OneTrust explained

OneTrust, LLC
Type:Private
Industry:Software
Founder:Kabir Barday, CEO[1]
Location:Atlanta, Georgia[2]
Key People:Kabir Barday
Products:Privacy and security software[3]

OneTrust, LLC is a privacy and security software provider.[4] The company is based in Atlanta, Georgia and was created in response to the increase in internet privacy regulation and laws.[5] [6] As of March 2022, OneTrust had more than 12,000 customers, and had a valuation of $5.3 billion.

History

OneTrust was founded in 2016 by Kabir Barday.[7] 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. The company’s software provided data mapping and self-assessment tools intended to show businesses how they comply with international and domestic privacy laws.[8] [9] OneTrust’s initial services also included risk evaluation, consent management, breach response and cookie compliance.[9] 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. OneTrust’s software also deploys pop-up website banners or menus asking consumers if they agreed to have their data tracked.

In March 2019, OneTrust acquired London-based privacy and security regulatory research platform DataGuidance.[10] OneTrust acquired data discovery and classification software company Integris Software in 2020.[11] [12] Artificial intelligence data-redaction company Docuvision was acquired by OneTrust in 2021, as well as security certification company Tugboat Logic,[12] “whistleblowing” software company Convercent, and Planetly, which helps companies manage and track carbon emissions.[13]

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.[14] The company reduced its workforce by 25% in June 2022, laying off 950 employees worldwide in response to the downturn in the capital markets.[15]

As of July 2023, OneTrust had more than 14,000 customers, and had a valuation of $4.5 billion.[16]

Products

OneTrust specializes in business to business security, data governance, internet and privacy compliance software. As of April 2021, the company held 140 patents.[17]

Notes and References

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

This article is licensed under the GNU Free Documentation License. It uses material from the Wikipedia article "OneTrust".

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