OneLogin, the identity access management company, has raised $100 million in financing to accelerate the adoption of its products.
New investors Greenspring Associates and Silver Lake Waterman, Silver Lake’s late-stage growth capital fund, led the financing. The round also includes existing investors CRV and Scale Venture Partners.
The new funding will bring the company’s total capital raised to more than $171 million. OneLogin’s annual recurring revenue (ARR) nearly tripled during the last three years behind its platform and new executive leadership.
Matt Hurley, OneLogin’s vice president of channel and strategic alliances, tells Channel Partners that in anticipation of the financing, his company invested “significantly” in its partner program with in-field channel sales executives.
“Our company has experienced a large growth curve, and in front of that growth curve the company realized that the way we want to expand in our go to market is really through partners,” he said. “We have fully built out a best-of-breed partner program that [addresses] how we enable our partners, how we incentivize them and the talent we have on the streets to connect the partner with our sales rep to capture this market opportunity.”
Hurley said OneLogin moves more than 70 percent of its business through the channel. It’s OneLogin Accelerate program provides company interaction via portals, and incentives in deal registration.
“We’ve put significant investments in feet-on-the-street channel sales managers that are tied to our feet-on-the-street sales reps to make that bridge between channel partners and OneLogin sales reps as we move forward with that channel-first mentality,” he said. “We’ve put that coverage model in place in North America and Europe, and we recently opened up in Asia Pacific with that same coverage model.”
OneLogin will use the funds to accelerate adoption of its new products, such as multifactor authentication (MFA), and to serve enterprises in the new unified access management (UAM) category.
To foster its growth, the company is bringing on additional security VARs and security value-added distributors, Hurley said.
“We’re going to grow our company across all functions, and as we grow our company, those functions are going to bring better, richer offerings to our partners in the marketplace and allow for a better overall experience with OneLogin,” he said. “As we build out our partner ecosystem, we also have a reseller portion of that ecosystem and we also have a large technology partner program … and so the broader we make those connection points in the market allows us to have more touch points for our customers and our partners.”
More than 2,500 enterprises globally secure their applications with OneLogin. The company’s unified access management platform allows companies to manage access for on-premises and cloud applications with a single offering.
“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[s] 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.”