UK-based security investment specialists C5 Capital has announced a major $24 million (£16 million) investment in Danish identity access management (IAM) firm Omada.

Omada, which employs 120 people, has built a market in IAM and access management software for organisations trying to manage what can be a complex number of access rights. It could be described as a startup if it hadn’t been founded as long ago as 2000, during the last dot.com boom.

Image: C5 Capital

Customers to date include BMW Group, Bayer Group, Altria Group, Maersk, HVB Unicredit, DekaBank and Italian shoe maker ECCO.

"Security and safety are being redefined in the 21st century, with technology at its core. Managing access to critical IT systems and sensitive customer data by employees, subcontractors, outsourcers, suppliers and partners has become a cornerstone of enterprise security,” commented C5 Capital’s managing partner, Nazo Moosa.

The adoption of such technologies is democratising. We see an inflection in the market with organisations outside traditional regulated sectors choosing to adopt IAG solutions.”

The investment is confirmation that European security startups can now access money to allow for expansion and R&D development across the EU and into the US, something that hasn’t always been the case.

It helps, of course, that Gartner named the firm in its Magic Quadrant and that it is profitable.

Omada is the third investment made by C5 since it was founded nearly a year ago, the others being in Qinetiq Spin-out Metrasens and Hungarian security software outfit Balabit.

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