Omada Marks Fourth Consecutive Year of Sustained Momentum with Industry-leading Contract Value and Recurring Revenue Growth

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Jan 30, 2024, 08:03 ET

IGA leader maintains position by delivering continued customer value

34% growth in annual recurring revenue (ARR)
32% growth in software revenue
114% in net revenue retention (NRR)
98% in gross revenue retention (GRR)
40% growth in new annual contract value (ACV)

COPENHAGEN, Denmark, Jan. 30, 2024 /PRNewswire/ -- Omada A/S ("Omada"), a global leader of Identity Governance and Administration (IGA) Software-as-a-Service (SaaS), closed a fourth consecutive year of strong performance leading into 2024. The company ended its fiscal year with impressive results, including 34% growth in annual recurring revenue (ARR) compared to the prior year. Additionally, last year's new customer acquisition and net revenue retention rates demonstrate the transformative value realized by customers.

Other key financial highlights for 2023 include 32% growth in software revenue, 114% in net revenue retention (NRR), 98% in gross revenue retention (GRR) and 40% growth in new annual contract value (ACV).

Omada's growth in FY23 stemmed from the company's strategic focus on new product enhancements, customer satisfaction, growth in existing markets including North America and EMEA, and market expansion into France and Iberia. Omada has gained significant traction with its full featured IGA SaaS solution Omada Identity Cloud, that can be deployed in less than 90 days.

Omada has also been named as a leader by Kuppinger Cole in the Leadership Compass for Access Governance Report, in addition to being recognized as an established leader in the 2023 Gartner® Peer Insights™ Voice of the Customer for identity governance and administration with a 94% willingness to recommend from customers. Omada also was awarded six different industry accolades in recognition of its innovations and commitment to providing secure, reliable identity governance.

Michael Garrett, CEO, Omada, said: "Omada's focus on innovation in IGA continues to provide our customers with tangible value that impacts their bottom line. The results of the past year's performance are a major achievement that demonstrates how the team's hard work has paid off. As we continue executing against commitments and the product roadmap, we expect to see continued momentum."

About Omada
Omada, a global market leader in Identity Governance and Administration (IGA), offers a full-featured, enterprise-grade, cloud native IGA solution that enables organizations to achieve compliance, reduce risk, and maximize efficiency. Founded in 2000, Omada delivers innovative identity management to complex hybrid environments based on our proven best practice process framework and deployment approach.

For more information, go to omadaidentity.com

SOURCE Omada