The investment comes as directors and companies realize the limitations of outdated technology and fragmented communication that make it difficult for them and their boards to effectively communicate with each other. Furthermore, the COVID-19 epidemic highlighted the need for digital boards platforms which allow for better accessibility, security, collaboration and communication. This allows boards to focus their energy and efforts on strategic oversight, and faster decisions.
Paroonchadha (CEO at OnBoard), stated that the pandemic proved that digital transformation is both a necessity as well as a desire. Digitally transforming an organization’s boardroom can improve performance and agility.
Chadha said that the JMI investment emphasized our strong performances. This includes our position as the top-rated board management platform on Apple App Store and G2 as well as our historical high Net Promoter Score (79), with our customers.
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Software firm OnBoard lands $100M investment from private equity firm
JMI will invest in OnBoard to help it accelerate its award winning product innovation, category leader, organic market expansions and brand growth. This will enable OnBoard, EMEA, APAC and North America to reach more people and fulfill the diverse needs of boards.
This announcement follows OnBoard’s exceptional performance in 2020 and YTD 2021, as well:
- More then 1000 new customers were added from more than 25 different countries.
- It has grown its customer base to 600 banks, financial service providers, 700 nonprofits, 250 learning institutions, 100 healthcare suppliers, and a mix of publicly and privately owned companies, nonprofits, and government entities.
- Increased app usage by 40% after the implementation of COVID.
- Apple App Store Best Rated Board Administration Platform.
- Has the highest software review website G2 rating among any board management platform. This is 96 (out of 100).
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Bob Nye, JMI Equity’s general partner stated that “this investment highlights the strategic necessity for companies around the globe to enhance their boardroom Intelligence, and improve data security. “OnBoard offers the best in cloud-based software to businesses and board-led organizations. It provides security, compliance, and seamless multi-device distribution. It’s also easy to use.
JMI’s Nye and Partner Krishna Potarazu, will be joining OnBoard’s Board of Directors as part of the transaction. This intranet platform has been rated highly by employees.
Chadha stated that his coworkers, including early investors Five Elms (JMI), are valued partners in a winning group dedicated to an inspiring cause. ” “We have strong cultural alignment. Our shared values of transparency and accountability will enable us to inspire boards and leaders and to do our best work together.
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Information about OnBoard, Passageways
OnBoard believes that boards should be clear, concise, informed and effective. Passageways Inc founded OnBoard, OnSemble, and Passageways Inc in 2003.