OnBoard, a cloud-based board management solution for high-performing boards, announced this week that it has landed a strategic growth investment of US$100M from growth equity company JMI Equity. JMI Equity primarily invests in cloud software companies.
The funding will be used to to speed-up OnBoard's product innovation and leadership, increase market expansion and premeditated acquisitions, support brand growth and cater to the requirements of boards and leadership teams across North America, EMEA and APAC.
According to the announcement, the COVID-19 pandemic has made it further significant for cloud board companies and platforms - who engage primarily on accessibility, security, collaboration, and better communication - to target and work effectively in making strategic decisions faster. OnBoard aims to speed-up and enhance old-fashioned technology, divided communication, and fragmented data flow, making it more convenient for boards and leadership teams to work effectively
"The pandemic showed everyone that the benefits of digital transformation, whether borne of necessity or desire, are profound – and that many boards have been left out of this increasingly important advance", said Paroon Chadha, CEO of OnBoard. "For boards and leadership teams of any organization, digitally transforming their boardroom ultimately means increased agility and better performance."
Chadha added: "The investment from JMI underscores our strong performance, including our work to be the highest-rated board management platform on the Apple App store, as well as on G2, and achieving a historic high Net Promoter Score of 79 with our customers. It gives us fuel to accelerate our product innovation, continued investments in AI and analytics, and enhance our customer support – all in service of transforming how boards make more informed strategic decisions."
"This growth investment underscores the strategic need for businesses and organizations around the world to increase their boardroom intelligence and bolster data security", said Bob Nye, general partner at JMI Equity. "OnBoard's product innovation encompasses the best benefits of cloud-based software for board-led businesses and organizations: scalability, security and compliance, seamless multi-device delivery, and intuitive ease of use. We're excited to work with Paroon and the OnBoard team to continue to deliver innovative solutions that enable boards everywhere to be more collaborative, efficient, and strategic", added Nye.
In addition to the US$100m investment, OnBoard announced other achievements following 2020, including 1000 new users from around 25 nations world-wide, an extension of its customer portfolio across various sections of its user base, as well as a 40% increase in application usage. Bob Nye, Krishna Potarazu, and Mac Williams have also joined OnBoard’s Board of Directors.