Risk management solutions provider, Riskonnect, has acquired risk, insurance and underwriting technology solutions provider, Ventiv Technology.

The two major software providers will have a combined 2,500 customers globally, who use their technology for incident tracking, claims administration, claims management, GRC, business continuity and resilience.

“We’re thrilled to welcome the entire Ventiv team to Riskonnect. The acquisition adds substantial value for our customers, giving users of both companies access to a broader range of products and services that are intentionally designed to meet the diverse needs of modern risk management,” said Jim Wetekamp, Riskonnect’s CEO. “We’re bringing a value enhancing suite of tools to market that equips organisations to confidently answer the increasingly imperative question – ‘how at risk are we?’. Our complementary technologies and shared commitment to helping customers stay ahead of the rapidly evolving risk landscape positions all our key stakeholders for success.”

Salil Donde, Ventiv’s CEO, added: “We share Riskonnect’s mission to transform the way companies manage risk. Pooling our resources and expertise enables us to continue to innovate on AI-driven predictive analytics and expand our reach globally to best serve the present and future needs of our customers.”

Riskonnect’s current majority investor, PE firm, TA Associates, supported the acquisition with additional investment capital, and will continue as the majority owner. Union Square Advisors LLC served as the exclusive financial advisor to Ventiv and Davis Polk & Wardwell served as legal advisor. Kirkland & Ellis LLP served as legal advisor to Riskonnect.

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