Funding Round to Accelerate Company’s Growth Strategy to Expand Security and Compliance Support for Salesforce, Workday, Oracle, SAP and Other Leading Cloud Applications
Onapsis, the leader in mission-critical application cybersecurity and compliance, announced it raised $55 million in Series D financing led by Caisse de dépôt et placement du Québec (CDPQ) and NightDragon with strong participation from existing investors .406 Ventures, LLR Partners and Arsenal Venture Partners. The investment will be used to significantly scale the company through rapid expansion into the mission-critical SaaS applications market, starting with protection and compliance for Salesforce and SuccessFactors applications.
This new support for mission-critical SaaS applications enables Onapsis to execute its vision of protecting the intelligent enterprise and accelerating digital transformation initiatives by delivering cybersecurity and compliance solutions for all mission-critical applications running on-premises and hosted on cloud Infrastructure as a Service (IaaS), Platform as a Service (PaaS) and Software as a Service (SaaS), as well as the API-based integrations between them.
“As a long-term investor, we’re pleased with the quality of the company’s partnerships with leading business software providers and its recognition as an organization at the forefront of cyber threat detection and remediation,” said Alexandre Synnett, Executive Vice President and Chief Technology Officer at CDPQ. “We look forward to supporting the new growth initiatives put forward by the Onapsis management team and contributing, through this investment, to improving global cybersecurity.”
Company Momentum and Performance
Onapsis is trusted by more than 300 of the largest global enterprises, including more than 20% of the Fortune 100, to protect their cloud, hybrid and on-premises mission-critical applications. This latest round of funding builds solid momentum after a strong performance year-to-date in 2020 for Onapsis. Highlights include (see Onapsis momentum infographic):
- Over 145% growth in net new annual recurring revenue (ARR); recognized three consecutive years by the Deloitte Technology Fast 500 publication as one of North America’s fastest-growing technology companies
- Outstanding customer satisfaction with 98% retention rate and one of the industry’s highest NPS scores
- Recently announced strategic partnership with SAP, by which The Onapsis Platform is the SAP-endorsed application for cybersecurity and compliance
- World-class cyber threat research lab – over 800 zero-day vulnerabilities discovered; multiple critical global CERT alerts based on Onapsis’ novel research
- Established partnerships with leading system integrators and consulting firms including Accenture, Deloitte, IBM, PwC, Verizon, Optiv and others
- Global operations in the United States, Argentina and Germany with more than 380 employees, recognized as a Top 3 Great Place to Work
- New support for mission-critical SaaS applications to protect the intelligent enterprise
“Legacy security solutions don’t meet the requirements of today’s business applications – especially in the SaaS world,” said Dave DeWalt, who founded NightDragon and was named Vice Chairman of the Onapsis board of directors earlier this year. “These applications, which are at the core of every enterprise’s digital transformation and have accelerated due to the global pandemic, are facing the perfect storm, yet the tools used to protect them aren’t purpose-built for the job. The expansion into SaaS applications opens a huge market opportunity for Onapsis and fills a much-needed gap for enterprises in the cybersecurity and compliance space.”
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New Support for Mission-Critical SaaS Applications
As part of today’s announcement, Onapsis is launching an early access program for The Onapsis Platform for Salesforce and The Onapsis Platform for SuccessFactors. With support for these mission-critical SaaS applications, The Onapsis Platform enables customers to quickly discover, assess, prioritize and eliminate application misconfigurations, vulnerabilities and malicious activity that can impact an organization’s interconnected mission-critical application ecosystem and sensitive business data. Next up for Onapsis will be introducing early access program support for Workday, Oracle ERP Cloud and Oracle HCM Cloud, and other SaaS applications to be released in the coming months.
“As critical business processes and functions, such as HCM, CRM and ERP, extend to the cloud and SaaS environments, enterprises need a way to reduce the risk of their hybrid business platforms, enforce security and compliance baselines from the core to the cloud, and monitor application security, user activity, and threats from development to production,” said Mariano Nunez, CEO and Founder of Onapsis. “This funding only builds on our continued strong momentum as we stay hyper-focused on being the standard for mission-critical application security and compliance across cloud, hybrid and on-premises environments. We are honored to have the trust of new outstanding investors such as CDPQ and NightDragon, and the continued support of our existing partners. We’ll now further scale Onapsis to new heights and help even more organizations around the globe ensure all their critical information and processes are protected.”