OnBoard is the most popular cloud-based board management solution designed for boards with high performance. It announced today that it had secured the strategic growth investment of $100 million by JMI Equity, a growth equity company focused on investing in the top cloud-based software businesses.
The funding comes as board-driven companies and organizations have realized that outdated technology, splintered communication, and dispersed information flow make it difficult for leadership teams and boards to collaborate effectively. The COVID-19 outbreak further demonstrated the necessity of digital board platforms, which provide greater access security, collaboration and better communication, allowing boards to focus their efforts and focus on strategic oversight as well as faster decision-making.
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OnBoard receives a $100 million growth Investment from JMI Equity
“The outbreak showed everyone that the advantages that come from digital transformation, regardless of desire or necessity, are immense – and many boards were left out of this important development,” said Paroon Chadha, OnBoard’s CEO. OnBoard. “For the boards and leadership teams in any company digitizing their boardroom is ultimately about greater flexibility and improved performance.”
Chadha added, “The investment from JMI confirms our outstanding performance, which includes our work to be the top-rated board management system through the iTunes App store and on G2 and also having a record-breaking score of Net Promoter Score 79 among our clients. This will help us increase our product development and investment into AI and data analytics and increase our support for our customers to assist in making boards more informed strategic decisions.”
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JMI’s investment JMI will help accelerate OnBoard’s award-winning innovation in product design and category leadership as well as increase market share organically and through strategic acquisitions, and help to ensure OnBoard’s brand’s continued growth, giving OnBoard to expand its reach to more customers and address the diverse needs of boards as well as leadership team members throughout North America, EMEA, and APAC.
The announcement follows OnBoard’s continuing excellent performance in the years 2020 and 2021. These include:
- In addition, we have added more than 1,000 customers new to over 25 nations.
- Expanding its customer base to include more than 600 banking institutions and services providers, 700 non-profits, 250 education institutes and institutions of higher education, 100 health providers, and a great mix of publicly traded and privately owned non-profits, organizations, and government organizations.
- Increased the average in-app user involvement time by 40 per cent following the COVID outbreak.
- The Apple App Store is the Top-Rated Board Management Platform.
- Acquiring software review site G2’s highest score is granted to any platform for managing boards of (96) (out of 100).
“This increase in investment demonstrates the importance of businesses as well as organizations all over the world to enhance their boardroom knowledge and data safety,” said Bob Nye, General Partner at JMI Equity. “OnBoard’s technology innovation combines the most beneficial aspects of cloud-based software that can benefit board-led enterprises and companies, such as scalability and security, compliance, seamless delivery across multiple devices and nimble usability. We’re thrilled to collaborate alongside Paroon on the OnBoard team to provide innovative solutions that help boards of all sizes to be more effective, collaborative efficient, effective, and strategic.”
In the transaction, JMI’s Nye, partner Krishna Potarazu, and Principal Mac Williams will join the OnBoard Board of Directors. The deal will also help boost the growth and development of OnBoard’s sister product, OnSemble, the most popular employee intranet. OnBoard and OnSemble are both products of the parent company Passageways that Chadha established in 2003.
“My colleagues, my coworkers from early investors such as Five Elms and now JMI are an integral part of a team that is committed to a noble mission,” said Chadha. “We are firmly aligned in our culture with the same values of transparency and accountability, as well as customer success and ingenuity. Learning from JMI’s expertise and insights in accelerating growth and operations will further advance our goals of helping executives and boards to perform their best work.”
Information on OnBoard as well as Passageways
OnBoard, we believe that board meetings should be simple, efficient and effective. OnBoard We believe the board meeting should be well-informed, efficient, simple, and effective. We provide leaders and boards with an efficient solution that eases governance. OnBoard serves as the board intelligence platform for over 2600 companies and their 12,000 committees and boards across 32 countries worldwide. With clients in higher education, non-profit healthcare systems, and government and corporate enterprises, OnBoard is the leading board management service. Passageways Inc, founded in 2003, is the parent company that owns OnBoard and OnSemble.
To find out further information about OnBoard for more information, visit onboardmeetings.com. For more information about OnSemble, visit onsembleintranet.com
About JMI Equity
JMI Equity is a growth equity firm focused on investing in top software businesses. Since its inception around the year 1992. JMI invests in more than 155 companies within its target markets, has concluded over 100 exits and has raised over $6 billion of capital commitments. JMI collaborates with top management teams to build their businesses into leaders in the industry. For more information, visit www.jmi.com.