New Investment to Drive Accelerated Growth and Expand North American and European Footprints
OneLogin, the leader in Unified Access Management, which delivers simple and secure application access and identity management to enterprises, announced it has closed $100 million in growth financing. The financing was led by new investors Greenspring Associates and Silver Lake Waterman, Silver Lake’s late-stage growth capital fund. The round also includes existing investors CRV and Scale Venture Partners. OneLogin saw accelerated growth and its annual recurring revenue (ARR) nearly triple over the last three years driven by its leading platform and new executive leadership. OneLogin has received a total of more than $170 million in funding to date.
OneLogin will use the capital to accelerate adoption of its new products, such as Multi-Factor Authentication (MFA), and to serve enterprises in the new Unified Access Management (UAM) category it has pioneered. Unified Access Management enables a cohesive approach to managing access for both SaaS and on-premise application environments, as well as extending Access Management to networks and devices using cloud infrastructure. The funds will also be used to increase OneLogin’s North American and European footprints.
“Every business needs Unified Access Management, and our solution is mission critical for all of our customers across both cloud and hybrid cloud environments. Our relentless focus on customer service coupled with this significant capital infusion supports OneLogin’s ongoing growth and investment,” said Brad Brooks, CEO of OneLogin.
More than 2,500 enterprises globally secure their applications with OneLogin. Bay Area Rapid Transit (BART), one of California’s largest transit agencies with 126 million trips a year, Compass, a New York City-based and technology backed real estate start-up that raised $1.2 billion, and Broward College, which serves more than 63,000 students annually, are just three of the latest additions to OneLogin’s growing enterprise customer ranks. OneLogin’s Unified Access Management Platform uniquely allows companies of any size to manage access for on-premise and cloud applications with a single solution.
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“We believe in OneLogin’s vision for Unified Access Management and are excited to support the company as it accelerates its leadership position throughout North America and Europe,” said John Avirett, General Partner at Greenspring. “We’re at an inflection point for growth as all enterprises are faced with the challenge of managing access across SaaS and on-premise environments, as well as various devices and networks on the cloud infrastructure. OneLogin’s solution is something that every enterprise needs in its digital transformation journey.”
“The OneLogin team has built a strong platform to secure and manage access to applications. Their performance has accelerated since Brad joined as CEO, with a clear focus on culture and customers. We look forward to partnering with Brad and the rest of the leadership team in continuing this success and growth,” said Shawn O’Neill of Silver Lake Waterman.
OneLogin has approximately 250 employees globally and recently opened a new growth center at the Atlanta Tech Park and a development center in Seattle. The company plans to build out its teams across many levels and disciplines and further expand in North America and Europe.