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Thoma Bravo to acquire risk management firm

Technology-focused private equity firm Thoma Bravo LLC has agreed to acquire Riskonnect Inc., an integrated risk management technology company.

The company was founded in 2007 and has 250 enterprise customers across a number of industries. Thoma Bravo's investment is expected to help Riskonnect expand its platform across traditional risk management, governance, risk and compliance, environmental, health and safety management.

Riskonnect's co-founder and CEO, Bob Morrell, will move to an advisory role. Jim Foster, Riskonnect's president and COO, will become CEO. The company's three founders will keep a "significant" minority equity stake.

The deal is expected to close by the end of the second quarter. Financial details were not disclosed.

Financial Technology Partners LP and FTP Securities LLC were together the exclusive financial and strategic adviser to Riskonnect. Dentons acted as Riskonnect's legal adviser. Thoma Bravo was advised by Kirkland & Ellis.