Company Delivers Modern IGA with an acceleration in SaaS, Regional Expansion and R&D Investment
Omada A/S (“Omada”), a global leader of Identity Governance and Administration (IGA), announced today that it closed out 2020 with strong financial results and made significant investments that is setting up the company for long-term growth.
The rise of remote work, coupled with emerging technologies, has reduced the focus on the network perimeter, and put identity at the heart of security. This has made identity governance and access more important than ever. Omada’s increased investment in 2020 provides customers with reduced time to value and increased return on investment while delivering enterprise functionality on a modern IGA platform.
Highlights of 2020 include:
- Omada’s gross profit grew 28% from the prior year.
- Annual recurring revenue (ARR) for the year grew 54% due to a pivot from perpetual licensing to a SaaS and subscription-based model. This pivot sets the company up for long-term growth and increasing recurring revenue.
- Triple-digit growth of new customers occurred as a result of further expansion into the North America, UK and Benelux regions.
- Omada’s investment in technology and R&D is now at world-class levels, representing 35% of software revenue as the company continues to be a market leader in modern, full-featured IGA delivered as SaaS.
Building on this momentum, the company plans continued investments in 2021 and 2022, with a focus on driving further growth and continued product capability. Omada anticipates continued strong ARR growth rates as it continues to execute and focus on customers and key markets.
Michael Garrett, CEO, Omada, said: “I am delighted by the results and the performance of the team and the company during 2020. We have pivoted quickly to a new normal, we have driven strong transformation and invested well in our product and markets. We are driving a deep focus on our customer’s success, both for new and existing, with a disruptive approach that is focused on rapid time to value built on cloud technology for modern IGA.”
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.