Omada raises strategic investment from CVC Capital Partners and GRO Capital.
Omada, a Copenhagen, Denmark-based company providing identity governance and administration software and services, announced entering into an agreement for getting new owners in the company.
The transaction, which has financial details undisclosed, was made with private equity firm CVC Capital Partners (through its Growth Fund) and GRO Capital, which have agreed to become new majority shareholders and provide further capital into the company to accelerate growth.
In addition, founder and director Morten Boel Sigurdsson has sold part of his shareholding, remaining with a bit under 10%.
Morten Weicher, Sebastian Kuenne, Lars Dybkjær (Managing Partner of GRO Capital), and John Clark (Managing Partner of CVC Growth Partners) will join Omada's board of directors.
Omada, founded in 2000, has over 270 employees across offices in Europe and North America. The company helps its customers globally to 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.
The company recorded DKK 152M ($23M) in 2017 and expects to grow with 60% in 2018, from customers including BMW Group, Bayer Group, Altria Group, Maersk, HVB Unicredit, Dekabank and Ecco.