Ncontracts has acquired Venminder, a third-party threat administration SaaS platform, to boost its governance, threat, and compliance companies.
The acquisition will broaden Ncontracts’ experience in third-party threat administration and strengthen its place in each SaaS and knowledge-as-a-service markets.
Ncontracts additionally introduced that Hg has acquired Venminder’s earlier shareholders and Ncontracts’ investor Gryphon.
Threat administration and compliance options supplier Ncontracts made an acquisition as we speak to assist broaden its governance, threat, and compliance capabilities. The Tennessee-based firm has purchased third occasion threat administration program firm Venminder.
Monetary phrases of the deal weren’t disclosed.
Kentucky-based Venminder gives a SaaS platform for third-party threat administration that helps greater than 1,200 clients handle their vendor relationships– from onboarding to offboarding. With Venminder, companies can handle distributors, observe contract knowledge, carry out due diligence and oversight, ship and rating questionnaires, conduct threat assessments, systemically monitor dangers throughout domains, order due diligence assessments on vendor controls, and extra.
Ncontracts anticipates the acquisition will supply it extra depth and experience in third-party threat administration, and can improve its place within the software-as-a-service (SaaS) and knowledge-as-a-service (KaaS) house.
“We’re excited to affix forces with Venminder,” mentioned Michael Berman, Ncontracts Founder and CEO. “With our groups coming collectively to assist cut back threat, enhance compliance and management prices, we are going to proceed to strengthen the monetary business and the communities they serve.”
Additionally this week, Ncontracts, which demoed its know-how at FinovateFall 2022, introduced that investor Hg purchased out prior Venminder shareholders in addition to Ncontracts shareholder Gryphon Traders– which acquired Ncontracts in 2020. With its buy, Hg will convey each sources and experience.
“With the funding and help from Hg, we’re properly positioned to proceed our speedy progress,” mentioned Berman. “Gryphon has been a priceless associate, and I need to thank their excellent group of working companions, working advisors and funding professionals.”
Third occasion threat administration is a warmer subject than ever in as we speak’s banking and fintech panorama, particularly because the variety of banks hit with consent orders rises resulting from regulatory breaches and compliance points. With the growing reliance on third-party distributors for know-how, fee processing, and different companies, the potential for vulnerabilities and threat has grown considerably.
Exacerbating the problem, regulatory our bodies are tightening scrutiny on how banks handle their third-party relationships, guaranteeing that banks keep strict oversight, due diligence, and threat mitigation methods to safeguard delicate knowledge and operational resilience.
Photograph by Edmond Dantès
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