OneTrust, a MarTech Data Privacy Provider, Raising $200M in Funding Is a Sign of Laws to Come
It’s déjà vu, all over again. Marketers with 2020 vision know next year is when California’s data privacy law kicks in, and they’re preparing for it now. They’re scooping up software to help them comply with the law, much as the marketers who do business with E.U. citizens did for GDPR in May 2018.
OneTrust, an Atlanta-based software company that provides marketers with data privacy solutions that will help companies comply with the California law, stated the following in its Thursday announcement about how the $200 million in new funding brings its valuation to $1.3 billion:
“New privacy regulations, like the California Consumer Privacy Act and GDPR, are a direct market reaction to consumer demand for improved data privacy protection,” said Richard Wells, managing director at Insight Partners [the $200 million investor]. “OneTrust’s strategic vision, stellar execution, and product innovation have shaped the company’s leadership in the privacy and compliance space, providing customers with the tools to implement their own best-in-class privacy, security, and third-party risk programs. We are looking forward to partnering with the OneTrust team to further accelerate growth and capitalize on their strong position in the market.”
The investment announcement that states marketers are struggling to comply with CCPA, GDPR, and “hundreds more” consumer data privacy laws continues:
“It’s been an exciting three years at OneTrust, with our customers partnering with us to define and build the most widely used technology platform in a completely new market,” said Kabir Barday, CEO and Fellow of Information Privacy (FIP), OneTrust. “This investment will help us to bring a new level of scale and support for our customers, coming at a timely juncture with just six months before California’s CCPA is set to be enforced.”
For marketers confused about whether they need to comply with CCPA, Oksana Sokolovsky writes this on Wednesday for Forbes:
The CCPA says if your for-profit company is based or does business in California and meets any one of the following three criteria, you must comply:
- Your company generates gross revenue of more than $25 million a year
- Your company receives or shares personal information of more than 50,000 individuals
- Your business earns at least half of its annual revenue by selling the personal information of California residents
Similar to many U.S. brands caught off-guard by GDPR, the key statement Sokolovsky makes here is that marketers who do business with anyone from California need to comply with the law that comes on line in six months.
Are you ready?
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