Atlanta-based privacy management platform OneTrust has closed a $200 million Series A investment led by growth equity firm Insight Partners. The company is now valued at $1.3 billion following the investment.
OneTrust has been entirely bootstrapped by its management team, which includes Manhattan Associates and AirWatch co-founder Alan Dabbiere and AirWatch co-founder John Marshall, since its inception in 2016.
“It’s been an exciting three years at OneTrust with our customers partnering with us to define and build the most widely used technology platform in a completely new market,” said OneTrust’s CEO Kabir Barday. Barday was recently named an EY Entrepreneur of the Year in the Southeast for his work at OneTrust.
“This investment will help us to bring a new level of scale and support for our customers, coming at a timely juncture with just six months before California’s CCPA is set to be enforced,” he said.
OneTrust helps companies stay compliant with privacy and security laws like ePrivacy (the Cookie Law), GDPR, CCPA, and others. It also handles third-party risk management for any vendors a company may work with.
Its self-assessment tool generates reports about a client’s current data collection process, how the data flows through the organization, and where to find the gaps in compliance.
This is a growing market. The California Consumer Privacy Act, which becomes effective January 2020, will force companies to implement changes to secure the data privacy of the state’s residents.
This follows Europe’s new GDPR regulations, which went live last year, that can fine companies for security breaches that compromise their customers’ data.
OneTrust’s software also identifies risks, automates data privacy record-keeping, and displays compliance for regulators through a dashboard. It also offers tools for cookie compliance, mobile app compliance, and universal consent management.
The company’s headcount grew significantly this year, from 600 employees in February to 1,000 currently, to meet growing customer demand. In addition to Atlanta, they have a second headquarters in London along with six other offices around the world.
That customer roster has reached more than 3,000 customers worldwide. These include Oracle, Criteo, 21st Century Fox, Kickstarter, Allianz, and after a high-profile breach last year, Marriott.
OneTrust has also acquired three other firms over the past three years: Governor Technology and Optanon in 2016 and most recently, privacy and security regulatory research platform Data Guidance this past March.
“OneTrust’s strategic vision, stellar execution, and product innovation have shaped the company’s leadership in the privacy and compliance space, providing customers with the tools to implement their own best in class privacy, security, and third-party risk programs,” said Richard Wells, Managing Director at Insight Partners.
OneTrust is currently hiring for positions across all its offices, including over 30 open roles in Atlanta.