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OneLogin Raises $100M As It Pursues Federal Clients, Blockchain Capabilities

OneLogin said the Series D round will enable the cybersecurity company to aggressively boost headcount and pursue growth outside of North America.

Rising cybersecurity star OneLogin has raised $100 million of Series D funding and plans to expand into blockchain ledger-type technology and the federal government space.

The San Francisco-based unified access management vendor said the proceeds will enable OneLogin to aggressively boost headcount and pursue growth outside of North America. The round was led by new investors Greenspring Associates and Silver Lake Waterman.

"The tide is rising as fast as a tsunami right now," Brad Brooks, OneLogin's president and CEO, told CRN. "We are winning business from our competitors."

[Related: OneLogin Snags Ex-Juniper Channel Chief Hurley To Lead Partners]

Brooks said OneLogin's single access management systems allows employers to set rules and obligations for how they want employees and contractors to have access to data and applications. Two-thirds of businesses have no multi-factor authentication systems, Brooks said, while many others don't even have a single sign-on approach for managing cloud applications.

"Companies just don't know where to get started or how to get started," Brooks said.

OneLogin has grown its workforce by 50 percent over the past year, he said, while its revenue from net new customers has more than doubled. And with the infusion of capital, Brooks said OneLogin expects year-over-year sales growth to be in the range of 40 percent to 70 percent over the next three years, significantly outpacing the anticipating overall market growth rate of 30 percent to 40 percent.

The Pentagon's $10 billion JEDI cloud contract will at last prod U.S. government agencies to move into the cloud and become more efficient and flexible, Brooks said. This in turn should boost demand for OneLogin's Unified Access Management offering, Brooks said, which manages access for both SaaS and on-premise application environments in a unified manner.

OneLogin plans to use its Series D proceeds to invest in the differential technological approaches, support personnel, partner ecosystem, and market development funds needed to be successful in the federal space, according to Brooks. Tons of untapped opportunity still exists in the market, Brooks said, with most companies continuing to lack single sign-on for managing applications.

Investments in blockchain ledger-tech technology, meanwhile, could make it easier for OneLogin to track who has access when, Brooks said. OneLogin intends to use some funding to acquire the engineering talent capable of supporting investments around blockchain, Brooks said, and then apply those developments to their client base.

OneLogin's geographic footprint closely mirrors the path 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 mostly in North America, Brooks said OneLogin has a larger customer base outside the United States than many of its competitors due in part to the company having Danish founders.

Brooks said OneLogin intends to use the new funding to fill in any gaps in its North American coverage model, and from there further expand in Europe, the Middle East and Asia. OneLogin employs roughly 250 people, and has raised more than $170 million since being founded a decade ago.

OneLogin drives more than 70 percent of its revenue through the channel today, and the company plans to use proceeds from the funding round to introduce additional roadmap features to its product, said Matt Hurley, VP of global channels, strategic alliances and professional services.

The company has already completely built out its channel ecosystem from a sales and engineering perspective, Hurley said, and now wants to enhance its product by building out an ecosystem of technology partners. The company is looking for more solution providers to deliver both OneLogin and professional services, Hurley said, and is offering partners a training and services certification program.

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