Both organic development and recent dual acquisitions bolster interconnected risk management, adding rapid, coordinated incident response and expanded TPRM capabilities
Both organic development and recent dual acquisitions bolster interconnected risk management, adding rapid, coordinated incident response and expanded TPRM capabilities
AUSTIN, Texas, Oct. 02, 2024 (GLOBE NEWSWIRE) — Mitratech, a global compliance technology leader for legal, risk, and HR teams, is excited to announce the expansion of its leading enterprise risk management platform with several technology developments and the dual acquisition of two companies: Preparis, a premier continuity planning platform for incident management and emergency response, and Prevalent, a leader in unified third-party risk management (TPRM). The advancements mark an inflection point for Mitratech as heightened supply chain challenges and an increasingly interconnected threatscape fuel the rising demand for better cross-functional visibility and AI-powered risk management capabilities.
“In today’s complex risk landscape, organizations increasingly recognize that risks do not exist in isolation,” said Michael Rasmussen, Founder of GRC 20/20 Research and internationally recognized GRC pundit. “The cascading effects of interconnected risks are growing in severity and scale, making it crucial for businesses to move beyond siloed risk management approaches. Mitratech’s announcement to connect AI-enabled risk review, business continuity planning, and third-party risk management will empower organizations with the necessary risk visibility. Without this perspective, businesses are navigating the complexities of today’s environment blindfolded, exposing themselves to unforeseen vulnerabilities.”
Mitratech has made several notable investments to its enterprise risk management platform in 2024 focused on increasing risk awareness and transparency, including anonymous hotline reporting and compliance training, generative AI-based evidence summarization, advanced document mapping, and sentiment analysis. This ongoing commitment to organic development — alongside the strategic acquisition of complementary technologies — has earned the portfolio several industry achievements over the last twelve months, including recognition as a three-time QKS Group SPARK™ Matrix GRC Market Leader, Five Telly Awards for Excellence in eLearning and Compliance Training, and the positive industry reception of the 2024 edition of Mitratech’s coveted State of Ethics Reporting Hotlines Research Report.
“Flexibility is a necessity as companies are up against today’s unpredictable business market and interconnected supply chain,” said Mike Williams, Mitratech CEO. “We’re intentionally building a risk and compliance platform that puts users back in control of their crisis management and vendor networks with simplicity and effectiveness. The tailored, self-guided nature of both Preparis and Prevalent, along with their AI-focused innovation, makes them a natural fit for Mitratech’s automated risk and compliance suite. With these additions, our risk platform is even better positioned to drive value for our customers, enabling resilience through a modern platform that delivers everything they need for success — all in one place.”
Mitratech acquired Prevalent from Insight Partners.
About Mitratech
Mitratech is a proven global technology partner for corporate legal, risk, compliance, and HR professionals seeking to maximize productivity, control expense, and mitigate risk by deepening organizational alignment, increasing visibility, and spurring collaboration across an enterprise. Mitratech serves over 20,000 organizations worldwide, spanning more than 160 countries.
For more information, visit: www.mitratech.com.
About Insight Partners
Insight Partners is a global software investor partnering with high-growth technology, software, and Internet startup and ScaleUp companies that are driving transformative change in their industries. As of June 30, 2024, the firm has over $80B in regulatory assets under management. Insight Partners has invested in more than 800 companies worldwide and has seen over 55 portfolio companies achieve an IPO. Headquartered in New York City, Insight has offices in London, Tel Aviv, and the Bay Area. Insight’s mission is to find, fund, and work successfully with visionary executives, providing them with tailored, hands-on software expertise along their growth journey, from their first investment to IPO. For more information on Insight and all its investments, visit insightpartners.com or follow us on X @insightpartners.
A video accompanying this release is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/6f02145d-241f-4cf0-9962-5a86bd0328a0
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