Onapsis, a provider of business-critical application cybersecurity and compliance, has closed a $31m Series C minority funding round.
The round was led by new investor LLR Partners, with participation from existing institutional investors .406 Ventures, Evolution Equity Partners and Arsenal Venture Partners. It brings Onapsis’ total funding to $62m and will see David Stienes, partner at LLR Partners, join the company’s board of directors.
Stienes said, “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.”
Headquartered in Boston, MA, Onapsis cybersecurity solutions automate the monitoring and protection of SAP and Oracle ERP and business-critical applications, ‘keeping them compliant and safe from insider and outsider threats’.
The Onapsis Security Platform claims to be the most widely-used SAP-certified cybersecurity solution in the market. It differentiates itself from ‘generic security products’ through its context-aware solutions, which deliver both preventative vulnerability and compliance controls, as well as real-time detection and incident response capabilities to reduce the risks affecting critical business processes and data.
Through open interfaces, the platform can be integrated with SIEM, GRC and network security products, 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.
It serves over 200 customers including many of the Global 2000. Onapsis’s solutions are also the de-facto standard for consulting and audit firms such as Deloitte, IBM, Infosys and PwC.
Maria Cirino, co-founder and managing partner, .406 Ventures, said: “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.”
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