. It is also one of two leading players in the business globally that is based in Toronto, along with Intelex Technologies Inc. Its previous majority owner, Norwest Venture Partners, and minority shareholder, Canadian venture fund Georgian Partners, will retain some of their stake in the company, which has annual revenue in the high tens of millions of dollars and has been profitable for 15 years, generating operating margins in excess of 20 per cent.
Cority chair Shanti Atkins said Thoma Bravo brings “deep expertise and knowledge in this domain” as it has backed several other companies in the governance, risk and compliance sector. She said under its ownership Cority will likely emerge as the leading consolidator in its highly fragmented space – though its steady 30-per-cent rise in revenue in recent years means “it doesn’t need to” acquire others to maintain a fast pace of growth.
Thoma Bravo partner Hudson Smith said in a statement that Cority is unique in the governance, risk and compliance market in that"it offers enterprise clients a single platform to manage their health, safety, environmental, sustainability, operational risk and quality needs.” Cority has more than 800 customers worldwide in heavy industries such as aircraft manufacturing, mining and oil and gas.
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