OneTrust Acquires Convercent to Enhance Privacy Platform with Ethics Capabilities

OneTrust Expands Platform with Acquisition of Convercent

OneTrust, a prominent privacy platform startup in its late stages of development, has announced the addition of ethics and compliance capabilities through the acquisition of Convercent. Convercent specializes in assisting organizations in establishing and maintaining ethical standards.

The financial details of the purchase were not disclosed by either company.

Strategic Expansion Fueled by Recent Funding

Having recently secured $300 million in funding at a valuation of $5.1 billion late last year, OneTrust is actively deploying these resources through strategic acquisitions.

Alan Dabbiere, co-chairman at OneTrust, views this acquisition as a crucial step in completing his company’s comprehensive service offerings.

Synergies Between Privacy and Ethical Conduct

“The integration of Convercent immediately introduces a well-established ethics and compliance technology, a skilled team, and a substantial customer base to OneTrust,” Dabbiere stated.

“This further integrates the Chief Ethics & Compliance Officer’s strategy with privacy, data governance, third-party risk, GRC (governance, risk and compliance), and ESG (environmental, social and governance) initiatives. The goal is to establish trust as a key competitive advantage.”

Convercent’s Contributions to the OneTrust Ecosystem

Convercent brings with it a network of 750 customers and a team of 150 employees.

Its core system includes features for employees to report ethical concerns internally and tools designed for managing required disclosures.

Proactive Identification of Ethical Risks

Beyond reactive reporting, Convercent leverages data analytics to proactively identify potential misconduct before it is reported.

As CEO Patrick Quinlan detailed in a 2018 TechCrunch article, this proactive approach is a key differentiator.

A Vision for Integrated Trust Management

In a blog post announcing the agreement, Quinlan expressed that joining OneTrust will provide the necessary resources to fully realize Convercent’s vision.

“Becoming part of OneTrust allows us to combine our strengths with the leader in privacy, security, data governance, third-party risk, GRC, ESG—and now—ethics and compliance,” Quinlan wrote.

“Our clients will benefit from the ability to create centralized programs across these critical areas, ultimately making trust a significant competitive advantage.”

Company Backgrounds and Funding

Founded in 2012, Convercent has raised over $100 million in funding, as per data from Pitchbook.

OneTrust, established in 2016, currently serves over 8000 customers and employs 150 individuals. The company has secured $710 million in funding to date.