Access management vendor raises $100m

Security firm boosts total funding to $170m

Access management vendor OneLogin has announced a $100m (£78.3m) funding round to bolster its presence in Europe.

The financing, led by new investors Greenspring Associates and Silver Lake Waterman, takes the vendor's total funding to $170m.

Brad Brooks, CEO at OneLogin, said: "Every business needs unified access management and our solution is mission critical for all 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."

OneLogin claims that 2,500 enterprises global are using its applications, with its annual recurring revenue nearly tripling over the last three years.

It says the capital will be used to accelerate the development of new products and increase its presence in the European and North American enterprise spaces. The company currently has around 250 employees but says this will increase as a result of the cash injection.

John Avirett, general partner at lead investor Greenspring, said: "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.

"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."