Third-party risk management companies ProcessUnity Inc. and CyberGRX Inc. announced today they will merge to create a comprehensive software and data platform designed to enhance identifying, assessing, analyzing and reducing risk within clients’ ecosystems.

The merged companies said they will offer the combined capabilities of a best-in-class TPRM workflow platform and the world’s largest global cyber risk exchange, helping to centralize and standardize vendor risk management and address major risks, such as third-party and cybersecurity threats.

The merged company aims to unite procurement teams, cybersecurity teams and external third-party service providers to collectively decrease both internal cyber risk and external third-party risk. The aim is to eliminate barriers and ensure optimal security while adopting new products and services.

Customers will benefit from ProcessUnity’s assessment engine, vendor monitoring tools and CyberGRX’s exchange, which contains more than 14,000 attested and validated assessments and cyber risk data on over 250,000 companies. The combined resources will allow customers to onboard vendors faster, perform post-contract due diligence, assess hard-to-assess vendors, reduce cycle times and costs and minimize risk from external sources.

ProcessUnity was founded in 2003 and offers risk management software solutions that provide visibility and control to assess, measure and mitigate risk. According to Crunchbase, ProcessUnity comes into the merger having raised $30.7 million in venture capital funding from investors, including Marlin Equity Partners LLC and Rose Park Advisors LLC.

CyberGRX, which offers a global cyber risk exchange for its third-party cyber risk management programs, is similarly venture capital-backed, having raised $99 million in funding. Investors include Scale Venture Partners LLC, Ten Eleven Ventures LLC, The Blackstone Group Inc., Bessemer Venture Partners L.P, and Google Ventures.

“The combination between ProcessUnity and CyberGRX is an opportunity to revolutionize third-party risk management,” ProcessUnity Chief Executive Sean Cronin said in a statement. “In the short term, our customers gain program workflow, validated vendor assessment data and artificial intelligence in a single solution – safeguarding their critical assets while significantly reducing program costs.”

Under the terms of the merger, ProcessUnity and its investors acquired CyberGRX, whose existing shareholders participated in the deal and will retain a minority stake.

Image: ProcessUnity