OpenLegacy Raises $30 Million from Worldwide Strategic & Financial Investors
Tel Aviv, November 28, 2018: OpenLegacy, the 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; Cathay Innovation for Cardif-BNP Paribas; 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 a partner with Cardif, BNP Paribas’ leading international insurance company, we are aware of the issues facing the insurance industry and the fact that you can’t solve today’s problem with yesterday’s middleware solutions,” said Jacky Abitbol, Partner at Cathay Innovation. “OpenLegacy’s unique and innovative solution is perfectly aligned with today’s technology requirements and, more importantly, it is flexible enough to accommodate whatever is coming next.”
“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.
About OpenLegacy
OpenLegacy helps organizations quickly launch innovative digital initiatives by automating and standardizing the process of creating digital services. With OpenLegacy’s microservice-based APIs, even the most complex organizations can accelerate the delivery of new innovations without changing their back-end systems.
OpenLegacy is a trademark of OpenLegacy, Inc. Any other products or software are trademarks of the respective vendors.
