Investment to Expand SaaS Security Management Platform, Delivering World-class Security Automation for Enterprise SaaS Applications
AppOmni, the leading provider of SaaS Security Management, announced that the company has raised $40 Million in Series B funding. This investment will enable the company to accelerate product development to meet the growing global demand fueled by the adoption of cloud technology and accelerated by the shift to remote work. Scale Venture Partners led the investment, with participation from industry leading SaaS providers Salesforce Ventures and ServiceNow Ventures. Existing investors including ClearSky, Costanoa Ventures, Inner Loop Capital and Silicon Valley Data Capital also participated, bringing the total funding to date to more than $53 million.
The growing reliance on SaaS software and remote work during the pandemic has dramatically changed access points into organizations’ sensitive data and IT systems. According to Gartner, enterprises are investing in SaaS at a record high rate, estimating that 95 percent of new enterprise applications purchases are cloud-based. With an increase in adoption of SaaS applications, the focus on managing and securing these applications is critical. However, CISOs are flying blind when it comes to how their employees, customers, APIs, and third-party applications are accessing data from outside of the corporate network. AppOmni data shows that 95% of enterprises have overprovisioned permissions for external users giving them access to sensitive internal data. In addition, 55% of companies have sensitive SaaS data that has been inadvertently exposed to the anonymous internet and requires no user or password for access.
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“Scale Venture Partners became an AppOmni customer in 2020. We know firsthand how powerful and differentiated the AppOmni product is when it comes to protecting our sensitive SaaS data, and we’re excited to now be both a customer and an investor,” said Ariel Tseitlin, partner at Scale Venture Partners. “AppOmni’s 9x growth last year, driven by the acquisition of customers across a wide range of industries, proves that AppOmni is the market leader in the increasingly important SaaS Security Management market. We expect the momentum to continue in 2021 and beyond as companies accelerate their shift to cloud applications to support their larger remote workforces.”
AppOmni makes it simple for CISOs, enterprise security, and IT teams to fully secure their growing SaaS environments. This latest investment follows a year of expansion for the company which included extending the AppOmni platform to include the most widely adopted and business critical SaaS applications on the market including Salesforce, Github, Microsoft Office 365, Microsoft Teams, Box, Slack, and Zoom. The platform offers a full suite of SaaS security posture, protection, and monitoring capabilities. The company’s customer base has expanded to include global leaders across technology, healthcare, banking, finance, and cybersecurity. In the past year, AppOmni has also created new and expanded partnerships with implementation providers worldwide, including Accenture, PwC, 4C/Wipro, Optiv, Activereach, Guidepoint Security, and NCC group.
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“Today’s enterprise SaaS platforms are far more powerful and complex than they were in the past. It’s no longer just internal users logging in every day, but also customers, partners, contractors, third party applications, and IoT devices. SaaS systems house extremely sensitive data and have become essential to businesses’ day-to-day operations. It’s important for businesses to recognize that SaaS platforms must be adequately secured and continuously monitored just like other pieces of critical IT infrastructure,” said Brendan O’Connor, CEO of AppOmni. “As the leader in SaaS Security Management for the Enterprise, AppOmni offers SaaS visibility, security, configuration management, data governance, and continuous monitoring to help our customers build and maintain more secure SaaS environments. With this investment, AppOmni will accelerate product development and continue our unwavering commitment to Securing the Applications that Power the Enterprise.”
“Security is a shared responsibility between SaaS vendors and their customers. AppOmni is uniquely positioned to provide businesses with the tools and visibility needed to securely manage the use and data access of SaaS environments. AppOmni helps ensure that clients can consistently maintain best-in-class SaaS security throughout their organizations,” said Robert Keith, Managing Director, Salesforce Ventures. “We are proud to invest in and partner with AppOmni, which will be a crucial asset to organizations as they continue their digital transformation to the cloud.”
“As organizations accelerate their digital transformation efforts, they need to be able to easily assess and manage the security of their software environments,” said Philip Kirk, Head of ServiceNow Ventures. “ServiceNow believes there’s a significant market opportunity for AppOmni, which offers an innovative approach to software security management. We are excited to invest in AppOmni and look forward to working with them to provide customers with the tools they need to keep their digital transformation journeys secure.”
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