Audit management solution ACL has received a $50m strategic minority investment led by Norwest.
This investment marks ACL first injection of capital from an external investor.
ACL helps clients to better manage their audit processes, with solutions that automate tasks, compile analytics, manage risk and detect fraud. Through the company technology, users can ensure theses processes are compliant with the local regulations.
Canada-based ACL is used by internal audit teams, banking and lending companies, governments, and higher education. The company recently launched a new service which added real-time enterprise risk assessment through intelligent data automation and integrated GRC content and intelligence.
This investment will be used by the company to boost the company consolidation within the market.
ACL president and CEO Laurie Schultz said, “We are already a fast-growing company, having doubled our SaaS GRC business in each of the last five years, and sought an investment partner able to support and accelerate our vision. Norwest shares our focus on driving success through a balanced focus on employees, customers, and financials, all enabled by a strong corporate culture.”
The company has won eight awards from GRC 20/20 GRC Technology Awards in a range of solutions over the years.
Earlier this year, online audit confirmation business Capital Confirmation closed a $60m funding round.
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