OnBoard received a $100M Growth Investment from JMI Equity

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OnBoard is the top cloud-based board management platform for high-performing boards. And it announced that JMI Equity, a growth equity company specializing in investments in top cloud software businesses, has committed $100 million to its strategic expansion.

The investment comes as board-led businesses and organizations have come to the realization that it is challenging for boards and leadership teams to participate effectively due to antiquated technology, split communication, and fragmented information flow.

The epidemic showed everyone the advantages of digital change are significant, whether borne of need or choice said to Paroon Chadha, CEO of OnBoard. Chadha’s investment from JMI serves as a testament to our accomplishments, which include working to become the top-rated board management platform on G2, as well as the Apple App Store, and attaining a historically high Net Promoter Score of 79 with our clients. It provides us the motivation we need to speed up product innovation, maintain our investments in analytics and AI, and improve our customer service.

The JMI investment will reinforce ongoing brand growth, accelerate OnBoard’s award-winning product innovation and category leadership, and drive organic market expansions and strategic acquisitions. This will enable OnBoard to expand its client base and better meet the diverse demands of boards and leadership teams in North America, EMEA, and APAC.

The news comes after OnBoard sustained success in 2020 and thus far in 2021, which includes:

  • Adding over 1,000 new clients from over 25 different nations.
  • Increasing the number of businesses it works with to over 600 banks and financial service providers, 700 nonprofits, 250 educational institutions, and 100 healthcare organizations.
  • After the COVID outbreak, the average in-app user engagement time increased by 40%.
  • Maintaining the top-rated board management platform on the Apple App Store.
  • Obtaining the highest grade of 96 given to any board management platform by software review site G2 (out of 100).

As stated by Bob Nye, general partner at JMI Equity, this growing investment highlights the strategic necessity for enterprises and organizations to improve their boardroom intelligence and data security. We’re eager to collaborate with Paroon and the OnBoard team to keep delivering cutting-edge solutions that help boards worldwide be more strategic, productive, and collaborative.”

JMI’s Nye, Partner Krishna Potarazu, and Principal Mac Williams will all become members of the OnBoard Board of Directors as a result of the deal. The funding will also help OnSemble, a top employee intranet platform and the sister service to OnBoard, expand and innovate. Products of parent business Passageways, which Chadha launched in 2003, include OnBoard and OnSemble. Chadha stated that our objective of motivating and empowering boards and executives to perform their best job, together, will be furthered by gaining JMI’s insights and expertise in expanding growth and operations.