Highlights:

  • Customers will gain from ProcessUnity’s assessment engine, vendor monitoring tools, and exchange, which has more than 14,000 assessments that have been verified and attested to, as well as cyber risk information on over 250,000 businesses.
  • The merging companies will provide the combined capabilities of a best-in-class TPRM workflow platform and the largest global cyber risk exchange.

ProcessUnity Inc. and CyberGRX Inc., two third-party risk management companies, announced a collaboration to build a comprehensive software and data platform for recognizing, assessing, analyzing, and lowering risk within client ecosystems.

The merging companies will provide the combined capabilities of a best-in-class TPRM workflow platform and the largest global cyber risk exchange, aiding in the standardization and centralization of vendor risk management and addressing significant risks, including third-party and cybersecurity threats.

To jointly reduce internal and external cyber risks, the merged firms seek to bring together procurement teams, cybersecurity teams, and external third-party service providers. To embrace new products and services, obstacles must be discarded, and maximum security must be provided.

Customers will gain from ProcessUnity’s assessment engine, vendor monitoring tools, and exchange, which has more than 14,000 assessments that have been verified and attested to, as well as cyber risk information on over 250,000 businesses. Customers can onboard suppliers more quickly, conduct post-contract due diligence, evaluate difficult-to-assess vendors, cut cycle times and costs, and reduce risk from external sources with the help of pooled resources.

Founded in 2003, ProcessUnity provides risk management software that facilitates control and visibility to evaluate, track, and combat risks. The report states ProcessUnity gets involved in the merger after raising USD 30.7 million in VC funding from investors comprising Rose Park Advisors LLC and Marlin Equity Partners LLC.

Similar to other venture capital-backed companies, CyberGRX, which provides a global cyber risk exchange for its third-party cyber risk management programs, has raised USD 99 million in funding. The Blackstone Group Inc., Scale Venture Partners LLC, Ten Eleven Ventures LLC, Bessemer Venture Partners L.P., and Google Ventures are a few of the investors.

Sean Cronin, Chief Executive of ProcessUnity, stated, “The combination between ProcessUnity and CyberGRX is an opportunity to revolutionize third-party risk management. In the short term, our customers gain program workflow, validated vendor assessment data, and artificial intelligence in a single solution – safeguarding their critical assets while significantly reducing program costs.”

ProcessUnity and its investors bought CyberGRX as per the merger’s terms, and CyberGRX’s current shareholders participated in the transaction and will keep a minority position.