., the leader in integrated Cloud-based IT Service Desk and IT Asset Management, announced today that it has closed $3 million in venture funding from Carmel Ventures, a leading Israeli Venture Capital firm. Carmel Ventures, part of the Viola Group, singled out SAManage for its proven ability to replace legacy vendors in a segment of the market that is rapidly moving toward SaaS enterprise software that is easier to use, simpler to manage and delivers a significantly lower total cost of ownership. SAManage will use its first-ever venture funding to broaden its sales and marketing reach, both in North America and internationally, and will accelerate development of its offering.

"We see standout potential in SAManage. IT management is quickly emerging as the next key segment to embrace SaaS and the experienced SAManage team has engineered an offering that provides the quickest time to value of any legacy competitor in the space. They have already built an impressive customer list," said Ronen Nir, Partner at Carmel Ventures. "The SAManage team is deep in industry knowledge and experience and has laid the foundation for rapid growth."

"We welcome the participation of Carmel Ventures as we accelerate our growth", said Doron Gordon, CEO and founder of SAManage. "We are seeing a strong adoption of SaaS in the enterprise software market as customers demand better and more cost-effective software. IT leaders are ready to replace their legacy enterprise software solutions. At SAManage we believe that customers deserve modern software tools they'll love to use. We built our SaaS IT asset and service management solution exactly for that reason."

The SAManage IT Asset and Service Management solution is delivered as a SaaS application and provides companies with instant visibility into IT assets across their network. Customers can easily track the technology assets they own and use, as well as deliver a modern IT service desk, resulting in a superior support experience for their employees. Using SAManage, customers get up and running in hours, not days or weeks. As a SaaS based solution, there is no software to install and maintain and no servers to manage.

About SAManage

SAManage provides SaaS IT asset and service management solutions that help organizations better control their IT inventory, organize licenses and contracts, detect risks and license compliance gaps and implement an IT Service Desk. SAManage empowers companies of all sizes with IT management capabilities that were previously available only to large organizations, making it easy to automate and simplify the daily tasks associated with establishing IT governance, control, compliance, and user satisfaction. SAManage customers include recognized enterprise leaders such as Consumer Reports, Fugro, ISS World, Fraser & Neaves, YesNetwork, Hearst Magazines and many educational institutions. Please visit http://www.samanage.com to learn more.

About Carmel Ventures

With over $600 million currently under management, several successful exits, and a growing portfolio of promising start-ups, Carmel is among Israel's top-tier venture capital funds. Carmel's investments are focused primarily on early stage companies in the fields of Software, Internet, Digital Media, Communications, Semiconductors, and Consumer Electronics. Founded in 2000 by pioneers and leaders of the Israeli high tech industry, Carmel provides significant capital and active, hands-on support through the growth cycle of its portfolio companies and is recognized as a true company building fund in Israel. Carmel, headquartered in Herzliya, Israel enjoys a worldwide network of industry, strategic and investment resources.

Carmel is an affiliate of the Viola Group, the largest technology focused Private Equity group in Israel with $2B under management. For more information, please visit http://www.carmelventures.com.