Diligent completes Galvanize acquisition

Deals

Modern governance company Diligent Corporation announced that it has completed its acquisition of Galvanize, a global leader in SaaS governance, risk, and compliance (GRC) software.

Having also recently acquired Steele Compliance Solutions, Inc., a leader in ethics and compliance software, Diligent is now the world’s largest GRC SaaS company with more than 1,500 employees and one million users. The financial terms of both transactions were not disclosed.

By integrating Galvanize and Steele into the Diligent modern governance platform, the company is aiming to create a comprehensive solution to meet its client’s GRC needs, from IT to the boardroom.

The combined company will serve more than 23,000 clients across all industries and provide concierge-level support built on market-leading customer satisfaction scores.

Diligent argues that it will benefit from Galvanize’s robust partner network and its comprehensive “Leader” recognition from both Gartner and Forrester analysts. Touting more than 80 integrations with leading technology partners, Galvanize will also accelerate Diligent’s integration into customers’ existing technology stacks.

“Diligent is proud to be shaping the future of modern GRC by building an operating system for purpose-driven capitalism,” said Brian Stafford, CEO of Diligent. “We’re enabling visionary leaders to keep pace with the rising tide of stakeholder capitalism and make progress on ESG commitments. Clients can look forward to a completely integrated platform that covers risk, compliance, audit and governance, and drives enhanced visibility across the entire organization. We’re thrilled to have the talented Galvanize and Steele teams onboard and, together, look forward to creating a positive impact for our clients.”

“By joining Diligent, the clear market leader in its space with a board governance platform used by the leaders of today and tomorrow, Galvanize elevates the work of GRC professionals further into the boardroom,” said Laurie Schultz, president and CEO of Galvanize. “The combination will fast forward our vision of positioning GRC as a critical component of every enterprise through our category leadership.”

Credit Suisse served as the exclusive financial advisor, and Willkie Farr & Gallagher LLP served as the legal advisor to Diligent. Evercore served as the financial advisor, and Fasken Martineau DuMoulin LLP served as the legal advisor to Galvanize.

Diligent will open a new Innovation Center located in Szervita Square Building in downtown Budapest later this year. The company has already begun hiring for the center, which will create some 300 jobs.

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