C5 Capital backs Danish company to the tune of $24 million.
C5 Capital, Europe’s first dedicated investor in the data and security sector, has pledged a minority equity investment of $24m in Omada, a European provider of IAG and IAM software to businesses.
The third such investment into the European IT security market, C5’s investment will fuel Omada’s continued expansion beyond Continental Europe into the UK and United States.
The investment will also drive sales and marketing activity and enhance the company’s R&D capabilities.
Headquartered in Denmark, Omada provides identity and access governance and identity access management software to blue chip organisations including BMW Group, Bayer Group, Altria Group, Maersk, HVB Unicredit, DekaBank and ECCO.
Omada recently reported that its profits had doubled in both 2013 and 2014, growing at an annual rate of over 30%.
Nazo Moosa, Managing Partner of C5 Capital, said: "Security and safety are being redefined in the 21st century, with technology at its core. Managing access to critical IT systems and sensitive customer data by employees, subcontractors, outsourcers, suppliers and partners has become a cornerstone of enterprise security.
"The adoption of such technologies is democratising. We see an inflection in the market with organisations outside traditional regulated sectors choosing to adopt IAG solutions."
"This investment recognises Omada’s track record of profitable growth and we look forward to joining forces with the management team to accelerate market expansion and support product development initiatives."
In addition to the Omada investment, C5 Capital today appointed Simon Church, CEO of NTT Com Security, Dr. John Bates, CMO of Software AG; and Per Roman, managing partner of GP Bullhound LLP, to its Technology Council.
The Technology Council provides strategic and operational advice to the fund’s investments.