Software developer LogicGate, known as one of the leading providers of SaaS solutions in the GRC program market, has successfully raised an additional $ 113 million through its recent round of Series C funding.
The software as a service provider has made its mark in proactively managing governance, risk management and compliance (GRC) programs with its Risk Cloud platform. The recent Series C financing was led by PSG, the leading growth capital firm that collaborates with technology services and mid-market software development companies. In addition, venture capital firm Greenspring Associates has also shown additional support by significantly increasing its investment since its initial offering in 2019.
“Today, the market for risk management and compliance tools is experiencing significant growth and innovation, which we believe is similar to the CRM market 10 to 15 years ago,” said Matt Kunkel , CEO of LogicGate, in a press release. He expressed his enthusiasm for teaming up with PSG and maintaining their relationship with Greenspring as they work to develop a “holistic codeless platform equipped with the tools and agility to respond. to the constantly evolving risk management needs of modern organizations “.
(Photo: Logic Gate)
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Meeting the needs of the growing MRI market
A projection from Gartner estimates the integrated risk management (IRM) market at about 12.6% growth this year, with its total addressable market expected to grow to $ 9.3 billion by 2023. In a survey conducted With risk managers, the three main risk managers all focus on an IRM approach: strengthening operational resilience, resilience of business models, risk interdependencies and cross-functional response.
Since its inception in 2015, LogicGate has remained steadfast in its commitment to developing flexible and easy-to-use enterprise technology to accurately assess, monitor and rotate GRC programs to meet changing demands. The industry leader is now responsible for hundreds of clients such as investment platform SoFi, international insurance provider Zurich Insurance, healthcare provider Memorial Hermann Health and multi-dimensional business entity Cimpress, all using LogicGate’s Risk Cloud platform.
“LogicGate has a leading platform that operates its codeless solution for a wide range of customers spanning a variety of industries around the world,” said Adam Marcus, LogicGate Board Member and Director general of the PSG.
With the recently concluded Series C funding round, LogicGate has already raised a total of $ 156 million, which will boost its operations, including making progress in product advancement. An upcoming project, a risk quantification solution, is expected to debut later this year. The funding will also strengthen the company’s expansion of its partner ecosystem, as well as its security posture and international market presence.
About LogicGate
The developer behind the Risk Cloud and Risk Cloud Exchange platform, LogicGate strives to redefine the way organizations approach risk and manage risk in their own environments. Thanks to its proactive attitude towards the management of GRC programs, hundreds of companies now rely on the Risk Cloud platform to optimize their organization’s efficiency, reduce the costs associated with redundant procedures and downtime. related to risks, and improve income generation and retention.
Currently headed by CEO Matt Kunkel, LogicGate is currently headquartered in Chicago, Illinois.
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Written by Mark B.
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