European Leader in Identity and Access Management Achieves Over 50% Growth
Omada, the European leader in Identity and Access Management software, posted profitable growth of over 50% in 2017, driven by demand for EU GDPR compliance, a new strategic alliance with Microsoft, and success with large partners including Deloitte and CGI.
Copenhagen, May 2018
Omada once again secured strong double-digit revenue growth for the financial year 2017, posting growth of over 50% in its Identity and Access Management business, while making large investments in R&D, adding over 100 new employees since 2017, and expanding into new markets. The overall growth in the cyber security sector and a well-executed strategy provides strong tailwinds.
In 2015, the company created a highly ambitious five-year plan and impressively, is right where it wants to be, on target for continued success. In 2016, Omada launched a series of strategic initiatives, including significant investments in ramping up the partner channel and preparing all parts of the organization for accelerated growth. These significant investments have continued in 2017, while also seeing the planned impact on Omada’s topline growth. The topline growth exceeded the targets with growth of over 50% while remaining profitable.
EU GDPR sets higher standards for privacy and data security
Omada’s software solves essential challenges related to access control, an issue that all companies face. Enabling organizations to increase security, compliance, and efficiency means the product is in high demand, not least of all due to the increase in cyber security crime, high profile privacy data cases such as Facebook, and this month’s highly anticipated introduction of the EU General Data Protection Regulation (GDPR). The EU GDPR raises the bar for privacy and data security across the EU and will influence standards around the world.
“Omada was built on the strong European data laws that have laid the basis for the GDPR, and we have over 18 years’ experience ensuring organizations globally always know who has access to what and why,” says CEO Morten Boel Sigurdsson. “We are experiencing that customers see the GDPR as only the beginning and use our product not only to be compliant today, but to prepare their organizations for the future, meaning the GDPR is not just a one-time win for us”.
The only IAM software built on Microsoft
Omada is the only enterprise-grade Identity and Access Management software and Software as-as-Service (SaaS) solution built entirely with Microsoft technology and running on Azure cloud. Thus it is able to support the mix of on-premises and cloud-based IT environments common in businesses and governments today.
“Our technical collaboration with Microsoft makes us the best choice for organizations moving to the cloud,” says Morten Boel Sigurdsson. “Shortly after the announcement of our strategic alliance we were named Microsoft Security Partner of the Year in our home market and our collaboration as both a business and technical partner paves the way for even more growth.”
Partners eye continued growth potential
Omada has been well received by the Microsoft partner network and business partners also recognize the strong business case of identity management and access governance.
Growing relationships with partners such as Deloitte and CGI underline the strong interest from both business consulting partners and system integrators, seeing Omada as a vehicle for their growth.
The industry analyst, Gartner, recognized Omada as the leading ‘Challenger’ in the Magic Quadrant for Identity Governance and Administration of 2017. Their assessment highlighted Omada’s process delivery framework, delivering an A-Z guide for solution implementation, together with exceptional customer satisfaction.
“Our mission is to use identity to create business value for our customers, enabling them to ‘do more with identity’, as we say. Our focus on their results is the reason for our high level of customer satisfaction,” says Morten Boel Sigurdsson.
More than 100 new employees onboarded since 2017
Omada attracts employees globally and currently has over 30 nationalities. Since 2017, more than 100 employees have been hired, meaning there are now over 290 employees globally.
While there is a strong foothold in Europe, Omada is gaining ground in North America. To support this strategically important market, Executive Vice President for Professional Services, Brian Hansen, was appointed EVP, North America. Additionally, to support the need for standardization and to avoid any bottlenecks hyper growth can create, three new EVPs have been appointed; Claus Millington as EVP for Sales, Lars Nørgaard as EVP for Professional Services, and Erik Dibbern as Chief Technology Officer.
Strong outlook for 2018
Omada has exceeded all targets for the year, which combined with the momentum in both sales and delivery, means the company expects to continue high double-digit growth for the financial year 2018. Omada will continue to invest significantly in R&D and international expansion.
“We have a high performing product that is in high demand, solid partnerships across North America and Europe, and a strong organization to support us on the rapid growth journey we are on,” Morten Boel Sigurdsson concludes.
Since 2000, Omada has enabled organizations across the world to manage and control business processes around users’ access rights to systems and applications, helping customers to manage identity risks, protecting people and assets, as well as maximizing efficiency and achieving sustainable compliance. Customers select Omada because of our proven technology, flexible platform, and ability to execute. Omada’s customers are predominantly within banking and finance, life sciences, healthcare, public, telco, manufacturing, retail, and utilities.
Headquartered in Denmark, Omada has offices across Europe and North America.