CVC Capital & GRO back identity governance business Omada

CVC Capital Partners and GRO Capital have backed Omada, a provider of identity governance and administration software and services.

CVC and GRO said it will work with Omada’s management team to further accelerate product innovation, grow its partner network in North America and Europe, enhance sales and marketing efforts, and expand its strong position in Europe and build greater depth in the North American market.

Headquartered in Copenhagen, Denmark, Omada helps its customers govern and control users’ access rights to enterprise systems and data, reduce risk of accidental or wrongful data access, and ensure compliance with regulation (such as GDPR) as well as industry-specific legislation.

“We are excited about the partnership with CVC and GRO and we look forward to working with them to fulfil our joint vision to serve the majority of enterprises of the world with our strong Identity & Access Governance solution”, said Morten Boel Sigurdsson, CEO and founder of Omada.

“CVC and GRO represent a unique combination of competencies that will support our expansion in North America, Europe and other markets. The need for IGA solutions is rapidly increasing across markets as more and more organizations realize the need for a flexible IGA solution to protect them from hacking, insider threats, increased compliance requirements and the consequences of GDPR.”

Omada provides its solutions to banking & finance, life science & pharmaceutical, healthcare, real estate, public, telecommunications, and manufacturing industries, among others.

The financial sector has to deal with increasing national and international industry regulations such as EU GDPR, BaFin, Basel II, SOX, and Solvency II. The regulatory framework that applies to the industry requires control and compliance of identity and access management in highly complex IT environments with large numbers of users.

Omada Identity Suite ensures transparency across complex IT systems and provides automated processes for attestation, reporting, and separation of duties (SoD). The solution enables bank and finance organizations to automatically enforce policies, provide instant documentation and reporting of users’ access rights and entitlements – to efficiently manage governance, risk, and compliance without restraining users’ access to systems and applications.

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