Riskonnect, a provider integrated risk management (IRM) solutions, said Thursday is acquired Ventiv Technology, a provider of risk, insurance and underwriting technology solutions.
“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 organizations 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.”
Terms of the deal were not disclosed. Private equity firm and Riskonnect majority investor, TA Associates (TA), supported the acquisition with additional investment capital. TA will continue as the majority owner.
Atlanta-based Riskonnect said its acquisition of Ventiv, which also calls Atlanta home, will enhance value for the more than 2,500 combined customers globally. Ventiv is known for its innovation in risk management information systems (RMIS) analytics (artificial intelligence/machine learning, benchmarks, geospatial), claims administration, billing, and policy solutions. Customers use Riskonnect for the breadth and depth of its integrated risk management platform.
The companies’ combined expertise and technology across incident tracking, claims administration, claims management, governance, risk, and compliance (GRC), business continuity and resilience, and predictive analytics creates a one-stop-shop for organizations seeking end-to-end risk solutions, Riskonnect said.
“We share Riskonnect’s mission to transform the way companies manage risk,” said Salil Donde, Ventiv’s CEO. “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.”
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