Ambitious financial software firm Ncontracts has acquired a fellow Tennessee company that specializes in employee intranets and information portals that help company board members quickly access data.
Terms of Ncontracts’ deal for 18-year-old Banc Intranets, which is based in Johnson City, aren’t being disclosed. The purchase grows Ncontracts’ employee base by about 60 people to more than 200 and beefs up its communication tools to go with its risk management software and services.
“The addition of the Banc Intranets services and expertise will enable Ncontracts to deliver the most comprehensive set of integrated risk management offerings available in the marketplace,” said Michael Berman, Ncontracts’ CEO. “We are just beginning our next phase of organic and acquisition-driven growth.”
Banc Intranets, which works with some health care companies as well as financial institutions, markets the BancWorks intranet and DirectorsLink board portal services as well as other products that help companies manage their documents and streamline employee onboarding and training. The company has more than 1,600 clients across the country.
Ncontracts has been owned since early this year by San Francisco-based private equity firm Gryphon Investors. The company in early 2019 bought Charlotte-based Trupoint Partners, which specialized in helping lenders track fair lending regulations compliance.