Data privacy, governance, and compliance company OneTrust has announced plans to acquire Convercent, an ethics and compliance software platform with major enterprise clients that include Hain Celestial, Kimberly-Clark, and Under Armour.
The deal comes amid a flurry of activity across the digital privacy space — spanning product launches, VC investments, and acquisitions — as businesses have come under pressure to comply with not only an array of data privacy regulations, such as GDPR in Europe and CCPA in California, but also growing privacy expectations from their users.
Founded in 2016, Atlanta, Georgia-based OneTrust, which recently raised $300 million at a $5 billion valuation, is one of numerous startups striving to capitalize on the burgeoning $80 billion data privacy market. The company offers various data privacy tools that help businesses such as Oracle, Marketo, and Akamai determine how closely they are complying with legal frameworks such as GDPR and how data is flowing through their organization and across borders. OneTrust also offers tools spanning cookie compliance, consent management, breach response, and more.
Based in Denver, Colorado, Convercent is an eight-year-old VC-backed startup specializing in cloud-based ethics and compliance software and includes a suite of apps spanning whistleblowing, policy management, conflict, and disclosure. The company’s main ethics and compliance portal serves as a single channel through which employees can access company policies and programs related to data privacy, with built-in features that support online chat, videos, and more.