Denver’s Convercent, a provider of ethics and compliance software, has been acquired today by one of the country’s fastest growing companies.
Atlanta and London-based OneTrust, a privacy-management technology company, today announced it signed a definitive agreement to acquire Convercent in a deal that builds out its solutions and customer-base.
As part of the deal, Convercent’s 750 customers and 150 employees will be integrated into OneTrust, which has a global customer base of 8,000 organizations and more than 1,500 employees in 12 offices.
Convercent’s technology helps companies comply with industry regulations and laws. Its platform leverages data to help businesses make decisions about their company’s ethical health.
Among its 750 customers are major names like Microsoft, Four Seasons Hotels and Resorts and Under Armour.
In 2017, the company raised $25 million in equity funding that it said at the time would further build out its software and fuel its continued growth.
Convercent was named Company of the Year in Colorado Technology Association's annual Apex awards in February.
Convercent's new offices in RiNo
Convercent CEO Patrick Quinlan said this acquisition was a natural fit for the company to help deliver its solutions faster and to a wider audience.
“Just as ethics programs must exist within all functions of a business, ethics and compliance programs too are more effective as a part of a broader trust framework. We’re delivering on this greater vision with OneTrust,” he said in a statement. “We’re grateful to the Convercent community of employees, customers, partners, and families, who have worked alongside us, and now as a part of OneTrust we can deliver for our community faster and bolder than ever before.”
OneTrust was recently named the fastest-growing company on the 2020 Inc. 5000 list with more than $70 million in 2019 revenue and 48,337.2 percent three-year growth rate. In December, the company raised a $300 million Series C funding from TCV, Insight Partners and Coatue, bringing its total capital raised to $710 million at a $5.1 billion valuation.
Echoing Quinlan’s statement, OneTrust CEO Kabir Barday said the acquisition is a seamless fit.
“Convercent brings innovative ethics and compliance customer programs into the OneTrust platform,” Barday said in a statement. “The technology fits seamlessly into the OneTrust platform, and our vision to build trust as the technology fabric within an organization.”
Financial terms of the deal were not disclosed, and the transaction is expected to close in April.
