Extends Artificial Intelligence Capabilities for Analyzing Third-Party Risk Data
CONCORD, Mass., Nov. 01, 2022 (GLOBE NEWSWIRE) — ProcessUnity today announced it has acquired Artificial Intelligence and Natural Language Processing technology from ISMS Solutions (“ISMS”), a premier provider of technology-assisted compliance solutions. The patented technology will extend ProcessUnity’s market-leading Third-Party Risk Management platform, allowing organizations to assess large volumes of vendor due diligence responses.
“Organizations spend a significant portion of their overall effort reviewing and verifying vendor assessment questionnaires and the associated policies and procedures that accompany them. It’s a labor-intensive process that lacks uniformity across teams,” said Sean Cronin, Chief Executive Officer at ProcessUnity. “Our acquisition of the ISMS technology will apply meaningful artificial intelligence capabilities to vendor due diligence data, quickly comparing and scoring assessment information against established industry standards.”
ProcessUnity will incorporate the ISMS technology into its Third-Party Risk Management software platform to allow organizations to rapidly review vendor due diligence responses. In addition to assessing more third parties more effectively in less time, the technology will ensure consistency across vendor risk reviews.
Peter Chung, Managing Director at Marlin, and Hemal Patel, Principal at Marlin, added, “ProcessUnity has identified a compelling use case for artificial intelligence that solves one of the toughest tasks associated with pre- and post-contract vendor due diligence. We’re excited to add ISMS’ capabilities to the ProcessUnity platform and extend the company’s leading position in the market.”
Massumi + Consoli LLP served as legal advisor to ProcessUnity. TD Securities served as financial advisor, and Loeb & Loeb LLP served as legal advisor to ISMS Solutions.
About ProcessUnity
ProcessUnity is a leading provider of cloud-based applications for risk and compliance management. The company’s software as a service (SaaS) platform gives organizations the control to assess, measure, and mitigate risk and to ensure the optimal performance of key business processes. ProcessUnity’s flagship solution, ProcessUnity Vendor Risk Management, protects companies and their brands by reducing risks from third-party vendors and suppliers. ProcessUnity helps customers effectively and efficiently assess and monitor both new and existing vendors – from initial due diligence and onboarding through termination. Headquartered outside of Boston, Massachusetts, ProcessUnity is used by the world’s leading financial service firms and commercial enterprises. For more information, visit www.processunity.com.
About Marlin Equity Partners
Marlin Equity Partners is a global investment firm with over $8.2 billion of capital under management. The firm is focused on providing corporate parents, shareholders and other stakeholders with tailored solutions that meet their business and liquidity needs. Marlin invests in businesses across multiple industries where its capital base, industry relationships and extensive network of operational resources significantly strengthen a company’s outlook and enhance value. Since its inception, Marlin, through its group of funds and related companies, has successfully completed over 200 acquisitions. The firm is headquartered in Los Angeles, California with an additional office in London. For more information, please visit www.marlinequity.com.
About ISMS Solutions
ISMS Solutions is the premier provider of technology-assisted compliance solutions. ISMS Solutions’ tools incorporate machine learning to allow companies to more quickly and cost-effectively achieve and maintain compliance with security standards in order to remain in the supply chain and better serve their customers.
CONTACT: Sophia Corsetti 978.364.3892 [email protected]
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