Riskonnect has expanded its Integrated Risk Management (IRM) and GRC platform offerings by purchasing Aruvio.
The company has agreed to acquire California-based Aruvio, a provider of cloud-based governance, risk and compliance solutions, for an undisclosed amount.
With enterprises facing increased rules and regulation, Riskonnect said the acquisition will expand its offering and further help enterprises ‘navigate today’s increasingly complex regulatory environment’.
Riskonnect offers a growing suite of solutions on a cloud-computing model, enabling organisations to anticipate and manage strategic and operational risks across the enterprise. Its IRM solutions include audit management, compliance and regulatory management, health and safety management, and vendor risk management, among others.
Former Aruvio CEO Rajesh Unadkat said, “Integrated Risk Management and GRC are both becoming more mission critical to enterprises. By combining our industry knowledge and complementary product offerings, Riskonnect and Aruvio will provide customers the much-needed tools to tackle various ongoing risk challenges. We believe customers will benefit greatly from the shared industry knowledge and expanded product development this acquisition delivers.”
Back in June, global private equity firm Thoma Bravo closed a strategic growth investment in Riskonnect. Hudson Smith, partner at Thoma Bravo said the acquisition helps Riskonnect accelerate its product roadmap.
With 2018 set to be a regulatory nightmare for financial services, a number of RegTech companies have recently raised capital. Last month, MetricStream, a provider of GRC solutions, landed a $65m financing round led by Clearlake Capital Group.
While in October, Militus closed an undisclosed series A funding round from US private equity firm CyberSEC3. The company provides real-time network traffic monitoring for assessing a network’s security posture, remediation services, and GRC assessments.
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