CASE STUDY
Convercent
Convercent provides governance, risk, and compliance (GRC) software-as-a-service (SaaS) products, an anonymous employee hotline, workplace investigations services, and compliance training. Convercent’s software is currently deployed in over 22,000 client locations in 130 countries, providing incident reporting, case management, and other cost-effective risk mitigation solutions to corporate compliance officers.
DEAL OVERVIEW
- Sourced opportunity from a proprietary relationship.
- Partnered with management to acquire a minority stake in a profitable, growing business at an attractive 0.75x revenue multiple (industry average is 8-10x revenue).
- Completed a growth-equity investment in the company to support its operations and develop the new Convercent brand and product offering.
- Closed the transaction within three weeks of being introduced to the company and formed a stock-option plan to incentivize key employees.
Value-Added Involvment
- Consulted on strategy, pricing, and legal considerations pertaining to the launch of the new Convercent product offering.
- Implemented “institutional best practices” across the company’s policies, procedures, reporting, and documentation.
- Leveraged internal expertise to support company’s growth via outsourced business processes and consulting.
- Helped the company raise multiple rounds of additional capital.
- Made numerous new client introductions.
Progress & Impact
- Closed transaction in expedited timeframe, before two critical dates for management.
- After one year, raised capital from top-tier VC at 15x original valuation.
- Convercent is now very well funded by several top-tier VC firms from both coasts and remains a GRC industry leader.
- Exited the Company upon sale to OneTrust in March 2021.
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