Omada Appoints Michael Garrett as new CEO
Omada A/S (“Omada”), a global leader of Identity Governance and Administration (“IGA”) software and cloud delivered IGA services, today announced the appointment of Michael Garrett as CEO. IGA services improve compliance and IT security, manage secure access across all corporate systems, ensure employee access is compliant with access policies and help to automate IT processes for better efficiency.
Michael joins Omada with extensive software and services experience and was most recently CEO at Workshare, a UK-based provider of secure enterprise file sharing and collaboration applications. Prior to this he spent 15 years at Hewlett Packard where he led the Global Software Services Division. Michael will bring deep global software experience to the existing leadership team enabling the acceleration of Omada’s growth.
Michael takes over as CEO from founder Morten Boel Sigurdsson, who is taking on a new role as President of the rapidly expanding North American region where his knowledge and experience will be vital.
The appointment forms part of a significant growth and investment plan following the acquisition of Omada by two leading private equity firms, CVC Capital Partners and GRO Capital. Michael’s appointment is the latest of a number of key leadership and Board changes over the last year, including; adding industry leading technology executives, Kevin Hickey (President & CEO of Prevalent and previously President & CEO of Beyond Trust) and Franck Cohen (previously President SAP Digital Core & Industry Solutions and previously President SAP EMEA) as Non-Executive Board Directors and Jim Ousley (Senior Operating Partner at CVC Growth Partners, previously CEO at Savvis, and several other global technology companies) as Chairman of the Board, as well as new leaders in the Services and US Sales teams (Lars Bell and Jim Vouloumanos).
Jim Ousley, Chairman, says: “We are excited to have Michael join the leadership team at Omada. His extensive and proven industry expertise in leading global software and services organizations will be a great addition to the company, coupled with the other on-going positive enhancements we are making as we embark on our next stage of global growth.”
“I am very pleased to join Omada at this pivotal time in the company’s history”, said Michael Garrett. “IGA is one of the fastest evolving requirements of digital transformation, compliance and IT security. Organizations across the globe are currently in a transition to the next generation of identity and access governance and this is exactly what Omada provides today,” Michael continues. “I believe Omada is perfectly positioned with a superior enterprise grade IGA SaaS solution in combination with the unique best practice IGA process framework. This combination differentiates Omada in the market, accelerating adoption and return on investment for its customers. I look forward to working with the broader Omada team to execute on our transformational growth strategy.”
Morten Boel Sigurdsson adds, “Omada is experiencing strong demand for its software and services offerings driven by increasing market demand for efficient, flexible compliance products and services. Our IGA leadership position was recently highlighted by being named as a Leader in the 2019 Gartner Magic Quadrant for Identity Governance and Administration. I look forward to working with Michael and our team in this exciting new chapter for the company.”
About Omada
Omada 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 business provides its innovative identity management and access governance solutions and services to an extensive customer portfolio of large and midsize enterprises within banking, utilities, public sector, securities and insurance, healthcare, and other verticals. Founded in 2000, the business is headquartered in Copenhagen, Denmark, with over 270 employees across offices in Europe and North America.
About CVC Capital Partners
CVC Capital Partners is a leading private equity and investment advisory firm. Founded in 1981, CVC today has a network of 24 offices and over 500 employees throughout Europe, Asia and the US. To date, CVC has secured commitments of over US$129 billion from some of the world’s leading institutional investors across its private equity and credit strategies. In total, CVC currently manages approximately US$83 billion of assets. Today, funds managed or advised by CVC are invested in 73 companies worldwide, employing over 300,000 people in numerous countries. Together, these companies have combined annual sales of approximately US$100 billion. For further information about CVC please visit: www.cvc.com
About CVC Growth Partners
Launched in 2014, CVC Growth Partners is the growth-oriented middle-market technology investment arm of CVC Capital Partners. CVC Growth Partners primarily targets equity investments between $50mn and $200mn in North America and Europe and manages over US$2.5 billion in assets across two dedicated funds. For further information about CVC Growth Partners please visit: www.cvc.com/growth
About GRO Capital
GRO Capital is a North European private equity fund with an exclusive focus on mature B2B software and tech enabled companies with strong growth prospects. GRO Capital serves as active owners developing portfolio companies with a view to create long-term value. The partners behind GRO Capital have been investors in more than 20 technology and software related companies. Omada is the first investment in GRO Fund II, a recently raised fund with a strategy to accelerate Northern European software companies. In addition to Omada, GRO Capital has in GRO Fund I invested in Auditdata, Boyum IT Solutions, Tacton Systems, Targit, Trackunit, and Trifork, all successful software providers. For further information about GRO Capital please visit: www.grocapital.dk
