Austin-based risk management technology startup Flisk has been acquired by a Kansas technology company.
Archer Technologies LLC, an Overland Park-based company, bought the startup for an undisclosed amount, marking the company's second acquisition this year.
Acquiring Flisk will enhance Archer’s current offerings and build out its capabilities in the risk management information system market (RMIS), according to a March 20 announcement. Founded in 2000, Archer is a governance, risk and compliance software provider. It provides products that manage insurance policies, exposure data, claims and incidents.
Many companies maintain separate risk and insurance management programs, according to the release. By folding in Flisk’s offerings, Archer will be able to provide services that coordinate risk and insurance management and further mitigate those risks for its more than 1,300 global customers
Flisk CEO Pablo Ninoles is now the RMIS Product Lead director at Archer.
“Together, we’re ushering in a new era of efficiency and sophistication for the industry and set new standards for completeness, agility and actionable insights in risk management,” Ninoles said in the release.
Archer has been building out its business and executive team this year. This deal occurs a month after Archer acquired Compliance.ai, a San Francisco-based artificial intelligence company. In February, Archer hired a new chief commercial officer, Jeff Longoria.
Archer changed private equity owners last year, as well. Clearlake Captial Group LP and Symphony Technology Group owned Archer until July, when Cinven, a London-based private equity firm, bought Archer for a hefty sum. Although financial details were not disclosed, Bloomberg reported a $1.38 billion sale. Sources told Reuters in January 2023, that Archer generated $220 million in 2022 revenue and was on track for more growth.
