Integrated risk management (IRM) solutions company Riskonnect has acquired Camms, a provider of enterprise cloud-based software for governance, risk, and compliance (GRC).

The financial terms of the deal were not revealed.

Through the acquisition, Riskonnect aims to strengthen its innovations as well as to drive new value for customers of the combined organisation.

Headquartered in Australia, Camms’ software is designed to help businesses in managing risks, making the right decisions, and aligning the talents of the organisation.

Camms CEO Adam Collins said: “We’re thrilled to join forces with Riskonnect. The acquisition expands the breadth of solutions, services, and collaboration opportunities available to our customers to help them address today’s dynamic and fast-paced risk landscape.

“Together, we look forward to empowering organisations worldwide to navigate risks and uncertainty effectively and achieve their strategic objectives.”

The acquisition will also equip the IRM company’s customers to bring all aspects of risk under one roof with an improved portfolio of solutions.

Besides, Riskonnect’s acquisition of Camms will enable the provider to offer improved GRC functionality to the former’s customers, including IT risk and strategy

Customers of Camms will get access to a wider range of risk and compliance services and solutions. This includes Riskonnect’s RMIS and business continuity and resilience solutions for an end-to-end and integrated view of risk and compliance.

The acquisition will also drive value for more than 2,500 combined customers across the globe.

Furthermore, the transaction will bolster Riskonnect’s global footprint. The company will focus on expanding its presence across Australia, New Zealand, and the larger Asia Pacific region.

Both Riskonnect and Camms products will continue to be sold and supported, said the IRM company.

Riskonnect CEO Jim Wetekamp said: “Camms shares in this mission and brings cutting-edge solutions that will enable Riskonnect to broaden its portfolio and continue to strategically innovate to meet customers’ evolving needs and support them on their integrated risk management journey.

“The two companies are very closely aligned on culture, market view, and commitment to customer success.”

For the transaction, Harris Williams was the financial adviser to Camms while Kirkland & Ellis served as legal adviser to Riskonnect.