SAN FRANCISCO, Feb. 23 10, 2022 (GLOBE NEWSWIRE) — Ternary, the leading FinOps platform for Google Cloud Platform (GCP), announced new product features that provide cloud engineering and IT finance teams with granular insights and automation to optimize the costs of GCP services proactively.
According to Gartner’s forecast, which is expected to overtake traditional IT spending by 2025, public cloud spending now represents a significant portion of IT budgets. While FinOps has become the industry standard operating model for managing the variable expense model of cloud computing, most organizations remain reactive in managing cloud costs. In particular, application development and DevOps/SRE teams lack the inspiration and tools to better manage cloud costs. As a result, these teams have been slow to extend their ownership of application health beyond quality, performance, and reliability to optimize cost-of-service.
Ternary is an advanced SaaS platform purpose-built to optimize GCP service costs. Ternary provides the automation for application development, DevOps/SRE, IT finance, IT managers, and other stakeholders to understand, plan, and optimize GCP costs to control variable spend in the cloud. With Ternary, teams collaborate to identify invisible savings and ensure they’re consistently spending as planned.
New features of the Ternaire platform include:
Providing actionable insights to stakeholders is critical to successful enterprise-wide adoption of FinOps. Scoped Views simplifies data personalization for stakeholders with administrative controls for individual and group access, alerts and notifications, and assignment of optimization recommendations for GCP services such as Kubernetes and BigQuery.
Automated Resource Recommendations:
Understanding cost optimization opportunities is a significant challenge for public cloud customers. Ternary now automates optimization recommendations for GCP services including compute, storage, BigQuery, GKE, CloudSQL, and other services. Additionally, Ternary improves cross-team collaboration and speeds resolution of recommendations by providing workflows to assign and track recommended optimizations.
Businesses struggle to compare cloud service providers, assess upfront commitments to get deep discounts, and scale up consumption to meet contractual commitments. Cost comparison and ramp plans support the full capacity optimization lifecycle as follows:
With Cost Compare, key cost drivers for GCP and AWS are modeled and compared side-by-side to better understand vendor differences and improve decision-making.
With Ramp Plans, contractual commitments are compared to actual and forecast consumption, helping companies better manage their consumption to meet their commitments.
Ternary extends third-party integrations to include Datadog. The integration enables Datadog data ingestion using a configurable API to provide custom metrics such as granular service usage costs, unit costs to the business such as cost per sale or the cost per customer, and the improvement of the sizing of the services.
Customers can connect their GCP and AWS accounts to Ternary and understand their cloud costs in minutes. This fast time to value is unique to Ternary, eliminating the need for time-consuming and costly service engagements that are standard in the industry.
FinOps certified platform:
Ternary provides a SaaS platform supporting best practices in cloud financial management meeting FinOps standards. Adhering to FinOps standards, the FinOps Foundation has certified Ternary as a FinOps Certified Platform.
Ternary also announced the closing of a $6.72 million seed funding round led by FinVC and NEVA SGR. Other participating investors include Oceans Ventures, Operator Partners, Great Oaks Venture Capital and Riverpark Ventures. Ternary will use the funds to accelerate product development, expand sales and marketing efforts, and build its team to meet growing demand for its SaaS platform.
“Ternary is the only FinOps platform purpose-built for GCP. Key to our success is inspiring all stakeholders, including finance, application developers, and DevOps/SRE teams, to better manage costs cloud with Ternary,” said Sasha Kipervarg, CEO of Ternary. “Legacy players like Cloudhealth and Apptio haven’t done much to address the needs of GCP customers. In addressing the specific challenges that GCP customers face, we’ve seen massive adoption of the Ternary platform. With This new round of funding, Ternary is accelerating product innovation and supporting our go-to-market strategy and investments to better serve our customers and partners.”
“Before Ternary, the founders built and operated petabyte-scale cloud applications on GCP. They were active participants in the early days of the FinOps Foundation, championing and contributing to many FinOps best practices used today,” JR said. Storment, Executive Director of the FinOps Foundation. “Ternary is a FinOps-certified platform purpose-built for GCP cloud cost optimization that applies the know-how and learnings of the founders at the practitioner level in one platform.”
“We see the investment in Ternary as strategic for the cloud transition journey,” said Mario Costantini, CEO of NEVA SGR, the venture capital arm of Intesa Sanpaolo Group dedicated to the high-tech sector. “Ternary is helping to improve profit margins, invest more in innovation, and expand the use of Google Cloud. We believe the company has tremendous potential to become a leader in innovative solutions for the financial industry.”
Ternary offers a FinOps Platform for Google Cloud (GCP) to empower and inspire cloud engineers, IT finance, and business teams to optimize cloud costs. Purpose-built to meet the specific cloud cost optimization needs of GCP customers, Ternary is a Google Cloud Partner and FinOps Foundation Certified Platform. Since launching in 2021, Ternary has grown to over 100 active enterprise clients. To learn more about Ternary and FinOps for cloud cost optimization, visit www.ternary.app or email [email protected]
Ken Cheney | [email protected]
Image 1: Sasha Kipervarg, CEO of Ternary
“Ternary is the only FinOps platform purpose-built for GCP. Key to our success is inspiring all stakeholders, including finance, application developers, and DevOps/SRE teams, to better manage costs of the cloud with Ternary.’
Image 2: Plans of ternary ramps
Plan and manage contract commitments for actual and forecast consumption with Ternary Ramp Plans to ensure commitments are met.
Image 3: Ternary is a FinOps Certified Platform and GCP Partner
Ternary is certified by the FinOps Foundation as a FinOps Certified Platform and is a Google Cloud Partner.
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Sasha Kipervarg, CEO of Ternary