Onapsis Raises $31M in Series C
BOSTON, Onapsis announced a $31 million Series C minority funding round led by new investor LLR Partners.
Onapsis, the global experts in business-critical application cybersecurity and compliance, today announced a $31 million Series C minority funding round led by new investor LLR Partners, with participation from existing institutional investors .406 Ventures, Evolution Equity Partners and Arsenal Venture Partners. This marks the largest single round of funding in the company's history, bringing the total investment in Onapsis to $62 million. David Stienes, Partner at LLR Partners, will join the company's board of directors.
The expanded investment in Onapsis will help further accelerate the company's growth and position as the leader in protecting ERP systems and business-critical applications, such as SAP and Oracle. These applications run the Global 2000 and manage their crown jewels ranging from sensitive customer and employee information to finances, manufacturing processes and intellectual property, yet they have historically been left exposed and are a perfect economic target for attackers. The potential downtime, data breaches and fraud can result in significant negative financial and reputational impact.
"We are excited to welcome LLR Partners to the Onapsis team, augmenting the group of industry-leading investors who support our vision of securing the world's business-critical applications," said Mariano Nunez, CEO and Co-founder of Onapsis. "The capital investment will be dedicated to fueling growth and delivering even more value to our customers and partners."
Onapsis will leverage the investment to further penetrate the business-critical application security market by accelerating sales, customer success and marketing efforts. Additionally, the company will further invest in product development and innovation, threat research and scaling its channel and partner programs. Already, Onapsis has amassed a portfolio of over 200 marquee Fortune 2000 companies, achieved record year-over-year growth for five consecutive years and expanded the company to over 180 employees globally.
"Onapsis is helping to solve a multi-billion-dollar security and compliance problem, which is now becoming even more widespread with complex digital transformation and ERP cloud migration projects on almost all board room agendas. We are excited to partner with the Onapsis team and leverage our experience and expertise in cybersecurity to help them execute their vision," said David Stienes, Partner at LLR Partners.
"I invested in Onapsis five years ago because they were the first company solving a critical gap in cybersecurity by exclusively focusing on and securing mission-critical ERP systems. The bet was that companies that had made an enormous investment in their ERP systems would want higher levels of visibility and protection that were simply not available before Onapsis. It's gratifying to see the company experience great success by delivering on their promise of securing the ERP systems of many of the largest and most demanding companies in the world. I look forward to continuing to support the Onapsis team as they take the company to new heights by delivering on their mission," said Maria Cirino, Co-founder and Managing Partner, .406 Ventures.
About LLR Partners:
LLR Partners is a lower middle market private equity firm committed to creating long-term value by growing our portfolio companies. We invest in a targeted set of industries, with a focus on technology and services businesses. Founded in 1999 and with more than $3 billion raised across five funds, LLR is a flexible provider of capital for growth, recapitalizations and buyouts. For more information about LLR and advice for scaling growth companies, visit our new website at www.llrpartners.com.
Onapsis cybersecurity solutions automate the monitoring and protection of your SAP and Oracle ERP and business-critical applications, keeping them compliant and safe from insider and outsider threats. As the proven market leader, global enterprises trust Onapsis to protect the essential information and processes that run their businesses.
Headquartered in Boston, MA, Onapsis serves over 200 customers including many of the Global 2000. Onapsis's solutions are also the de-facto standard for leading consulting and audit firms such as Deloitte, IBM, Infosys and PwC.
Onapsis solutions include the Onapsis Security Platform, which is the most widely-used SAP-certified cybersecurity solution on the market. Unlike generic security products, Onapsis's context-aware solutions deliver both preventative vulnerability and compliance controls, as well as real-time detection and incident response capabilities to reduce risks affecting critical business processes and data. Through open interfaces, the platform can be integrated with leading SIEM, GRC and network security products, seamlessly incorporating enterprise applications into existing vulnerability, risk and incident response management programs.
These solutions are powered by the Onapsis Research Labs, who continuously provide leading intelligence on security threats affecting SAP and Oracle enterprise applications. Experts at the Onapsis Research Labs were the first to lecture on SAP cyberattacks and have uncovered and helped fix hundreds of security vulnerabilities to-date affecting SAP Business Suite, SAP HANA, SAP Cloud and SAP Mobile applications, as well as Oracle JD Edwards and Oracle E-Business Suite platforms. This patented technology is well known, industry wide, and has gained Onapsis recognition on the Deloitte Technology Fast-500, as a Red Herring North America Top 100 company and a SINET 16 Innovator.
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