OpenLegacy Raises $30 Million from Worldwide Strategic & Financial Investors
November 2018 by Marc Jacob
OpenLegacy 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.
OpenLegacy was represented in the transaction by Michael A. Heller and Amir Yariv of Goldfarb Seligman & Co.
OpenLegacy is a flagship company of “The Floor,” a global innovation platform, in partnership with leading banks such as HSBC, Santander, RBS, Intesa SanPaolo, Deutsche Bank, and SMBC alongside Intel, and Accenture.