Thoma Bravo-backed Riskonnect acquires ICIX
Riskonnect, a specialist in integrated risk management (IRM) solutions, has acquired ICIX, a California-based value chain governance company that empowers businesses to manage, monitor, and verify ESG performance.
The acquisition accelerates Riskonnect’s global growth by expanding its IRM product suite to better serve the increasing risk and compliance demands of the fast-growing ESG market.
“Organisations are actively incorporating ESG into their overall risk and compliance strategy to build resilience and meet heightened expectations for how they make a positive environmental and social impact. We’re committed to helping organisations along that journey,” says Jim Wetekamp, Riskonnect’s CEO. “The addition of ICIX’s deep industry experience, talented team, and innovative solutions will equip our customers to elevate and transform the way they manage risk and create value.”
ICIX’s feature-rich ESG solution provides risk, audit, and compliance leaders with transparency and controls across sourcing and supply chain management, safety and quality compliance, diversity and inclusion (D&I), trading partner onboarding, information exchange, and performance management.
“ICIX is a great addition to the Thoma Bravo portfolio. Organizations that prioritize ESG and deliver value for all stakeholders are more likely to succeed and deliver better returns than those that don’t,” said Hudson Smith, Partner at Thoma Bravo, Riskonnect’s parent company. “The combined capabilities and expertise will be invaluable for organizations looking to better manage their environmental and societal impact while growing and protecting the bottom line.”
The acquisition accelerates Riskonnect’s global growth strategy, strengthens its ESG and supply chain capabilities, and provides customers with an innovative and market-leading trading network and analytics technology for ESG and compliance. Riskonnect was attracted to ICIX because of its synergistic organisational culture, platform, view of the market, and commitment to customer success.
“ESG remains front-page business news. Organisations need a structured strategy and processes supported by an agile information and technology architecture to effectively address ESG risks,” says Michael Rasmussen, The GRC Pundit & Analyst, GRC 20/20 Research, LLC. “Riskonnect, with this acquisition, is delivering the architecture needed to extend its GRC offering to encompass organizations’ ESG needs.”
The investment will also offer ICIX customers access to new capabilities through Riskonnect such as insurable risk management (RMIS), GRC, and healthcare risk solutions. Customers will also benefit from working with an organisation familiar with supporting global brands around the world. Terms of the transaction have not been disclosed.
Kareem El Sawy, Founding General Partner of Arrowroot Capital and Lead Investor in ICIX, adds: “We’re thrilled to see ICIX’s visionary approach to ESG compliance come together with Riskonnect’s industry leading and holistic IRM platform for the modern C-suite. We’re excited to continue the journey through the next growth phase with the phenomenal leadership of Jim Wetekamp and team, and a great partner in Thoma Bravo.”