Press Release

Omada Marks Fourth Consecutive Year of Sustained Momentum with Industry-leading Contract Value and Recurring Revenue Growth

January 30, 2024

IGA leader maintains position by delivering continued customer value

COPENHAGEN, Denmark — Jan. 30, 2024 — Omada A/S (“Omada”), a global leader of Identity Governance and Administration (IGA) Software-as-a-Service (SaaS), closed a fourth consecutive year of strong performance leading into 2024. The company ended its fiscal year with impressive results, including 34% growth in annual recurring revenue (ARR) compared to the prior year. Additionally, last year’s new customer acquisition and net revenue retention rates demonstrate the transformative value realized by customers.

Other key financial highlights for 2023 include 32% growth in software revenue, 114% in net revenue retention (NRR), 98% in gross revenue retention (GRR) and 40% growth in new annual contract value (ACV).

Omada’s growth in FY23 stemmed from the company’s strategic focus on new product enhancements, customer satisfaction, growth in existing markets including North America and EMEA, and market expansion into France and Iberia. Omada has gained significant traction with its full featured IGA SaaS solution Omada Identity Cloud, that can be deployed in less than 90 days.

Omada has also been named as a leader by Kuppinger Cole in the Leadership Compass for Access Governance Report, in addition to being recognized as an established leader in the 2023 Gartner® Peer Insights™ Voice of the Customer for Identity Governance and Administration report¹ with a 94% willingness to recommend from customers. Omada also was awarded six different industry accolades in recognition of its innovations and commitment to providing secure, reliable identity governance.

Michael Garrett, CEO, Omada, said: “Omada’s focus on innovation in IGA continues to provide our customers with tangible value that impacts their bottom line. The results of the past year’s performance are a major achievement that demonstrates how the team’s hard work has paid off. As we continue executing against commitments and the product roadmap, we expect to see continued momentum.”


¹Gartner Peer Insights, Voice of the Customer for Identity Governance and Administration, 13 December 2023

Gartner is a registered trademark and service mark and Peer Insights is a registered trademark of Gartner, Inc. and/or its affiliates in the U.S. and internationally and are used herein with permission. All rights reserved. Gartner Peer Insights content consists of the opinions of individual end users based on their own experiences, and should not be construed as statements of fact, nor do they represent the views of Gartner or its affiliates. Gartner does not endorse any vendor, product or service depicted in this content nor makes any warranties, expressed or implied, with respect to this content, about its accuracy or completeness, including any warranties of merchantability or fitness for a particular purpose.


About Omada

Omada, a global market leader in Identity Governance and Administration (IGA), offers a full-featured, enterprise-grade, cloud native IGA solution that enables organizations to achieve compliance, reduce risk, and maximize efficiency. Founded in 2000, Omada delivers innovative identity management to complex hybrid environments based on our proven best practice process framework and deployment approach.

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Media Contact:

Corey Eldridge
Force4 Technology Communications
[email protected]

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