Mitratech Acquires Hitec Laboratories
Another Innovative Leader in GRC Technology Joins Mitratech's Total Risk Management Platform to Transform the Way Corporations Manage Legal, Compliance and Operational Risk
AUSTIN, TX --(Marketwired - August 01, 2016) - Mitratech , the leading provider of legal, compliance, and operational risk solutions, announced today it has acquired Hitec Laboratories , an innovative leader in Governance, Risk, and Compliance (GRC), and Information Governance software to enable enterprises across the world to reduce risk and costs, increase efficiencies, and ensure compliance in an increasingly complex business environment.
Mitratech's acquisition of Hitec is the company's fifth in the past year and the second major acquisition in the rapidly growing GRC market. Following the acquisition of CMO Software in June, Mitratech is now able to offer the industry's most comprehensive product portfolio focused on helping executives manage enterprise risk. Today's acquisition of Hitec signifies a major shift within the industry, as organizations gain unmatched visibility, predictability and control through a total risk management solution.
"Risk is top of mind for CEOs and their leadership teams across the world," said Mitratech CEO Jason Parkman . "Organizations are making significant investments in technology to ensure that the policies and processes required to proactively manage these risks and control costs are being consistently executed. The result is often a collection of data silos, disparate processes, and disconnected technology solutions that make it difficult for leaders to get a holistic view of their obligations, exposure, and opportunities. With the addition of Hitec's innovative products and market expertise, Mitratech is uniquely positioned as the global player in the market to bring all of the capabilities across legal, compliance, and operational risk together in an end-to-end software platform."
As a combined organization Mitratech's clients include an impressive global network of more than 1,200 corporations and 12,000 law firms with over 25% of clients in EMEA and APAC. With over 400 employees and operations in North America, Europe, and Australia, Mitratech has as many employees outside of the US today as it had in the US just a few short years ago.
"Over the past four years, Hitec has experienced exceptional growth due to our innovative technology solutions and our increasing focus on regulated businesses, but we have now reached a point where we realize that in order for the business to continue its trajectory, we need a bigger platform to achieve our goals," said Jeremy Crame, Hitec CEO & Founder. "The acquisition by Mitratech will provide us with a wider market reach and increased investment, while Mitratech will benefit from our proven solutions, impressive client base, and dedicated team."
Mitratech can now offer a comprehensive total risk management portfolio focused on helping executives manage enterprise risk. The combination of Hitec and CMO Software's compliance and operational risk management products with Mitratech's legal risk management platforms will give corporations unmatched visibility, predictability and control in managing risks across the enterprise.
The financial terms of the deal are not being disclosed.
Mitratech is the market-leading provider of legal, compliance, and operational risk solutions for more than 1200 corporations of all sizes across the globe, representing six of the Fortune 10, almost 40 percent of the Fortune 500, and over 500,000 users in over 150 countries. Mitratech's award winning products are also used by over 12,000 of its clients' external partners, including 99 of the Global 100 and 100 percent of the AmLaw 200 law firms. Mitratech's portfolio of software solutions, which have received Market Leader designations from Hyperion Research, offer end-to-end matter management, spend management, e-Billing, legal hold, contracts management, GRC, and reporting solutions. Clients are able to prove demonstrable value creation for their organization by automating legal and compliance workflows, improving business outcomes through actionable data and insight, increasing collaboration with external partners, and reducing overall risk and cost. To learn more, visit www.mitratech.com .
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