Odaseva Raises $54M to Secure Salesforce Users
Cloud services continue to be a weak point for enterprises when it comes to security, and companies providing effective solutions to address this issue continue to see a lot of interest from customers and investors.
In the latest example, Odaseva, a company focused on securing Salesforce environments, has raised $54 million in funding. Silver Lake Waterman is leading this round, with previous backers F-Prime, Eight Roads, and Serena Capital, plus new backers Eurazeo and Crescent Cove, also participating.
Odaseva has now raised $90 million to date and has seen significant growth, passing 100 million users in November 2022. The company counts prominent customers such as Accor, Schneider Electric, and Michelin.
Odaseva's founder and CEO, Sovan Bin, has an interesting backstory that led to the startup's creation. Bin used to work at Salesforce over a decade ago, where he was tasked with helping some of the company's biggest customers, including Schneider Electric, figure out how to use Salesforce securely.
Bin realized that these customers were using a collection of different solutions to secure their environments, but they wanted a single platform that could address all of their security requirements. Bin's solution was to build a platform that could work with Salesforce specifically, and Odaseva was born.
Today, Odaseva's products include data protection, zero-trust data security, data archiving, data compliance, and data platform services. The company's focus on Salesforce has allowed it to gain significant traction, and it has no plans to expand to other SaaS applications.
The company's funding is significant, not only because of its size but also because of the larger market context. While there is a trend towards consolidation in the enterprise IT market, Odaseva's success suggests that there is still an opportunity for players who focus on specific niches.
"The Odaseva team has built a leading data resiliency platform for the Salesforce ecosystem that provides security and continuity solutions for mission-critical applications," said Shawn O'Neill, MD and group head of Silver Lake Waterman. "Sovan and the Odaseva leadership team have a solid track record of building value and trust with global enterprise customers, and we are excited to partner with the team and help drive further growth."
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