Indianapolis tech company OnBoard acquires Pittsburgh firm
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Indianapolis-based board management software company OnBoard has acquired Pittsburgh-based Govenda, the company’s parent announced Thursday. Financial terms of the deal are not being disclosed.
Govenda has developed a software platform designed to equip corporate boards with artificial intelligence-based technology to improve decision-making and reduce compliance risks.
The company was founded in 2014 and has seen year-over-year growth with about 600 customers in multiple industries, including financial institutions, health care, higher education, and trade associations, according to a news release.
“Technology has become a critical element of boardroom dynamics, and this strategic acquisition of Govenda…enables us to provide better experiences for every customer,” OnBoard co-founder and CEO Paroon Chadha, said in the release. “There is also alignment in the mission and vision of our separate brands in supporting better board governance through innovative technology.”
Govenda has about 25 employees, most of whom work remotely and all of whom will be joining the approximately 250 OnBoard employees.
Chadha co-founded OnBoard in 2003 at Purdue University. The company has grown to more than 6,000 customers worldwide, with about 1,000 being added in 2023 alone.
“We will begin planning a future where we combine the unique capabilities of OnBoard and Govenda to enhance user experiences and board effectiveness,” Chadha said.
The Govenda acquisition is OnBoard’s second since receiving a $100 million investment from JMI Equity in July 2021. The company also acquired Canada-based eScribe, which specializes in meeting management software for municipal boards, councils, and commissions, in August 2021.