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The rising information security star OneLogin has raised $ 100 million in Series D funding and plans to expand into blockchain-ledger technology and into federal government space.
San Francisco's unified access management solutions provider said the proceeds will enable OneLogin to aggressively increase the number of employees and pursue growth outside of North America. The round was led by new investors Greenspring Associates and Silver Lake Waterman.
"The tide is rising fast like a tsunami," Brad Brooks, president and CEO of OneLogin, told CRN. "We are winning business from our competitors."
[Related: OneLogin Snags Ex-Juniper Channel Chief Hurley To Lead Partners]
Brooks said that OneLogin's single access management systems enable employers to set rules and obligations on how employees and contractors want access to data and applications. Two-thirds of companies do not have multi-factor authentication systems, said Brooks, while many others do not even have a single sign-on approach to managing cloud applications.
"Companies simply do not know where to start or how to get started," Brooks said.
OneLogin has increased its workforce by 50 percent over last year, he said, while revenues from new net customers have more than doubled. And with the infusion of capital, Brooks said that OneLogin expects annual sales growth of between 40% and 70% over the next three years, significantly exceeding the growth rate anticipation of the market of 30% to 40%.
The Pentagon 10 billion dollar JEDI cloud contract will eventually produce US government agencies to move into the cloud and become more efficient and flexible, Brooks said. This in turn should increase the demand for unified management of OneLogin's accesses, said Brooks, who manages access for both SaaS and on-premise application environments in a unified manner.
OneLogin plans to use the proceeds from the D series to invest in the different technology approaches, support staff, partner ecosystem and market development funds needed to succeed in federal space, according to Brooks. There are still tons of untapped opportunities in the market, Brooks said, with most companies continuing to lack single sign-on for application management.
Investments in the technology of blockchain ledger technology, meanwhile, could make it easier for OneLogin to track who has access when, said Brooks. OneLogin intends to use some funds to acquire engineering talent to support investments around the blockchain, Brooks said, and then apply these developments to its customer base.
OneLogin's geographical footprint closely mirrors the path that cloud adoption has taken, Brooks said, starting first in North America and over time moving to Europe and then to Asia. Although the company's customer base is primarily in North America, Brooks said that OneLogin has a broader customer base outside of the United States than many of its competitors thanks in part to the company that holds Danish founders.
Brooks said that OneLogin intends to use new funding to fill any gaps in its North American coverage model, and to further expand them in Europe, the Middle East and Asia. OneLogin employs about 250 people and has raised over $ 170 million since it was founded a decade ago.
OneLogin today pushes more than 70 percent of its revenue through the channel and the company plans to use funding proceeds to introduce additional roadmap features for its products, said Matt Hurley, vice president of global channels, strategic alliances and services professional.
The company has already completely built its channel ecosystem in terms of sales and engineering, Hurley said, and now wants to improve its product by building an ecosystem of technology partners. The company is looking for multiple solution providers to offer both OneLogin and professional services, said Hurley, and is offering partners a training and service certification program.
