Two businesses with Portland ties are being acquired by a Texas compliance company.
HR and compliance software firm Mineral, which is based in downtown Portland, and compliance training and ethics hotline company Syntrio are being bought by Austin-based Mitratech for an undisclosed amount.
Syntrio is technically based in Northbrook, Illinois, but the company is entirely remote, said Tom O’Keefe, president and CEO. O’Keefe is a compliance industry veteran — he was a past executive at EthicsPoint which is now Navex — and based in Portland. Syntrio has 70 employees. Its products are used by 6,500 companies for governance, risk, compliance and e-learning. It also has an ethics hotline product.
Mineral, which was previously known as Mammoth HR, provides tech enabled HR services to small and mid-sized businesses. The company has 250 employees with 85 of them based in Portland.
“Through these acquisitions, our customers are equipped with everything they need to identify, communicate, train, and adhere to the compliance requirements of today, plus the analytics and services to iterate on and scale best practices into the future,” said Mitratech CEO Mike Williams in a written statement. “All in one place, and all with one trusted partner.”
Mitratech, which was founded in 1987, works with within legal, risk, compliance and HR business units of its customers. The company is majority-owned by the Ontario Teacher’s Pension Plan. A minority stake is held by HG Capital.
Mitratech’s Williams noted the company has more than 1,500 employees globally with the addition of the Mineral and Syntrio teams. He declined to outline any growth plans in Portland as a result of the deal.
“As with any acquisition process, there is an evaluation of business and customer needs as these three companies come together. Our No. 1 goal is to welcome the new employees and ensure that current customers continue to receive world-class support and value,” he said in an email.
In a LinkedIn post announcing the deal, Mineral CEO Nathan Christensen noted that the company had surpassed 1 million clients last year.
“By joining Mitratech’s global organization, Mineral will have access to an expanded portfolio of products and a larger platform for serving our customers,” he wrote. “We’re thrilled to join such a forward-thinking and values-based organization, and we’re looking forward to working together to pave the way for the next era of HR and compliance.”
