With Hitec Acquisition Mitratech Continues to Build Momentum in IT, Finance, and EH&S Risk Management Markets
On August 1, 2016, the Austin, Texas headquartered enterprise legal management solutions provider, Mitratech, announced it had acquired Hitec (Laboratories), an information, policy and risk management provider. Neither party has disclosed the terms of the transaction. At the time of acquisition Hitec Technologies had approximately 40 employees spread across its Slough, UK headquarters, as well as Swansea, UK software development centre and sales office in Boston, Massachusetts.
Hitec had sold its governance, risk and compliance software solutions to 300 customers primarily in the financial services, government and healthcare sectors. Disclosed customers include Allianz, Lloyds Bank, UK Ministry of Defence, Paratus AMC, Societe Generale and Turkish Bank. Hitec’s solutions covered cyber risk, ethical business culture, social media compliance, supply chain risk, modern slavery compliance, the UK bribery act and Dodd-Frank. These IT and legal risk management capabilities complement the industrial operations risk management tools that Mitratech acquired by buying CMO Software.
Mitratech has a vision for complete end-to-end risk management, to provide C-suite executives greater visibility to all aspects of risk across their organizations. The firm believes that Hitec’s information and policy management capabilities and CMO Software’s EH&S and operational risk management functionality will complement its existing legal and compliance solution to provide a comprehensive risk management platform.
Bringing on board Hitec’s 300 clients in addition to CMO Software’s strong footprint in the APAC region, gives Mitratech a significant stepping stone to expand globally. Now with combined revenues of over $100 million, Mitratech has the critical mass to compete at the top end of the EH&S and GRC software markets. To win in the EH&S market, the firm will need to develop a powerful vision for industrial operations risk management (IORM) and fund product development to meet the unique risk management needs of the heavy asset sectors.