Riskonnect, an integrated risk management solutions provider, has acquired risk, insurance and underwriting solutions company Ventiv Technology for an undisclosed amount.
Based in the US, Ventiv offers enterprise risk management, risk management information systems (RMIS), insurance claims, billing and policy administration solutions, leveraging its analytics and predictive models.
The latest strategic move is expected to help Riskonnect drive business growth as well as value for its customers by centralising all aspects of risk management.
The acquisition of Ventiv will significantly enhance the value proposition for the combined customer base, which exceeds 2,500 globally.
Ventiv’s expertise in RMIS Analytics, including artificial intelligence/machine learning, benchmarks and geospatial solutions, will complement Riskonnect’s comprehensive risk management platform.
Customers of both companies will benefit from a more extensive suite of risk management tools designed to streamline data management, provide actionable insights tailored to specific industries, and transform risk into a strategic business advantage.
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The companies’ expertise and technology in business continuity, claims administration, claims management, governance, incident tracking, predictive analytics, resilience and risk will further position Riskonnect as a one-stop destination for end-to-end risk solutions.
The latest acquisition was supported by Riskonnect’s current majority investor, TA Associates, a private equity firm.
TA, which will continue to maintain its position as the majority owner, provided additional investment capital for the transaction.
Union Square Advisors acted as Ventiv’s exclusive financial advisor, while Davis Polk & Wardwell served as Ventiv’s legal advisor for the acquisition.
Kirkland & Ellis provided legal advice to Riskonnect during the acquisition process.
Riskonnect CEO Jim Wetekamp said: “The acquisition adds substantial value for our customers, giving users of both companies access to a broader range of products and services that are intentionally designed to meet diverse needs of modern risk management.”
Ventiv CEO Salil Donde added: “Pooling our resources and expertise enables us to continue to innovate on AI-driven predictive analytics and expand reach globally to best serve present and future needs of our customers.”
In October 2022, Riskonnect collaborated with insurtech company LineSlip Solutions for better insurance programme management.