ATLANTA, March 23, 2021 /PRNewswire/ -- OneTrust, the #1 fastest-growing company on the Inc. 500 and category-defining enterprise platform to operationalize trust, today announced it signed a definitive agreement to acquire Convercent, a leading global provider of ethics and compliance cloud software. The acquisition will build on OneTrust's longstanding investments in creating the technology fabric of trust within an organization, bringing together privacy, security, data governance, ethics and compliance, GRC, third-party risk, and ESG into a single operational workflow.
Convercent's technology, 750 customers, 150 employees, and global CONVERGE user community, will see an acceleration in investment while integrating into OneTrust's platform, global customer base of 8,000 organizations, and more than 1,500 employees across 12 offices.
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Defining the New Software Category of Trust
Trust and transparency are driving the next generation of business innovation and market differentiation. Rising amounts of personal data, advancements in AI and personalization, and customer demand for transparency have created increasing pressure for organizations to operate and differentiate based on trust. To successfully make trust a competitive differentiator, organizations must manage the complex myriad of privacy regulations, security requirements, ethics and compliance frameworks, and sustainability initiatives.
By helping organizations build centralized, agile workflows across privacy, security, data governance, ethics and compliance, GRC, third-party risk, and ESG, OneTrust is pioneering this new software market of trust and building the trust fabric of an organization.
Ethics & Compliance at the Foundation of Trust
Integrating Convercent into OneTrust further enhances the platform's foundation of trust through advanced ethics and compliance capabilities. The Convercent Ethics Cloud Platform, including whistleblowing, policy management, disclosure management, analytics and benchmarking, and learning, are used by more than 750 enterprise customers. With a team of 150 ethics and compliance experts, Convercent brings unparalleled experience in managing the world's most complex and advanced global ethics programs, including Airbnb, Under Armour, Kimberly-Clark, and TimeWarner.
"Kimberly-Clark is continuously focused on improving our integrity culture, because building trust with our employees, consumers, and stakeholders provides a competitive advantage," said Kurt Drake, Chief Ethics & Compliance Officer, Kimberly-Clark. "A key component of that focus is having centralized programs and platforms that provide metrics and insights in delivering better results and value for our customers and stakeholders. As customers of both Convercent and OneTrust, there is strategic value in bringing the two platforms together, allowing integration of metrics and reporting, which drives further insights and value for Kimberly-Clark."
"Convercent brings innovative ethics and compliance customer programs into the OneTrust platform," said Kabir Barday, OneTrust CEO and Fellow of Information Privacy (FIP). "The technology fits seamlessly into the OneTrust platform, and our vision to build trust as the technology fabric within an organization. We're excited to welcome Convercent's team of experts, customers, and CONVERGE community into the OneTrust family and work together to make trust a competitive advantage."
"At Convercent, we passionately believe that driving ethics to the center of business can build a better world," said Patrick Quinlan, CEO, Convercent. "Becoming a part of OneTrust is a natural fit. 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. 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."
Financial details of the acquisition were not disclosed, and the transaction is expected to close in April.
OneTrust is the #1 fastest-growing company on Inc. 500 and the category-defining enterprise platform to operationalize trust. More than 8,000 customers, including half of the Fortune 500, use OneTrust to make trust a competitive differentiator, implementing central agile workflows across privacy, security, data governance, GRC, third-party risk, ethics and compliance, and ESG programs.
The OneTrust platform is backed by 140 patents and powered by the OneTrust Athena™ AI and robotic automation engine, and capabilities include:
- OneTrust Privacy - Privacy Management Software
- OneTrust DataDiscovery™ - AI-Powered Discovery and Classification
- OneTrust DataGovernance™ -Data Intelligence Software
- OneTrust Vendorpedia™ - Third-Party Risk Exchange
- OneTrust GRC - Integrated Risk Management Software
- OneTrust Ethics - Ethics and Compliance Software
- OneTrust PreferenceChoice™ - Consent and Preference Management Software
- OneTrust ESG - Environmental, Social & Governance Software
In December 2020, OneTrust raised a $300 million Series C funding from TCV, Insight Partners, and Coatue, bringing total funds raised to $710 million at a $5.1 billion valuation. OneTrust's fast-growing team of 1,500 employees is co-headquartered in Atlanta and London with additional offices in Bangalore, Melbourne, Seattle, San Francisco, New York, São Paulo, Munich, Paris, Hong Kong, and Bangkok.
As a leading global provider of ethics and compliance software, Convercent empowers the world's largest and most admired companies to understand organizational risk, protect their brand, and engage employees with their ethics and compliance program. Its Ethics Cloud Platform, which includes the Ethics and Compliance Portal; Helpline and Case Manager; Policy and Learning; and Disclosures and Conflict of Interest, leverages a global dataset to deliver business leaders the insights required to make proactive, informed decisions about their company's ethical health through real-time dashboards and analytics. Convercent has over 750 global customers including Microsoft, Four Seasons Hotels and Resorts, Capgemini and Under Armour, representing almost seven million employees in 150 countries. In 2021, Convercent was awarded "Company of the Year" from the Colorado Technology Association (CTA) at the Apex Awards. Convercent is based in Denver, CO, with an international office in London and is backed by Sapphire Ventures, Tola Capital, and Azure Capital Partners.