On April 13, ERP security provider Onapsis announced a $31 million Series C minority funding round, bringing total investment in the company to $62 million. The round was led by new investor LLR Partners, with participation from existing institutional investors .406 Ventures, Evolution Equity Partners and Arsenal Venture Partners.
Based in Boston, Massachusetts, the company offers the Onapsis Security Platform, a SAP-certified ERP security and compliance provider which operates both in the cloud and on-premises. It also provides additional services such as penetration testing, vulnerability assessments, training services, and security audits of SAP systems.
LLR Partners’ David Stienes, whose other investments include companies such as Digital Guardian and Cigital (since acquired by Synopsys, Inc), will be joining Onapsis’s board of directors.
“We are excited to partner with the Onapsis team and leverage our experience and expertise in cybersecurity to help them execute their vision,” Stienes remarked, also commenting on the increasing relevance of ERP security “which is now becoming even more widespread with complex digital transformation and ERP cloud migration projects on almost all board room agendas”.
Historically, ERP security has been somewhat overlooked despite representing a major target for financially motivated attackers; however, over the past few years we have seen the area given increased attention, a trend which Onapsis seems to have benefited from considerably.
It recently received the ‘Most Innovative’ award in the category of ERP Security at the RSA Conference, and a few months ago took silver in the category of Fastest Growing Cybersecurity Company in the Cybersecurity Excellence Awards. It now has 180 employees globally, serves over 200 customers, including many of the Global 2000, and has achieved record year-over-year growth for five consecutive years.
According to CEO and Co-founder Mariano Nunez, “The capital investment will be dedicated to fueling growth and delivering even more value to our customers and partners.”
