OneTrust, LLC
Company typePrivate
IndustrySoftware
Founded2016; 8 years ago (2016)
FounderKabir Barday, CEO[1]
HeadquartersAtlanta, Georgia[2]
Key people
Kabir Barday
ProductsPrivacy and security software[3]
Websitewww.onetrust.com

OneTrust, LLC is a privacy and security software provider.[2][3] The company is based in Atlanta, Georgia and was created in response to the increase in internet privacy regulation and laws.[4][5] As of March 2022, OneTrust had more than 12,000 customers, and had a valuation of $5.3 billion.[4][2]

History

OneTrust was founded in 2016 by Kabir Barday.[6][1] Barday created OneTrust in response to business needs to comply with the European Union’s General Data Protection Regulation, a law requiring websites to ask users if they agree to have their data tracked.[2] The company’s software provided data mapping and self-assessment tools intended to show businesses how they comply with international and domestic privacy laws.[3][7] OneTrust’s initial services also included risk evaluation, consent management, breach response and cookie compliance.[8][7] After California passed the California Consumer Privacy Act in 2018, demand for privacy and security software increased, leading OneTrust to expand to offer toll-free numbers to manage consumer requests for personal data.[2] OneTrust’s software also deploys pop-up website banners or menus asking consumers if they agreed to have their data tracked.[2]

In March 2019, OneTrust acquired London-based privacy and security regulatory research platform DataGuidance.[9] OneTrust acquired data discovery and classification software company Integris Software in 2020.[10][8] Artificial intelligence data-redaction company Docuvision was acquired by OneTrust in 2021, as well as security certification company Tugboat Logic,[7][8] “whistleblowing” software company Convercent,[8] and Planetly, which helps companies manage and track carbon emissions.[11]

In May 2022, the company released an automated “trust intelligence” platform designed to ensure data security, and help companies manage and understand governance, risk management, and compliance, privacy, ethics, and environmental, social, and corporate governance programs.[12] The company reduced its workforce by 25% in June 2022, laying off 950 employees worldwide in response to the downturn in the capital markets.[5][13]

As of July 2023, OneTrust had more than 14,000 customers, and had a valuation of $4.5 billion.[4][2][14]

Products

OneTrust specializes in business to business security, data governance, internet and privacy compliance software.[4][2] As of April 2021, the company held 140 patents.[15]

References

  1. ^ a b Foster, Tom (September 2020). "'A Growth Industry Like I've Never Seen': Inside America's No. 1 Fastest-Growing Company". Inc. Retrieved 19 April 2022.
  2. ^ a b c d e f g h McCabe, David (27 December 2021). "The Companies Benefiting From Fragmenting Internet Privacy Rules". The New York Times. Retrieved 18 April 2022.
  3. ^ a b c Cai, Kenrick (11 July 2019). "Privacy Startup OneTrust Reaches $1.3 Billion Valuation From Its First Funding Round". Forbes. Retrieved 19 April 2022.
  4. ^ a b c d Merken, Sara (8 March 2022). "OneTrust hires its first-ever legal and business affairs chief, from HP". Reuters. Retrieved 18 April 2022.
  5. ^ a b Uberti, David (6 July 2022). "Highflying Cyber Firms Cut Staff After Raising Hundreds of Millions of Dollars". Wall Street Journal. Retrieved 18 July 2022.
  6. ^ Castellanos, Sara (15 January 2021). "Enterprise Tech Startups Among Big Winners in Recent VC Deals". Wall Street Journal. Retrieved 19 April 2022.
  7. ^ a b c Sawers, Paul (21 September 2021). "OneTrust acquires Tugboat Logic to automate InfoSec assurance and certification". Venture Beat. Retrieved 19 April 2022.
  8. ^ a b c d Schilling, Erin (6 April 2021). "Atlanta unicorn OneTrust quietly raises $210M after buying two companies". Atlanta Business Journal. Retrieved 19 April 2022.
  9. ^ Saunders, Jessica (12 March 2019). "Atlanta's OneTrust acquires London-based regulatory research platform DataGuidance". Atlanta Business Journal. Retrieved 13 July 2022.
  10. ^ Merten, Paxtyn (29 June 2020). "Integris Software acquired, team to remain in Seattle". Puget Sound Business Journal. Retrieved 18 July 2022.
  11. ^ Williams, Trevor (10 December 2021). "Atlanta's OneTrust is Acquiring Planetly, a Berlin-based Carbon Management Platform for Companies". Global Atlanta. Retrieved 19 April 2022.
  12. ^ Keary, Tim (24 May 2022). "OneTrust releases trust intelligence platform for compliance". Venture Beat. Retrieved 8 June 2022.
  13. ^ Kanell, Michael (12 June 2022). "OneTrust cutting 950 jobs, cites less investor interest: Favor shifts to firms that are already profitable, CEO says". Atlanta Journal Constitution. Retrieved 18 July 2022.
  14. ^ Miller, Ron (2023-07-24). "OneTrust hauls in another $150M on a $4.5B down round valuation". TechCrunch. Retrieved 2023-07-24.
  15. ^ "SoftBank, Franklin invest $210 million in OneTrust at over $5 billion valuation". Reuters. 8 April 2021. Retrieved 19 April 2022.
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