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One of the attractive aspects of software that’s sold on a service model (rather than, say, a one-time purchase of a cardboard box) is that, from an accounting perspective, it converts periodic large capital expenditures into more incremental operational expenses.

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Businesses often end up spending the same amount of money (or more) on SaaS as compared to one-time license buys. Assessing the value a given software service provides and managing expenses is the often thankless task of chief information officers and other IT pros. An Indianapolis-based startup aims to mediate and manage the mass of SaaS that companies subscribe to. And, of course, this SaaS management startup is itself distributed on a SaaS-based business model.

Today, announced that it raised $22.5 million in Series B funding. led the round, and, as a condition of the transaction, general partner will join the company’s board of directors.

Prior investors (which led ), Revolution’s Seed Fund, , , and Indianapolis-based venture studio followed on their prior investments in this round.

High Alpha’s representation on Zylo’s board has been halved since Series A. The firm is represented by its managing partner . , a co-founding partner of High Alpha, was a listed board member on , filed back in January 2018. A representative for the company confirmed that Andersen is no longer a board member of the company. High Alpha initially took three board seats in the company’s seed round, according to .

Alongside board members Murphy and Dorsey sit Bessemer partner , chief executive , and the company’s CEO, . The current slate of directors was confirmed by a representative for the company.

The Series B transaction brings Zylo’s total capital raised to . It’s among the largest Series B rounds raised in Indiana state startup history, according , and the largest since health analytics company raised $20 million in its round.

Zylo and its investors are looking to capitalize on a large and growing business opportunity.

“Today, enterprises spend an average of $10,000 or more per employee on SaaS, making the stakes higher than ever for CIOs to optimize their investments and give employees tools that maximize productivity,” said CEO Eric Christopher in a statement provided by Zylo.

In that same statement, Menlo’s Murphy likened the rate of new SaaS business creation to the , saying that “the buying decision has never been more distributed within organizations.” He added, “Along with that proliferation comes the need for SaaS Management, a category that Zylo created and leads.”

Murphy has led several of Menlo’s prior deals with SaaS startups like , , and , among .

Zylo says its customers include , , , and . Its profligate spenders and among its users. The company says it manages over $10 billion in corporate SaaS spending today.

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