In addition to being named one of the Top 10 Best Performing API Solution Providers, disruptive newcomer OpenLegacy has recently been making headlines around the world with an impressive $30 million-dollar funding round. As analyst Tom Smith at DZONE says, “OpenLegacy has earned their stripes by enabling financial services and insurance companies with significant legacy infrastructure to leverage existing systems and avoid or mitigate the risk of costly migration and modernization projects.” And that’s just the beginning of the story.
OpenLegacy is extremely potent and pertinent in scenarios where complex legacy systems are involved. The company improves the speed and success of digital transformation projects by enabling enterprises, even extremely complex ones, to become truly digital. The organization’s API integration and management platform automates and standardizes the process of creating digital services using microservices-based APIs. An organization can move to a fast, agile and robust microservices architecture at a fraction of the time and cost it would take with other solutions – and there is no need to change the backend systems.
Products Built on a Code-first Approach
The OpenLegacy platform is the first truly post-SOA integration product and is built on a code-first approach providing flexibility and speed that were not previously possible. A digital service can be created from a back-end or legacy system within days, enriched with additional functionality and deployed to production using the same DevOps process used when deploying code.
OpenLegacy recently announced the latest version of its software, thus, smoothing the path for enterprises to speed integration of the latest in fintech, insurtech, and other digital, customer and process-focused technologies.
One prime highlight of the latest version is the support for OpenShift, which is an enterprise cloud platform based on Kubernetes, commonly used by financial institutions. Now, OpenLegacy users can deploy APIs seamlessly into the OpenShift/Kubernetics environment.
Helping Clients Get to Market First
By inventing an incredibly fast and reliable way to connect its customers’ core back-end systems with mobile, cloud and web solutions in minutes or days, the software can help legacy-laden enterprise clients in numerous ways: as an alternative to risky and costly approaches to legacy modernization or migration; improving time-to-market for digital innovations; accelerating omni-channel initiatives and, fintech or insurtech collaborations; addressing the aftermath of big league mergers and acquisitions; complying with industry or government-driven regulations, and much more.
A Proven Experience
One of the trailblazers contributing to the growth of OpenLegacy is Romi Stein, the Co-Founder and CEO. Being a CEO, he provides strategic direction and oversees the company’s day-to-day execution. He has accumulated a wealth of experience in all aspects of information technology and business leadership. Previously, he worked in a leadership position at IBM’s global headquarters, doing business development and market analysis when he met Roi Mor, OpenLegacy’s other Co-founder and CTO, who was working on a solution to a problem Romi was very familiar with – the unacceptable complexity of integrating with legacy systems. He first became an early investor and later took on the role of CEO in order to fulfill that mission of simplifying, demystifying and standardizing integration.
Changing the Expectations of the Market
OpenLegacy has experienced tremendous growth in the last year, both in terms of the organization itself and with regards to customer engagements and satisfaction. The company believes that executives should rethink their expectations for what’s possible: it no longer should take months or years to deliver a much-needed innovation to their market. After all, in that same period of time, a startup could incorporate, launch a product and reach hundreds of millions of users to disrupt an entire market.
Being Customer-centric
Like any other start-up company, OpenLegacy’s journey was unexpected and unique. Since the technology was created even before the company, the company started with a product and customers already in place. This was perhaps the defining factor in making OpenLegacy the customer-centric company that it is today. Coming from a background of large IT projects and well-known enterprise software vendors, OpenLegacy’s founders and early employees understand the importance of not only delivering for customers, but also making sure that each customer delivers on its goals. Today, its API Integration platform serves some of the largest organizations in the world, including many of the Global 1000 banks and insurance companies.
Addressing the Industry Scenario
Public APIs have been popular for many years. What’s new, however, is the emergence of internal APIs that allow an organization to integrate in such a way that every interaction, every conversation, and every touch-point with a customer will bring to bear the entire scope of the organization’s capabilities, know-how and competency across all of its lines-of-business. Internal synergies enabled by APIs and made agile by microservices will give a new meaning to the concept of a truly digital enterprise.
Worldwide Strategic & Financial Investors
OpenLegacy will continue to strengthen its market position with their recent 30 million dollar funding round from global investors who see value in both funding and promoting the technology. Recent round participants include: Silverhorn Investment Advisors (lead investor); CommerzVentures, the VC unit of Commerzbank; C. Entrepreneurs, the VC created by BNP Paribas Cardif with Cathay Innovation; Leumi Partners; O.G. Tech Ventures – Eyal Ofer’s VC arm; Prytek-GFS Group; and RDC, a major investor from the seed stage, which is a joint venture between Elron and Rafael. “We have a clear perspective on OpenLegacy’s advantages,” said Patrick Meisberger, CommerzVentures’ Managing Director. “We understand the size of the potential market because we can see first-hand the challenges of adopting new technologies in legacy environments. OpenLegacy helps with a variety of use cases, from creating APIs quickly for any backend system all the way to a full, phased cloud migration,” he adds.
Reflection of OpenLegacy Customer Satisfaction
“The ‘wow moment’ for us when working with OpenLegacy came when we exposed a Swagger API with account data from our mainframe. It only took us a few hours with OpenLegacy — it would have taken weeks otherwise.”— Chief Information Officer Premier European Bank
“OpenLegacy let us connect our iSeries applications to our insurance agent portal without changing our COBOL applications, which would have been a huge, expensive headache. We couldn’t believe OpenLegacy was able to conform to all of our security, performance, and design constraints — and do so within days.” — Insurance Services / IT Director
“I was impressed with how fast we got everything deployed. In less than a month, Fern was able to accomplish its objectives through a modern REST API.” – Jeff Mason, Director of Customer Technology Innovation, Fern
“Our new customer onboarding process will be three times faster and support customer self-service. We still use our SAP CRM backend, augmented with new API technology.” – Chief Information Officer, Investment Advisory Firm
“Having the new OpenLegacy web service up and running within five days, after spending six months developing it with a competitor, was simply unbelievable. The fact that it’s also much faster, and the product is much less expensive, sealed the deal for us.” – Insurance Company / CIO
“OpenLegacy helps us set the mainframe free, finally. Instead of being a prohibitive factor for new projects, it’s now the enabler — with OpenLegacy generated APIs that connect to any other system in our environment.” —Leading North America Bank
“Within two days, OpenLegacy created APIs for standard CBS transactions, including payments and other financial products, compared to the previous 5-7 weeks using the prior API orchestration product and existing IT architecture.” – Bank Executive
“We needed to be leaner and meaner. We could no longer wait to write a program on the mainframe, then wrap it and publish as a web service.” – Panama Bank Executive
“I was blown away by how fast and easy it was to develop our new AS/400 tablet app with OpenLegacy. We didn’t need to learn how to code for tablets and we didn’t need to change anything in the AS/400. We get all the benefits of the tablet, with the security and reliability of the AS/400.” – Tire Company, CIO
To know more, visit: www.openlegacy.com
