Ncontracts has acquired Venminder, a third-party danger administration SaaS platform, to boost its governance, danger, and compliance companies.
The acquisition will broaden Ncontracts’ experience in third-party danger 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 right this moment to assist broaden its governance, danger, and compliance capabilities. The Tennessee-based firm has purchased third celebration danger administration program firm Venminder.
Monetary phrases of the deal weren’t disclosed.
Kentucky-based Venminder provides a SaaS platform for third-party danger administration that helps greater than 1,200 prospects handle their vendor relationships– from onboarding to offboarding. With Venminder, companies can handle distributors, observe contract information, carry out due diligence and oversight, ship and rating questionnaires, conduct danger assessments, systemically monitor dangers throughout domains, order due diligence assessments on vendor controls, and extra.
Ncontracts anticipates the acquisition will provide it extra depth and experience in third-party danger administration, and can improve its place within the software-as-a-service (SaaS) and knowledge-as-a-service (KaaS) area.
“We’re excited to affix forces with Venminder,” mentioned Michael Berman, Ncontracts Founder and CEO. “With our groups coming collectively to assist cut back danger, 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 expertise 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 assets and experience.
“With the funding and assist from Hg, we’re properly positioned to proceed our speedy development,” mentioned Berman. “Gryphon has been a beneficial accomplice, and I need to thank their excellent crew of working companions, working advisors and funding professionals.”
Third celebration danger administration is a warmer matter than ever in right this moment’s banking and fintech panorama, particularly because the variety of banks hit with consent orders rises as a consequence of regulatory breaches and compliance points. With the growing reliance on third-party distributors for expertise, cost processing, and different companies, the potential for vulnerabilities and danger has grown considerably.
Exacerbating the difficulty, regulatory our bodies are tightening scrutiny on how banks handle their third-party relationships, making certain that banks preserve strict oversight, due diligence, and danger mitigation methods to safeguard delicate information and operational resilience.
Picture by Edmond Dantès
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