Mitratech’s Dual Acquisition Of Preparis And Prevalent Highlights Accelerated Growth In The Risk Management Software Market
Editors note: This article was originally published on verdantix.com.
On October 2, 2024, Mitratech – a US-based provider of legal, risk management, compliance and HR solutions – announced its acquisitions of Preparis, a continuity planning platform specializing in incident management and emergency response, and Prevalent, a provider of third-party risk management (TPRM) solutions.
The acquisitions bring with them technological advancements such as generative AI (GenAI)-based evidence summarization, document mapping and sentiment analysis, to strengthen Mitratech’s offering of comprehensive, streamlined solutions for managing enterprise-wide risk. The acquisitions bolster the firm’s capabilities to unite teams in a common enterprise risk management framework that encompasses policy management, ESG oversight, internal controls and third-party cyber risk management – driving greater transparency and operational efficiency, and ultimately, enhancing organizational resilience.
The evolving business landscape has dramatically increased the complexity of risk management, pushing software vendors to meet rising market demands for more sophisticated and adaptable solutions (see Verdantix Strategic Focus: Linking Risk Complexity To Digital Requirements). Today’s risk managers are seeking comprehensive tools that integrate seamlessly with existing IT infrastructure and are customized to their organizations’ specific risk profiles. The need for flexible, scalable and real-time insights is at an all-time high, as businesses face growing risks around cyber security, regulatory compliance and supply chain vulnerabilities.
Mitratech’s recent acquisitions are a strategic response to this increasing complexity. As operational resilience becomes a top priority, organizations that scale their solutions and embrace technological innovation will be better equipped to manage enterprise risk in an unpredictable business environment.
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