Seattle-based data privacy startup company Integris Software was recently acquired by Atlanta-based unicorn startup data privacy firm OneTrust. The latter bought Integris Software for its artificial intelligence (AI) technology for $3 million.
Founded in 2016, Integris Software provides data privacy compliance and personal information management to companies across the globe and industries, including but not limited to automotive, retail, technology, telecom, and transportation, notes the Atlanta Business Chronicle.
The Seattle-based firm extends its AI-based data discovery and classification technology towards meeting the compliance requirements of the California Consumer Privacy Act (CCPA) or the General Data Protection Regulation (GPDR) in Europe.
Through its AI technology, Integris Software reportedly allows companies in varying industries to gain a deeper understanding of their data, and by extension, automate their data governance, privacy, and security programs.
Prior to being bought by OneTrust, Integris previously raised $16 million from the combined financial efforts of Amplify Partners, Aspect Ventures, Madrona Venture Group, and Workday Ventures, notes Geek Wire.
Meanwhile, the other 2016-founded startup company OneTrust achieved a $2.7 billion valuation earlier in 2020 following a $210-million investment round in February. The startup company has since been touted as an industry unicorn.
Following its successes in the field, Geek Wire states the Atlanta-based firm will be utilizing its funding towards expanding its portfolio via further acquisitions.
OneTrust provides customers access regarding the information being collected from consumers, and by extension, what these corporations are required to disclose to their customers, notes Atlanta Inno.
In a statement, chief executive officer of OneTrust Kabir Barday said, “Our customers have encouraged us to continue to lead the market with innovation in automated data discovery capabilities.”
“After evaluating dozens of discovery technologies, we identified Integris Software as having best in class technology and team that will combine with OneTrust to accelerate our innovation and benefit our customers,” remarked Barday.
Meanwhile, founder and chief executive officer and founder of Integris Software said, “We knew of OneTrust’s 6,000 customers would be eager to use our combined solution quickly, so we’ve worked hard over the last few months to seamlessly bring the technologies together and offer organizations the ability to use the Integris technology within OneTrust DataDiscovery immediately.”
As of writing, Geek Wire reports that OneTrust has already incorporated Integris Software’s product line into its current offerings. It leverages the latter’s technology for its cloud migrations and data governance management system.
The recent acquisition will reportedly keep the Seattle-based team of 20 people intact. To date, the Atlanta-based unicorn startup has 1,500 employees across its 12 global offices.