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Ncontracts Acquires Third Party Risk Management Company Venminder

By Julie Muhn (@julieschicktanz) Posted on September 4, 2024
Categories: Alumni News, Daily news, Mergers & Acquisitions, Ncontracts

Ncontracts has acquired Venminder, a third-party risk management SaaS platform, to enhance its governance, risk, and compliance services.
The acquisition will broaden Ncontracts’ expertise in third-party risk management and strengthen its position in both SaaS and knowledge-as-a-service markets.
Ncontracts also announced that Hg has acquired Venminder’s previous shareholders and Ncontracts’ investor Gryphon.

Risk management and compliance solutions provider Ncontracts made an acquisition today to help broaden its governance, risk, and compliance capabilities. The Tennessee-based company has bought third party risk management program company Venminder.

Financial terms of the deal were not disclosed.

Kentucky-based Venminder offers a SaaS platform for third-party risk management that helps more than 1,200 customers manage their vendor relationships– from onboarding to offboarding. With Venminder, firms can manage vendors, track contract data, perform due diligence and oversight, send and score questionnaires, conduct risk assessments, systemically monitor risks across domains, order due diligence assessments on vendor controls, and more.

Ncontracts anticipates the purchase will offer it more depth and expertise in third-party risk management, and will enhance its position in the software-as-a-service (SaaS) and knowledge-as-a-service (KaaS) space.

“We are excited to join forces with Venminder,” said Michael Berman, Ncontracts Founder and CEO. “With our teams coming together to help reduce risk, improve compliance and control costs, we will continue to strengthen the financial industry and the communities they serve.”

Also this week, Ncontracts, which demoed its technology at FinovateFall 2022, announced that investor Hg bought out prior Venminder shareholders as well as Ncontracts shareholder Gryphon Investors– which acquired Ncontracts in 2020. With its purchase, Hg will bring both resources and expertise.

“With the investment and support from Hg, we are well positioned to continue our rapid growth,” said Berman. “Gryphon has been a valuable partner, and I want to thank their outstanding team of operating partners, operating advisors and investment professionals.”

Third party risk management is a hotter topic than ever in today’s banking and fintech landscape, especially as the number of banks hit with consent orders rises due to regulatory breaches and compliance issues. With the increasing reliance on third-party vendors for technology, payment processing, and other services, the potential for vulnerabilities and risk has grown significantly.

Exacerbating the issue, regulatory bodies are tightening scrutiny on how banks manage their third-party relationships, ensuring that banks maintain strict oversight, due diligence, and risk mitigation strategies to safeguard sensitive data and operational resilience.

Photo by Edmond Dantès

Ncontracts Acquires Quantivate for Undisclosed Amount

By Julie Muhn (@julieschicktanz) Posted on December 12, 2023
Categories: Alumni News, Alumni profile, Mergers & Acquisitions, Ncontracts

Risk management and compliance solutions provider Ncontracts has acquired Quantivate this week. Financial terms of the deal were not disclosed.

Quantivate, which provides governance, risk, and compliance (GRC) solutions for banks and credit unions, was founded in 2005. Quantivate’s flagship offering is its Business Continuity Software. Today, the company has a suite of governance, risk, and compliance management solutions, including ERM Intelligence, Compliance, Operational Resilience, IT Risk, Procurement, Audit, and more.

“Quantivate has always believed in the power of innovative technology and exceptional people to help banks and credit unions thrive,” said Quantivate Founder and CEO Andy Vanderhoff. “Ncontracts shares this mission, and I’m excited to watch as the strength and experience of our united teams take risk management solutions to the next level.”

With today’s acquisition, Ncontracts aims to position it as a software-as-a-service (SaaS) and knowledge-as-a-service (KaaS) leader. Quantivate’s GRC solutions and broader suite covering areas like ERM Intelligence, Compliance, IT Risk, and more, strengthen Ncontracts’ portfolio by enhancing its capabilities in addressing the complex needs of financial institutions.

This acquisition not only expands Ncontracts’ workforce to 350 employees and customer base to 4,000 financial services companies, but it also emphasizes the industry’s increasing reliance on sophisticated risk management solutions.

Ncontracts was founded in 2009 and specializes in risk, vendor, and compliance management software for financial services companies. The company currently serves more than 4,000 financial services organizations, including Tinker Federal Credit Union, Columbia Bank, Security Bank of Kansas City, and more. Earlier this fall, Ncontracts teamed up with fellow Finovate alum True Digital to enhance banks’ vendor data.

Ncontracts most recently demoed at FinovateFall 2022 where the company debuted Nrisk, an online risk management solution that strengthens compliance controls in real time. Tools like these are especially imperative to financial services firms in today’s regulatory environment in which regulators have increased their scrutiny of enterprise risk management practices.

“We are thrilled to join forces with Quantivate,” said Ncontracts founder and CEO Michael Berman. “We are both mutually committed to helping financial institutions reduce risk, improve compliance, and control costs, so combining our resources empowers us to be an even better provider of software and services for our customers and the financial industry.”

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Ncontracts Launches its Risk Management Suite

By David Penn Posted on February 1, 2023
Categories: Alumni News, Daily news, Ncontracts

Risk management and compliance software company Ncontracts unveiled its new risk management suite, Ncontracts RPM, this week.
Ncontracts RPM integrates four of the company’s solutions — Nrisk, Nvendor, Ncomply, and Nfndings – into a combined offering that will help FIs leverage data to enhance risk and compliance management.
Headquartered in Tennessee, Ncontracts made its Finovate debut at FinovateFall 2022 in September.

Integrated risk management and compliance software provider Ncontracts launched its risk management suite this week. The Ncontracts RPM Suite blends risk, vendor, compliance, and finding management solutions to help boost efficiency and drive better-decision making. Known separately as Nrisk, Nvendor, Ncomply, and Nfindings, the combined elements of Ncontracts’ RPM Suite help financial institutions turn data into the kind of relevant, actionable insights to reduce the burden of risk and compliance management.

“Financial institutions need better, more comprehensive risk management tools to successfully respond to digital disruption, economic uncertainty, regulatory change, staffing shortages, and other challenges,” Ncontracts CEO Michael Berman said. “Our RPM suite brings knowledge and insights to our clients to create a high-performing system that helps financial institutions efficiently leverage data to drive success.”

Headquartered in Brentwood, Tennessee, and founded in 2009, Ncontracts made its Finovate debut at FinovateFall 2022. With a customer base of more than 4,200 financial institutions, mortgage companies, and fintechs in the U.S., Ncontracts offers a cloud-based technology solution that encompasses vendor, organizational, audit, and compliance risk management.

In the months since the company’s Finovate appearance in September, Ncontracts added C-suite talent in the form of new Chief Customer Officer Melissa Outlaw, new Chief Sales Officer Michelle Amato, and new Chief Human Resource Officer Cathy Guthrie. Named to the Inc. 5000 roster of the fastest-growing private companies in the U.S. for the fourth year in a row in 2022, Ncontracts raised $1.1 million in funding prior to being acquired by Gryphon Investors in 2020 for an undisclosed sum.

“The risks facing financial institutions are multiplying and becoming more complex, and no bank, regardless of size, can justify using spreadsheets today to manage the process when the stakes are so high,” Gryphon Investors Software Principal Jon Cheek said when the acquisition was announced. “Ncontracts’ software has made it easy for financial institutions of all sizes to manage the spectrum of complex risks and regulations facing them today.”

Photo by Martin