Odaseva Raises $54 Million to Enhance Salesforce Security

In a significant move to bolster the security of Salesforce environments, Odaseva has successfully raised $54 million in its latest funding round. This round was led by Silver Lake Waterman, with participation from previous investors F-Prime, Eight Roads, and Serena Capital. New backers Eurazeo and Crescent Cove also joined in this financing effort. To date, Odaseva has secured a total of $90 million in funding.

Odaseva Raises $54 Million to Enhance Salesforce Security
Odaseva Raises $54 Million to Enhance Salesforce Security

Sovan Bin, the founder and CEO of Odaseva, emphasized that the company’s valuation is significantly higher than the sub-$100 million pre-money estimate reported by PitchBook. The company's strong momentum, marked by surpassing 100 million users in November 2022 and securing major clients like Accor, Schneider Electric, and Michelin, suggests a robust market presence and higher valuation.

The origins of Odaseva trace back to Sovan Bin’s tenure at Salesforce over a decade ago. Based in Paris, he worked with some of Salesforce's largest customers, including Schneider Electric, which was the company’s biggest global client at the time. His role involved ensuring that these customers could use Salesforce securely, akin to their previous on-premise solutions. However, he discovered that these enterprises were relying on a mix of different point solutions to address their security needs, focusing more on vulnerabilities than on specific application usage.

Bin realized the need for a comprehensive solution that could address all security requirements within a single platform. This insight led him to develop a specialized security solution tailored to the unique needs of Salesforce environments, thus giving birth to Odaseva. Initially established in Paris, the company later relocated to San Francisco to be closer to its U.S. customer base. Today, Odaseva’s offerings include data protection (with backup and restore services), zero-trust data security, data archiving, data compliance, and data platform services, such as sandbox seeding and automation.

The name Odaseva is derived from a combination of French and Cambodian words, reflecting the company’s mission. “Oda” is based on the French word for "audacity," while “siva” comes from an ancient Cambodian word meaning helping the community in a selfless manner. This blend signifies the company's commitment to innovative customer success.

As Salesforce has expanded its revenue and scope over the past 12 years—achieving over $9 billion in revenue in the last quarter alone and increasing its full-year revenues more than 13-fold since 2012—Odaseva has also grown. However, the competitive landscape has become more crowded, with companies like AppOmni, WithSecure, Opswat, Varonis, and even Salesforce itself entering the security solutions market for Salesforce users.

Despite this competition, Odaseva remains confident about the vast opportunities in the market. Bin mentioned that although the company might eventually explore security solutions for other SaaS applications, there are currently no plans to do so, as the market for Salesforce security solutions is still substantial.

The broader enterprise IT market has seen a trend towards platform solutions over the past several years. With constrained budgets, buyers are increasingly seeking all-in-one solutions that are easier and less expensive to procure and manage. This trend has led to a consolidation of point solutions under larger platform umbrellas. However, Odaseva's success demonstrates that there is still significant demand for specialized solutions that address specific application needs.

In a statement, Shawn O’Neill, Managing Director and group head of Silver Lake Waterman, praised the Odaseva team for building a leading data resiliency platform for the Salesforce ecosystem. He highlighted the team’s solid track record in building value and trust with global enterprise customers and expressed excitement about partnering with Odaseva to drive further growth.

With its latest funding, Odaseva is well-positioned to continue enhancing its security solutions for Salesforce users, ensuring robust data protection and compliance for its growing customer base.