M&A advisory for GRC software companies
GRC software M&A has been one of the most active categories in enterprise software, driven by consolidation of compliance automation, third-party risk and enterprise GRC. Strategic acquirers and PE platforms running GRC roll-ups have both been steady buyers. Deals price on net retention, module attach and multi-year enterprise renewal durability.
Active buyers include the major enterprise software and audit-aligned strategics consolidating compliance automation and third-party risk, alongside PE platforms running GRC roll-ups. Flow has direct access to the GRC strategic acquirers and security PE platforms that transact in this category.
Flow team has relevant sector experience and has worked with GRC companies across security compliance automation (SOC 2, ISO, FedRAMP), enterprise GRC and risk management, third-party and vendor risk, internal audit and SOX management, and privacy and data governance.
"GRC software" KPIs M&A buyers look at
Key metrics strategics and PE buyers look at when analayzing GRC software M&A targets
ARR
Net retention
Enterprise customer count
Module attach
Multi-year contract mix
Renewal rate
Pipeline coverage
Gross margin
CAC payback
Compliance certifications
GRC software valuations in May 2026
Public GRC software comps trade at 3.1x EV/Revenue. Median revenue multiple across GRC software M&A deals was 2.6x in the last 12 months.
3.1x
Median EV/Revenue as of May 2026 for public GRC software companies
8.7x
Verisk Analytics is the highest valued public GRC software company based on EV/Revenue (excluding outliers)
2.6x
Median EV/Revenue across GRC software M&A deals in the last 12 months
18x
Median EV/Revenue across GRC software VC rounds in the last 12 months
Key recent GRC software M&A deals
$4.9B acquisition of NAVEX Global by Goldman Sachs Asset Management was the largest GRC software M&A transaction completed in the last year.
See all GRC software M&A deals| Logo | HQ | Description | Buyer | ||||
|---|---|---|---|---|---|---|---|
Jul-25 | NAVEX Global |  | NAVEX Global is a Portland, Oregon-headquartered provider of compliance and ethics management software used by over 10,000 organizations worldwide. Its integrated platform includes hotline reporting via EthicsPoint, policy management through PolicyTech, and risk assessments powered by Resolver. NAVEX supports ESG reporting, third-party due diligence, and training modules compliant with regulations like GDPR and SOX. The company partners with enterprises such as Coca-Cola and Deloitte for automated incident tracking and audit trails. | Goldman Sachs Asset Management | $4.9B | - | |
Nov-25 | Raptor Technologies | | - | Warburg Pincus | $1.8B | - | |
Aug-25 | Findings | | Findings is a Tel Aviv-headquartered compliance platform using AI for security assessments, gap analysis, and vendor risk management across GDPR, HIPAA, and ISO 27001 frameworks. Recognized as a Gartner Cool Vendor in 2018, it serves enterprises in finance and healthcare, automating audits for thousands of controls. The platform benchmarks against industry peers and generates remediation roadmaps. | Diginex | $305M | - | |
Sep-25 | Decision Focus |  | Decision Focus is a London-based software provider of platforms for internal audit management, risk assessment, compliance tracking, and business continuity planning. Its solutions automate workflows and reporting for governance teams in regulated industries. | Keensight Capital | $227M | - | |
Feb-26 | UL Solutions (EHS unit) | | UL Solutions' Employee Health and Safety software business offers cloud-based platforms for incident management, occupational health tracking, and safety compliance training. | Peak Rock Capital | $210M | 3.8x | |
Oct-25 | Anemoi International |  | Anemoi International Ltd is a holding company. The group is engaged in the software services business. It operates in a single segment which is the software segment. The company is in the provision of digital CLM solutions for financial and non-financial institutions. | Trasna Bosnia | $198M | - | |
Feb-26 | AllTrue.ai |  | AllTrue.ai is an AI TRiSM platform helping enterprises govern, monitor, and secure AI deployments across operations. | Varonis Systems | $150M | - | |
Jul-25 | Certrec | | Certrec is a Mineral Wells-headquartered provider of digital regulatory compliance platforms for nuclear, fossil, and renewable energy operators. The company delivers the TRAC platform for centralized documentation management and the Online Workspace for workflow automation, audit preparation, and real-time evidence tracking. Its solutions address NERC, NRC, and FERC standards through licensing support, cyber security tools, and compliance monitoring. Founded in 1987, Certrec offers managed services and expert advisory to utilities across North America, enabling plant operators and compliance teams to reduce risks during inspections. | Mirion | $81M | - | |
Dec-25 | Informed | | Informed is a San Francisco-based robotic process automation provider for banks, automating income, identity, residence, and insurance verifications during loan origination and account opening. Its AI-driven platform integrates with core banking systems to reduce manual reviews. | Invictus Growth Partners | $63M | - | |
Jan-26 | StandardFusion | | StandardFusion is a cloud-based governance, risk, and compliance platform tailored for security teams in organizations of varying sizes, streamlining audits, policy management, and vendor assessments. | Wolters Kluwer | $38M | - | |
Sep-25 | Spirion | | Spirion is a data protection software provider based in Madison, Wisconsin. Its platform performs accurate discovery, classification, and remediation of sensitive data across structured and unstructured sources, supporting compliance with GDPR, CCPA, and HIPAA for enterprises worldwide. | archTIS | $16M | 1.4x | |
Oct-25 | Orbit |  | Orbit is a software platform integrating risk, compliance, and business continuity management with resource mapping and workflows. The UK-based tool automates incident response, audits, and scenario planning for enterprises. Orbit connects organizational assets to regulatory requirements, supporting ISO 22301 standards. | Nuburu Defense | $13M | 3.9x | |
Apr-26 | Peridot | | Peridot delivers an enterprise AI governance platform that monitors shadow AI tools, applications, and agents used outside IT control. Security and compliance teams use network monitoring, SaaS discovery, and user insights to track usage, data flows, and risks in real time while enforcing policies. | Vangal | $8.5M | - | |
Jun-25 | Empedus |  | Empedus is a Toronto-headquartered management consulting firm specializing in IT governance, cybersecurity, and enterprise systems implementation. The company advises financial institutions and corporations on COBIT frameworks, risk assessments, and ISO 27001 compliance, delivering audits, training, and managed security services across North America. | Qualco Group | $8.0M | 1.1x | |
Apr-26 | A | Acellent Technologies |  | Acellen Technologies develops AI-powered tools for financial verification and audit processes. | Advanced Biomed | $1.1M | - |
Most active buyers of GRC software companies
Equality Asset Management, CUBE and Ideagen are the most active acquirers of GRC software companies in the last three years.
See all GRC software acquirers| Logo | HQ | Description | Key acquisitions | ||
|---|---|---|---|---|---|
Equality Asset Management | | Equality Asset Management is a growth equity investor providing capital solutions from $25 million to $150 million per deal. The London-based firm targets companies in healthcare, technology, and consumer sectors with proven revenue streams. Equality Asset Management offers strategic advisory alongside investments for expansions or ownership transitions. Its portfolio includes exits via IPOs and acquisitions by strategics. | Advanced GRCElation SystemsRhoads Online Institute+1 | 3 | |
CUBE | | CUBE is a London-headquartered RegTech firm delivering regulatory intelligence to banks and asset managers worldwide. Established in 2005, it processes 50,000 daily updates from 200 jurisdictions using NLP and ML for compliance alerts. CUBE serves 300 clients including HSBC and Deutsche Bank, automating reporting for MiFID II, SFTR, and ESG mandates. Its platform covers 10 million regulatory documents with tailored risk profiles. | 4CRisk.aiKodex AIAcin | 3 | |
Ideagen | | Ideagen is a Nottingham, UK-headquartered software provider listed on the London Stock Exchange AIM market under ticker IDEA.L. The company supplies governance, risk, and compliance platforms like Q-Pulse for quality management, Coruson for audit workflows, and Pentana for performance analytics to aviation, banking, life sciences, and manufacturing clients. With operations in the UK, EU, US, Middle East, and Southeast Asia, Ideagen serves over 2,000 organizations globally. | SafetyStratusConvergePointDevonWay+1 | 3 | |
Covasant Technologies |  | Covasant Technologies is a provider of agentic AI solutions for enterprise automation. Its platforms enable autonomous agents to handle complex workflows in customer service and operations. Austin-headquartered, the company integrates with existing systems for industries including finance and healthcare. | DCube Data SciencesKonaAI | 2 | |
Leonardo | | Leonardo is one of the largest European defense firms, with 30% of its shares owned by the Italian government. The group’s divisions include helicopters; defense, electronics, and security systems; and aeronautics. The helicopter division serves both military and civil markets through AgustaWestland. DES has access to the US defense market through the DRS subsidiary. The aeronautics division cooperates in international programs, such as Eurofighter Typhoon, F-35, and the new Tempest, and supplies aerostructures to large commercial aircraft programs. | AxiomaticsIveco Defence VehiclesGEM elettronica+1 | 2 | |
Collibra |  | Collibra is a Brussels-headquartered data governance platform serving enterprises worldwide. Founded in 2008, it offers tools for data cataloging, lineage tracking, quality assessment, and compliance management to democratize data access. The platform integrates with Snowflake, Tableau, and Alation for business intelligence workflows. Collibra supports sectors like finance, healthcare, and manufacturing with clients including Barclays, AstraZeneca, and BNP Paribas. It maintains offices in New York, London, Sydney, and Tokyo following expansions since 2014. | Deasy LabsRaitoHusprey | 2 | |
Regnology Group |  | Regnology Group delivers regulatory reporting, tax compliance, and risk management software for banks and insurers in Europe and Asia. Its XBRXL platform automates ECB, BaFin, and EIOPA submissions, while Document Intelligence processes unstructured data for AnaCredit and SFTR. The Munich-headquartered firm serves over 400 financial institutions. | Moody (regulatory reporting & ALM unit)AGILEWolters Kluwer (finance, risk, regulatory reporting units)+1 | 2 | |
LegitScript | | LegitScript is a Portland-headquartered certification and monitoring service combating illicit online pharmacies and rogue marketplaces. Owned by McKesson Corporation, the company verifies healthcare websites and reports violations to search engines like Google. LegitScript's database powers safe browsing tools, protecting consumers in the United States and internationally from counterfeit drugs and fraud. | KompliantFluxguard | 2 | |
SMA Technologies | | SMA Technologies is a digital business automation provider headquartered in the United States. The company develops OpCon, a platform that automates workflows across multiple operating systems, applications, and ERP systems like SAP and Oracle. OpCon supports job scheduling, monitoring, and compliance reporting for enterprises managing complex IT environments. | SycorrEncapture | 2 | |
MediSpend | | MediSpend is a Dublin-headquartered SaaS provider of compliance solutions for life sciences companies. The platform aggregates HCP payment data to meet US Sunshine Act, EFPIA, and Loi Bertrand requirements. Tools enable disclosure reporting, fair market value assessments, and analytics for pharma, medtech, and biotech firms like Pfizer and Medtronic. MediSpend's cloud system processes billions in transactions annually. Founded in 2008. | Rldatix Life SciencesMedCompliAlucio+1 | 2 |
Founders and investors we've worked with
We've supported winning builders across GRC software and beyond.
MAILINGWORK
We acted as exclusive sell-side advisor to MAILINGWORK, a Chemnitz-based email marketing software platform, on its sale to French digital marketing leader Positive Group.
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TestSolutions
We acted as exclusive financial advisor to Swiss PE firm Patrimonium on its majority stake acquisition of TestSolutions, a Frankfurt-based software testing and IT services provider.
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Resillion
We provided buy-side advice to a dominant TIC industry player on the carve-out and acquisition of Resillion (fka Eurofins Digital Testing), a Hasselt-based digital testing, cybersecurity and forensics provider.
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Digital Asset Management Software Provider
We provided buy-side advice to Byron Capital Partners on its acquisition of a leading European digital asset management (DAM) software platform.
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Boryszew
We provided buy-side advice to Boryszew, a Warsaw-listed diversified industrial group across automotive, metals and chemicals, on industrial software market mapping and target screening for its buy-and-build strategy.
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