OpenLegacy,
a leader in microservices-based API integration for back-end applications,
has closed a funding round of $30 million. The investment will further strengthen its premier
market position of enabling established enterprises to go truly digital.
OpenLegacy is mission critical for
organizations with complex legacy environments, as experienced by its global
tier 1 customers. It
helps organizations quickly launch digital innovations by
automating and standardizing the
process of creating digital services using microservices-based APIs. With
OpenLegacy, legacy systems can be integrated, leveraged, and extended in a
fraction of the time compared to other solutions, all without changing the
underlying systems.
The funding round brings together major global investors
with added value in both funding and promoting the technology. Round
participants include: Silverhorn Investment Advisors (lead investor); CommerzVentures,
the VC unit of Commerzbank; C. Entrepreneurs, the VC created by BNP Paribas
Cardif with Cathay Innovation; Leumi Partners; O.G. Tech Ventures - Eyal Ofer's
VC arm; Prytek-GFS Group; and RDC, a major investor from the seed stage, which
is a joint venture between Elron and Rafael.
"We have a clear perspective on OpenLegacy's
advantages," said Patrick Meisberger, CommerzVentures Managing Director. "We
understand the size of the potential market because we can see first-hand the
challenges of adopting new technologies in legacy environments. OpenLegacy
helps with a variety of use cases, from creating APIs quickly for any backend
system all the way to a full, phased cloud migration."
"As partners with BNP Paribas Cardif, a recognized
global specialist in personal insurance, we are aware of the issues facing the
insurance industry and the fact that you can't solve today's problems with
yesterday's middleware solutions," said Jacky Abitbol, Partner at Cathay
Innovation, the venture capital fund managing C. Entrepreneurs. "OpenLegacy's
unique and innovative solution has the potential to become the new standard of
the industry thanks to the prestigious syndicate gathered for this new round.
We are looking forward to help OpenLegacy's team in its upcoming cross-border
developments."
"This high quality, broad-based group of financial and
strategic investors validates our market approach," said Ron Rabinowitz,
OpenLegacy's CFO & COO. "This funding strongly supports our worldwide
expansion and will enable OpenLegacy's platform to increase its market share in
the Forbes Global 2000."
OpenLegacy was founded by Romi Stein (CEO) and Roi Mor (CTO).
Their many years of experience at major tech companies like IBM and Software AG
have resulted in deep understanding of the digital transformation issues faced
by large enterprises.
"With its strong leadership team, modern
approach, and advanced innovation, OpenLegacy will soon become the standard
solution for financial institutions that aim to rapidly adopt digital
technologies. Having backed OpenLegacy since inception, we believe that
OpenLegacy reflects the unique advantage of Israel's exclusive knowledge base
and human capital. We see a massive opportunity in moving core legacy systems
through digital transformation," said Yaron Elad, Elron's CFO and RDC Director.