- Thoma Bravo is buying a majority stake in Toronto-based environmental, health, safety and quality software company Cority
- The terms of the deal were undisclosed
Private equity firm Thoma Bravo has announced that it is buying a majority stake in Toronto-based environmental, health, safety and quality software company Cority. The terms of the deal were undisclosed.
Cority’s previous investors include Norwest Venture Partners and Georgian Partners. And going forward, Norwest Venture Partners will continue to retain a significant stake in Cority and it will reinvest more than half of the proceeds. Plus Georgian Partners is also going to reinvest in a portion of its existing investment in the company. This deal is expected to close by the end of June 2019.
“Our longstanding core values of integrity, quality, customer centricity, community, and diversity continue to underpin our success,” said Cority CEO Mark Wallace. “We are excited to move to a new phase of our success story by welcoming Thoma Bravo to Cority and look forward to sharing the benefits of their software expertise and investment capital with our clients, partners, and employees.”
Cority is known for building the only enterprise-grade and unified true SaaS platform spanning all aspects of EHSQ. And Cority’s solutions serve more than 800 clients worldwide — which allows organizations to gain actionable insights from their data, manage risk and compliance, and improve business performance by safeguarding employees while protecting the environment and streamlining complex workflows.
“We have tracked Cority’s success for years through our numerous investments in other segments of the broader Governance Risk and Compliance (GRC) market,” added Thoma Bravo partner Hudson Smith. “With so many point solutions in the GRC market, we believe that Cority is unique in that it offers enterprise clients a single platform to manage their health, safety, environmental, sustainability, operational risk and quality needs. We look forward to helping Mark and the team further invest to deepen and broaden Cority’s solutions.”
Recently, Cority introduced Quality and Predictive Analytics solutions and saw record levels of growth and investments last year. This is crucial as organizations increasingly recognize the value and strategic importance of improved EHSQ outcomes. And the need for a comprehensive and holistic EHSQ platform is rising in tandem. Cority is being used by millions of end users and it has some of best retention rates in the industry. Plus it is well positioned for leading a $4 billion industry.
“It has been a great journey with Cority over the last few years partnering with management to expand product capabilities, elevate the company’s brand and fully cement Cority’s position as the global EHSQ leader. We’re excited to continue our partnership with Cority alongside Thoma Bravo,” explained Norwest general partner Robert Arditi.
Cority is being advised by Harris Williams & Co. and Goodwin Proctor LLP, and co-advised by William Blair & Co on the transaction. And Thoma Bravo is being advised by Kirkland & Ellis LLP.
