GBTEC acquires Austrian GRC company avedos

For two years, GBTEC successfully offers the special solution BIC Cloud GRC for process-based GRC as a component of its BPM suite BIC Cloud as well as a stand-alone solution. With the know-how of avedos, GBTEC opens the holistic portfolio of a powerful GRC platform including Enterprise Risk Management and IT Security. With this extension of the product range, the GBTEC group offers customized solutions for all essential use cases of GRC management. Not only traditional target groups of GRC software such as banks and insurance companies, but also GRC departments from all other industries find the right solution at GBTEC to put their integrated risk management on a reliable foundation.

avedos has established itself with the software risk2value as one of the leading providers of GRC software in Europe. Large Austrian and German enterprises as well as international groups, including well-known brands such as RWE, Henkel, and MAN, rely on avedos and its products. While the focus of GBTEC’s BIC Cloud GRC is the process-based view and operational level of GRC, risk2value as a holistic GRC platform is focused on establishing company-wide management systems for governance on all levels of action, from strategy to implementation. avedos continues to sell and develop its software as its own brand from its Vienna headquarters, so that customers can continue to rely on familiar services and contacts.

With its innovative BPM Suite BIC Cloud, GBTEC offers companies a completely cloud based solution to model, analyze, optimize, and automate business processes. In 2018, the market research company Gartner listed GBTEC Software + Consulting AG as a representative provider in its "Market Guide for Enterprise Business Process Analysis" (1) for the second time in a row. More than 750 companies from various industries trust in GBTEC and its BPM Suite, including global corporations such as Mitsubishi and Vodafone, hidden champions such as Osram, as well as numerous federal ministries and universities.

With the integration of avedos into the GBTEC group, with offices in Bochum and Munich as well as subsidiaries in Spain and Australia, the companies utilize the existing synergies of their software solutions. The acquisition is part of a wider growth strategy by GBTEC and Main Capital Partners, an investor specialized in the software sector which GBTEC won as partner in 2019. The goal of the incorporation is to overcome the borders between business process management and GRC management with technical interfaces and a long-term full integration of the software. In the future, GBTEC wants to integrate revolutionary key technologies such as Robotic Process Automation (RPA), artificial intelligence and process mining into its GRC software and thus create new, digital success models for GRC management.

Greinke says: "With the acquisition of avedos we are further expanding our strategic position for process and risk management. Nearly all compliance and risk management providers are becoming increasingly process-oriented. This development makes our investment in avedos a sensible move and brings enormous added value for our customers. As one of the European market leaders for risk management and GRC, avedos has excellent references, an outstanding reputation, and a great team. The combination of process technologies and GRC know-how of both companies creates a gamechanger with which we fundamentally strengthen our competitive position in the market."

Brandstätter adds: "With the integration into GBTEC, we are creating the basis for further long-term growth, in a company group focused on business software. This enables us to develop innovative GRC use cases that significantly increase the value contribution in companies. The unified view of GRC information – from governance to operational processes, overcoming data silos and integrating new technologies such as artificial intelligence or process mining – enables completely new approaches to GRC. The digitalization of GRC processes and the expansion of the GRC maturity level are on the agenda of innovative organizations today more than ever before. These benefit from the merger of our companies, with which avedos further expands its position as European market leader.

risk2value from avedos is based on the scorecard principle and as a risk management software platform fulfils all GRC requirements including processes and use cases in a flexible enterprise management system. The software is freely configurable, which allows customers to quickly build a tailor-made GRC solution. risk2value masters both classic tasks such as risk, control, audit, security, compliance, and the integral view of management systems such as strategic management or quality management. Besides best-practice standard models, companies can also build up their own reference models and evaluation methods in risk2value, providing management with an essential information basis for business decisions.

BIC Cloud GRC offers predefined workflows for the process-oriented view of GRC management, from risk identification to the implementation and control of measures. For smooth and transparent processes throughout the entire company, the software is closely linked to the process management tool BIC Cloud Design.  One of the outstanding functions of the software is to provide business risks and controls from process modeling in BIC Cloud Design directly as GRC workflows in BIC Cloud GRC. BIC Cloud GRC simplifies GRC management with intuitive dashboards, comprehensive workflow monitoring and personal task lists.

(1) Gartner, Inc. "Market Guide for Process Mining" by Marc Kerremans, June 17, 2019.

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