OneLogin, the San Francisco-based application access and identity management company for enterprises, raised $100 million in growth financing, led by Greenspring Associates and Silver Lake Waterman, the late stage growth capital fund of Silver Lake. Participating alongside the two new investors were existing backers CRV, Scale Venture Partners, and Blue Cloud Ventures.
To date, the company said it has received more than $170 million in funding and has seen its annual recurring revenue close to triple over the last three years. As it stands more than 2,500 enterprises around the globe use OneLogin to secure their applications including the Bay Area Rapid Transit (BART), which is among the biggest transit agencies in California, Compass, a New York-based technology real estate startup that raised $1.2 billion in funding and Broward College, which has more than 63,000 students attend its school each year.
OneLogin’s technology provides a simple and secure login for employees who are accessing a company’s network through different endpoints. The company’s OneLogin Unified Access Management Platform enables employees to easily and securely unlock apps, devices and data without the need to reset passwords or call upon tech support to get into a locked out account.
In a press release announcing the growth financing, OneLogin said it will use the capital to drive adoption of new products including Multi-Factor Authentication. Funding will also go to serve the enterprises that are part of the Unified Access Management industry, which it pioneered. In addition to all that, OneLogin said some of the funds will go to increase its presence both in North America and Europe.
"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 in the Jan. 10 press release.
It's not just companies that are embracing the idea of providing employees with one login to access different applications and network services. Investors are recognizing the need as hackers get more sophisticated and users find new ways to access company data. It's that belief in the future of the industry and OneLogin that led new investor Greenspring to make an investment in the company. "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," said John Avirett, a general partner at Greenspring when announcing the deal. “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."