Euro expansion on cards as Silicon Valley firm raises $100m
Silicon Valley firm OneLogin has raised a mammoth $100 million and will look to expand its European business.
The cloud-based identity and access management provider has seen its annual recurring revenue more than triple over the last three years and received a total of more than $170 million in funding to date.
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 Charles River Ventures and Scale Venture Partners.
“Every business needs unified access management and our solution is mission-critical for all of our customers across both cloud and hybrid cloud environments,” said CEO Brad Brooks.
“Our relentless focus on customer service coupled with this significant capital infusion support OneLogin’s ongoing growth and investment.”
The funds will be used to increase OneLogin’s North American and European footprints, according to said John Avirett, general partner at Greenspring.
“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,” he said.
“OneLogin's solution is something that every enterprise needs in its digital transformation journey.”
More than 2,500 enterprises globally secure their applications with OneLogin. This includes British Red Cross, an international humanitarian non-profit with more than 32,500 volunteers and 3,500 staff.
OneLogin has approximately 250 employees globally and recently opened a new growth centre at the Atlanta Tech Park and a development centre in Seattle.