JMI Equity, a growth equity firm focused on investing in cloud software companies, has made a $100M investment in OnBoard, a cloud-based board management service provider.
“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.”
“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. “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.”
As part of the transaction, JMI’s Nye, partner Krishna Potarazu, and principal Mac Williams will join the OnBoard board of directors. The investment will also enhance growth and innovation for OnBoard’s sister solution, OnSemble, a employee intranet platform. OnBoard and OnSemble are products of parent company Passageways, which Chadha founded in 2003.