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The Israeli software company OpenLegacy has announced the closing of a $ 30 million round of financing led by Silverhorn Investment Advisors and with the participation of CommerzVentures, the venture capital unit of Commerzbank, C. Entrepreneurs , a venture capital company created by BNP Paribas Cardif with Cathay Innovation, Leumi Partners, OG Tech Ventures, Prytek-GFS Group and DRC.
OpenLegacy delivers fast, powerful, and flexible digital services from virtually any traditional proprietary or back-end application that enables organizations such as banks and insurance companies with legacy systems to easily connect to digital applications.
Founded in 2014 by CEO Romi Stein and CTO King Mor, Open Legacy has 85 employees, including 35 in the Tel Aviv and Petah Tikva offices. The company has raised $ 40.5 million so far in three rounds of financing.
Ron Rabinowitz, CFO and COO of OpenLegacy, told "Globes" that the company's product is unique in its approach. He explained that most external services could not connect to most external services, except for a central "pipeline" called ESB, in which all information, including data and management logics , are transmitted to new applications. The information is translated from the languages of the central systems to newer languages such as Java, which serves the digital applications.
In the case of banks wishing to connect to mobile payment applications, for example, the information relates to the bank's customers and the actions they can take, and the data enters that pipeline. On the back of this information, it is necessary to manually create API gateways in order to connect to the applications. The excess information goes through the same pipeline and is connected to external applications in a slow and tedious way.
On the other hand, Rabinowitz said: "The OpenLegacy platform allows these central systems to be opened and API gateways to be created automatically and quickly, enabling dialogue with all other applications. than micro-service. "
"Payment applications are made up of several parts, which verify the credit card number, bank account balance, security checks, and are built monolithically and each service is dependent on the other. in other words, the monolithic architecture of the bank must download all payment applications.We divide it into micro services that any Java programmer can decide which of them will provide access So, in the future, if banks want to create new business logic, it can link a micro-service and not all. "
OpenLegacy will use the new funds to accelerate growth. According to Rabinowitz, the company has doubled in size over the past year, and tripled between 2016 and 2017. He said: "The company has generated significant cash flow of millions of dollars over the years and 2018, this has become a positive flow. "Nevertheless, the company has decided to raise funds in order to fully realize its growth potential.
He added that the company is already working with the ten largest banks in the world and that its customers include Bezeq Israeli Telecommunication Co. Ltd. (BEZQ), the Meuhedet Health Fund, AIG and the Israeli Airports Authority.
The new funds will be used to further develop the company's product and expand its global marketing efforts.
Posted by Globes, Israel business news – www.globes.co.il – November 28, 2018
© Copyright Globes Publisher Itonut (1983) Ltd. 2018
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