ProcessUnity and CyberGRX Merge to Address Third-Party Risk Management Challenges
ProcessUnity and CyberGRX have announced their merger, creating a software and data platform to enhance customers' ability to identify, assess, analyze, and mitigate risks within their ecosystem. The combined company aims to centralize and standardize vendor risk management, specifically addressing the critical challenges of third-party and cybersecurity risks faced by global enterprises.
ProcessUnity's CEO, Sean Cronin, stated that the merger presents an opportunity to revolutionize Third-Party Risk Management, enabling organizations to assess their service providers more effectively while creating the world's largest database for vendor assessments and cyber risk data. The integration of ProcessUnity and CyberGRX will offer customers a single solution that combines program workflow, validated vendor assessment data, and artificial intelligence, resulting in enhanced asset protection and significantly reduced program costs. The merged entity plans to introduce next-generation technologies to transform how cybersecurity and third-party risks are managed.
The joint platform, which encompasses ProcessUnity's TPRM workflow platform and CyberGRX's global cyber risk exchange, will offer an integrated end-to-end solution for third-party and cyber-risk assessments. Use cases include predictive risk profiling, automated inherent risk scoring, and policy evaluation against common frameworks, regulations, and standards.
Fred Kneip, CEO of CyberGRX, emphasized that the merger with ProcessUnity will further enable security and risk professionals to address cybersecurity and risk management challenges effectively. It will also facilitate collaboration between companies and their trusted vendors, resulting in reduced risk on a global scale.
Under the terms of the transaction, ProcessUnity and its investors acquired CyberGRX, with existing shareholders of CyberGRX maintaining a minority stake in the combined entity. Latham & Watkins served as legal advisor to ProcessUnity, while Piper Sandler acted as financial advisor, and Cooley LLP served as legal advisor to CyberGRX.
The merger between ProcessUnity and CyberGRX aims to create a robust solution for Third-Party Risk Management. By centralizing and standardizing vendor risk management, the combined company aims to assist organizations in mitigating cybersecurity and third-party risks effectively.