Compliance 360 Inc., an Alpharetta, Ga.-based provider of SaaS enterprise compliance solutions, has acquired Tavilo Inc., a provider of technology that allows third-party data to be mined, examined and analyzed. No financial terms were disclosed. Compliance 360 has raised around $4.25 million from Fulcrum Ventures and individual angels.
Compliance 360, a leading provider of Software-as-a-Service (SaaS) solutions for enterprise governance, risk and compliance (eGRC) today announced the closing of its acquisition of Tavilo, Inc. to accelerate Compliance 360’s growth in real-time, strategic risk management. Tavilo, Inc. provides proprietary technology that allows third-party data to be mined, examined and analyzed, providing a real-time notification of risk events throughout a company’s environment, with a system of alerts and dashboards.
“In 2008, our momentum continued to grow. Our revenues in 2008 grew by 49 percent compared to 2007, with more than 70 percent of our sales coming from new business,” said Steve McGraw, president and CEO of Compliance 360. “Despite the global economic slowdown, we also achieved record quarterly sales performance in the fourth quarter. Entering 2009, we continue to see increasing demand for our compliance and risk management solutions and we are very pleased with our competitive position in the GRC marketplace.”
Added McGraw, “Looking ahead, we recognize that companies want one system-of-record to manage all their GRC requirements regardless of where the data resides. The Tavilo technology enables connections to any data source and provides a complete view of all risk events across the enterprise. When combined with the compliance management, audit management and workflow capabilities of Compliance 360, we will provide a comprehensive, 360 degree risk management solution enabling our customers to monitor risk related events such as fraud, regulatory violations, vendor compliance and other key risk indicators. Additionally, because of the common technology foundations and similar architectures of the two systems, we are moving rapidly, already piloting solutions with our customers.”
“My team is very pleased to join Compliance 360 and we look forward to contributing to the company’s accelerated success. We have developed and implemented advanced monitoring and alerting systems over the past four years and we are excited about the growing demand for these capabilities in the GRC marketplace and our very logical fit into Compliance 360,” said Mike Gilbert, president and CEO of Tavilo, Inc.
“With increasing demands for governance and transparency, organizations are challenged to align enterprise performance and risk management. Compliance 360 is demonstrating visionary leadership in this area through this acquisition,” said Michael Rasmussen, president of Corporate Integrity. “The addition of real-time risk monitoring capabilities enables Compliance 360 to deliver a GRC system-of-record which expands to a variety of strategic risk management applications in the future.”
Strategic risk management solutions are currently in pilot deployments with Compliance 360 customers and the company anticipates the general availability of these solutions in the coming months.
About Compliance 360
Compliance 360 is a leading provider of enterprise governance, risk management and compliance solutions for companies that operate in highly regulated industries. The Compliance 360 Software-as-a-Service (SaaS) solution suite helps companies address policies and procedures management, regulatory compliance management, internal and external audits, incident management, fraud, waste & abuse, surveys, contract management, accreditation, risk management and IT governance. Customers benefit by reducing risks, improving efficiencies and protecting their brands. Compliance 360 is headquartered in Atlanta, GA and assists over 100,000 active users in highly regulated complex business environments including healthcare, insurance, financial services and others. For more information, visit www.compliance360.com.