OneLogin Raises $100M in Growth Financing to Increase Adoption of Unified Access Management
New Investment to Drive Accelerated Growth and Expand North American and European Footprints
SAN FRANCISCO, Jan. 10, 2019 /PRNewswire/ -- OneLogin, the leader in Unified Access Management, which delivers simple and secure application access and identity management to enterprises, today 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, Scale Venture Partners, and Blue Cloud Ventures. 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.
"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.
About OneLogin, Inc.
OneLogin, the leader in Unified Access Management, connects people with technology through a simple and secure login, empowering organizations to access the world™. The OneLogin Unified Access Management (UAM) platform is the key to unlocking the apps, devices, and data that drive productivity and facilitate collaboration. OneLogin serves businesses and partners across a multitude of industries, with over 2,500 customers worldwide. We are headquartered in San Francisco, California. For more information, visit www.onelogin.com, Blog, Facebook, Twitter, or LinkedIn.
About Greenspring Associates
Greenspring Associates was founded in 2000 to focus solely on venture capital investments. Through a comprehensive platform, the Firm serves as a lifecycle partner for entrepreneurs and fund managers, investing across multiple stages, sectors and geographies. An established investor in enterprise software companies, including Cloudflare, WalkMe, Salsify, Workfront and Demandbase, Greenspring Associates manages over $8.7 billion in committed capital across a variety of specialized venture strategies. For more information on Greenspring Associates and a full list of its prior investments, please visit its website at www.greenspringassociates.com.
About Silver Lake Waterman
Silver Lake Waterman is part of Silver Lake, the global leader in technology investing with about $45.5 billion in combined assets under management and committed capital and a team of approximately 100 investment and value creation professionals located in Silicon Valley, New York, London and Hong Kong. Silver Lake Waterman focuses on providing flexible expansion capital to later-stage growth companies in the technology and technology-enabled industries. For more information about Silver Lake Waterman and Silver Lake, please visit www.silverlake.com.
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Trevor Carver
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SOURCE OneLogin
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