Diligent is set to become one of the most prominent governance, risk management, and compliance (GRC) SaaS companies. Backed by Insight Partners, Diligent makes software that lets executives and board members share documents and analyze their company’s metrics on one dashboard. The modern governance company’s platform is used by nearly 700,000 board directors and leaders across 19,000 clients.
Now, the corporate governance software maker announced it acquired Galvanize, a Canadian developer of risk and compliance software. While a price was not disclosed, sources have revealed the figure to be in the range of $1 billion. This news comes as Diligent recently acquired, Steele Compliance, for about $325 million according to sources.
Galvanize has been operating in the GRC space for more than 30 years. It touts itself as the leading provider of cloud-based security, risk management, compliance, and audit software for some of the largest corporations in the world, including over half of the Fortune 1,000 and S&P 500 companies. It has more than 6,000 global customers including Coca-Cola, the Oregon Secretary of State, Siemens, and Sony.
Steele Compliance is the trusted market leader in ethics and compliance management with more than 1,000 clients, including over 25% of the Fortune 250. Steele’s Ethics and Compliance Platform provides organizations with best-in-market capabilities for proactively managing internal and external risk. Steele’s platform leverages automation, AI-powered data, and human intelligence to help organizations navigate potential risks by providing the tools needed to proactively manage their compliance needs.
Through these acquisitions, Diligent will become the largest global GRC software company. The move is part of a broader play by the company to bring together large players in the GRC space, unite GRC leaders, and create the only modern GRC SaaS platform for the boardroom.
Last year, investors including Blackstone and Clearlake Capital invested over $500 million into Diligent, valuing the company at upwards of $4 billion. Insight Partners, which remains Diligent’s largest shareholder, took the business private for about $624 million in 2016.
In an interview, Diligent CEO Brian Stafford said he believes the combination of the businesses will create software that gives board members more insight into any potential risks within a company.