Snow Software, the Swedish technology business backed by Vitruvian Partners, has brought onboard two new investors.

North American investors Ontario Pension Board and Sumeru Equity Partners have put $120m into the Stockholm-headquartered company. Sumeru will take two seats on the board, while Vitruvian will retain a majority stake.

Snow provides software asset management and cloud spend management services. It has worked with more than 6,000 clients, including Tesco, Ikea and Sky, to help optimise spend on software.

Vitruvian backed the company in July 2012. The investment was led by managing partner Mike Risman, who is now chairman of Snow.

The funding will be used to increase product development and international expansion.

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