OneTrust, the heavily VC-backed data privacy, governance, and compliance platform, has announced plans to acquire Shared Assessments, a membership-based organization that develops best practices for third-party risk management.
Atlanta, Georgia-based OneTrust offers a range of tools designed to help major enterprise clients such as Oracle and Marketo manage their users’ privacy and determine how well the companies are adhering to legal frameworks such as GDPR in Europe and CCPA in California. Its products include privacy management software; data discovery and classification; ethics and compliance; risk management; and consent and preference management software.
Founded in 2005, Shared Assessments has developed the standardized information gathering (SIG) questionnaire to help companies assess third-party risk in their supply chain, with notable members including Iron Mountain, Ellie Mae, SAP, and OneTrust itself. Under OneTrust’s auspices, Shared Assessments said that it intends to “remain a vendor-neutral industry organization,” but now with the backing of a billion-dollar company to help scale and become the “de facto international third-party risk standard,” according to a press release.
This latest deal represents OneTrust’s third acquisition in the past two months, after it snapped up DocuVision, an AI-powered platform that companies use to find and redact sensitive data in large volumes of documents; and Convercent, an ethics and compliance software platform. The company also just last month raised $210 million at a $5.3 billion valuation.
OneTrust’s acquisition spree also mirrors activity elsewhere in the data privacy space, with the likes of LiveRamp acquiring Datafleets and HelpSystems buying Vera. Ultimately, businesses are on the hunt for unified privacy solutions rather than having to mix and match different components from multiple providers, which is why OneTrust has been hell-bent on extending its product suite.
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