Steele Compliance Solutions Inc. Sold to Diligent at an Undisclosed Sum

Highlights:

• Diligent to acquire Steele Compliance Solutions Inc.
• The acquisition will expand Diligent’s Modern Governance Platform with Steele’s ethics and compliance capabilities.

Diligent Corporation, the leading-edge governance enterprise with its platform deployed by around 7,00,000 board directors and leaders across 19,000 clients, broke the news of inking a deal to purchase Steele Compliance Solutions Inc., an enterprise recognized as the global frontrunner in ethics and compliance SaaS (software as a service).

The financial details of the deals are unknown.

The acquisition deal is projected to close in early March. The deal witnessed District Capital Partners as the exclusive financial advisor and Willkie Farr & Gallagher LLP as the legal advisor to Diligent.

UBS functioned as the financial advisor, and Goodwin Procter LLP served as the legal advisor for Steele.

Bregal Sagemount purchased Steele Compliance Solutions in 2016.

Functioning as a reliable market leader in ethics and compliance management, Steele has an extensive clientele that exceeds 1,000 clients, including 1/4^th of Fortune 250.

On the solutions ground, Steele’s Ethics and Compliance Platform delivers businesses with industry-leading solutions for proactively balancing internal and external risks.

Additionally, Steele’s platform powers automation, human intelligence, and AI (artificial intelligence) to help enterprises navigate potential risks by delivering tools necessary to manage their compliance needs proactively.

Brian Stafford, CEO of Diligent, stated, “We are excited to join forces with Steele and extend modern governance to ethics and compliance.”

He added, “The Steele team has an unrivaled wealth of experience and industry expertise serving compliance officers of today and tomorrow. As the market leader in ethics and compliance, Steele is core to Diligent’s strategy to leverage our strength in governance to expand our footprint in GRC and stakeholder capitalism. Together, we will offer leaders a more comprehensive C-suite and executive view of ESG risks, alongside the modern governance practices they have already implemented.”

Eric Lochner, CEO of Steele, commented: “We are passionate about delivering innovative compliance solutions to our clients. Our best-of-breed products have revolutionized how organizations big and small manage risk, giving leaders a truly integrated, holistic view of their compliance program. We’re thrilled to build on this foundation by teaming up with Diligent. Diligent’s innovative platform coupled with their like-minded dedication to their clients allows us to broaden our solution set, while ensuring our clients will still receive the high-touch, high-value experience they’ve come to expect with Steele.”

Diligent also revealed news of acquiring Galvanize, a global leader in SaaS governance, risk, and compliance (GRC) software.

Both the acquisitions by the company will unite the respective leaders in governance, compliance, and next-gen risk to establish the only modern GRC SaaS platform in the market.