OnBoard receives $100m growth investment from JMI Equity
OnBoard, the cloud-based board management solution for high-performing boards, today announced it has secured a strategic growth investment of $100m from JMI Equity, a growth equity firm focused on investing in cloud software companies.
The investment comes as board-led companies and organisations have realised that outdated technology, divided communication, and fragmented information flow makes it difficult for boards and leadership teams to engage effectively.
The COVID-19 pandemic further highlighted the urgent necessity for digital board platforms that yield increased accessibility, security, collaboration, and enhanced communication, freeing boards to focus more effort and energy on strategic oversight and faster decisions.
“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 organisation, digitally transforming their boardroom ultimately means increased agility and better performance.”
Chadha continued: “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.”
The investment from JMI will accelerate OnBoard’s product innovation and category leadership, fuel organic market expansions and strategic acquisitions, and strengthen continued brand growth – allowing OnBoard to reach more customers and serve the complex needs of boards and leadership teams across North America, EMEA, and APAC.