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Austin startup backed by Mark Cuban is bought by Illinois software maker

Founded two years ago, Meta SaaS helps companies better manage their software-as-a-service subscriptions, or “SaaS.”

Posted May 2nd, 2018

Austin startup Meta SaaS, which was backed by billionaire Dallas businessman Mark Cuban, has been acquired by an Illinois software maker.

Financial terms of the purchase by software and security manager Flexera, based in Itasca, Ill., were not disclosed. 

Founded two years ago, Meta SaaS helps companies better manage their software-as-a-service subscriptions, or “SaaS.” 

Meta SaaS says it saves customers money by identifying underutilized services, which accumulate as companies shift to the cloud.

The company tracks a customer’s SaaS activity and alerts it to any underutilized service or upcoming contract renewal. Auto-renewals alone can cost companies up to $10 million a year, Meta SaaS says.

Cuban led a $1.5 million investment in Meta SaaS last May. Additional investors included Barracuda Networks and Austin software industry veteran Brett Hurt.

Meta SaaS was not the first Austin investment for Cuban, who is a businessman, investor and owner of the NBA’s Dallas Mavericks. He is also a backer of The Zebra, an Austin startup that lets consumers compare car insurance rates online.

Tom Canning, vice president of strategy at Flexera, said the acquisition of Meta SaaS will allow its customers to identify more than 32,000 SaaS applications and manage contract renewals through automatically generated reports.

“The number of SaaS apps is skyrocketing - especially among small and medium-size companies. As much as a third of those applications aren’t even being used,” he said. “Because companies can’t see or manage SaaS apps in use across the enterprise, cost and risk are out of control.”

Flexera offers services for managing IT assets and overall cloud and software security. The company is changing the Meta SaaS name to Flexera SaaS Manager.

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