OpenLegacy offers a cloud-first legacy modernization platform. OpenLegacy Hub delivers high ROI with a simple, disruption-free, method to generate, extend and manage digital services from legacy systems to the cloud.
The key figures in the company are Romi Stein, co-founder and CEO, Roi Mor, co-founder and CTO, Ron Rabinowitz, President and Zeev Avidan, CPO.
This article is a part of a series of articles presenting the Israeli delegation to the ITC conference.
Romi Stein and Roi Mor
Describe the product that you developed.
With OpenLegacy you can jumpstart and optimize your modernization journey and follow it through, no matter the chosen strategy: modernizing in place (hybrid), rehosting/replatforming or even replacing and rewriting the entire application. Each can be simplified and automated to perfect the process drastically eliminating complexity, time, cost, and risk.
OpenLegacy’s robust modernization platform is designed to address the painful challenges of complexity, unique skills, and mission-critical stability that core legacy systems (such as mainframe) present in the cloud journey. OpenLegacy is used by many of the world’s leading enterprises, including Citi, Scotiabank, Liberty Mutual, DBS, and Standard Chartered, to name a few.
What problem is it meant to solve?
Helps enterprises focus on modernization instead of spending all of their resources on integration, allowing them to innovate with new digital services quicker.
What is your business model?
Annual subscription for the platform. We sell both direct and through partners.
How do you see the current situation in that area of the insurance industry today?
Insurance companies need to modernize to better support and serve their direct customers, brokers, and partners. ~75% of data and logic is locked within legacy systems.
What investments have been made in the company so far?
We were founded in 2013 and have raised $70,000,000 and at a Series C funding stage.
What is your current business situation?
Our major clients are within the Insurance, financial services, banking industries. We are heavily investing in the development of partner relationships in particular Cloud vendors including: AWS, Microsoft Azure, IBM RedHat, and VMware Tanzu. Global and regional System Integrators as well as complimentary technology partners as an example Boomi.
Which companies interest you as business partners?
See question above. Those who see us as a valuable way to move compute to the cloud (cloud vendors) SIs, especially regional ones, who are focused on helping their customers modernize their IT infrastructure and technology vendors who need access to legacy systems to round out their solution.
