Finout, the modern cloud cost management platform, announced the appointment of Cloudability founder, Mat Ellis, to its board of directors. Cloudability launched both FinOps and the cloud financial management vertical, and was acquired by Apptio in 2019 having optimized almost $10 billion in enterprise cloud spending across AWS, Microsoft Azure and Google Cloud.
“When I met the Finout team it was clear they are building the FinOps platform to take us to the next level. It’s very exciting.”
“While it’s clear that FinOps is becoming a fundamental discipline in technology there remains a huge opportunity to fix usage-based pricing,” said Ellis. “When I met the Finout team it was clear they are building the FinOps platform to take us to the next level. It’s very exciting.”
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“We’ve looked up to Mat for years and it’s an honor to have him join our leadership team,” said Roi Rav-Hon, CEO and Co-Founder of Finout. “Cloudability was a pioneer in the world of financial operations in the cloud and we’re lucky to have his expertise and mentorship as we navigate the new world of Kubernetes, serverless, microservices, and many other architectures and 3rd party SaaS that run modern businesses.”
A serial entrepreneur, Ellis founded Cloudability in 2011 and pioneered the cloud financial management space – including the creation of FinOps. Today, Ellis is CEO of FasterBetter, a future-of-work productivity startup based in Portland, Oregon and is also well known as a startup investor, advisor, and board member.
Ahead of AWS re:Invent, the team at Finout is also announcing the general availability of CostGuard. This new product is built for teams looking to proactively control their infrastructure costs by identifying and eliminating cloud waste, without needing to install any agent.
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According to the latest forecast from Gartner, end-user spending on public cloud services is forecast to grow 20.4% in 2022 to total $494.7 billion, up from $410.9 billion in 2021. In 2023, end-user spending is expected to reach nearly $600 billion.
Product Highlights
- Idle Resource Locator: No matter the cost source – AWS, GCP, Kubernetes, Datadog, Snowflake, etc. – if a cloud resource remains idle, CostGuard will quickly identify and alert.
- Predefined Anomaly Detection: CostGuard’s anomaly engine will protect customers from unplanned cost spikes and alert them the moment they happen.
- Rightsizing Recommendations: Finout can now provide intelligent rightsizing recommendations, using multiple and configurable metrics that match your organizational needs. This service is available for various AWS resources and Kubernetes, with more platforms and technologies soon to follow.
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