OnBoard Expands AI Capabilities in the Boardroom with Acquisition of Govenda
May 23, 2024 – INDIANAPOLIS—Passageways, parent company of OnBoard, today announced the acquisition of Govenda, a board portal software solution known for developing artificial intelligence (AI) applications for boardroom governance. OnBoard is the leading provider of digital board governance solutions for nearly 6,000 boards worldwide. Financial details of the transaction were not disclosed.
Board-led organizations worldwide continue to face challenges from global uncertainty, economic pressures, and rising stakeholder expectations, heightening the need for more effective governance outcomes. The combination of OnBoard and Govenda will enable both Govenda and OnBoard’s customers and their boards to achieve improved governance.
Over time, Govenda and OnBoard customers can expect:
- New best-in-class board governance AI capabilities built and delivered in the most secure and data-compliant environments.
- Expanded world-class support including personalized training, industry-experienced customer success teams, and a white-glove approach to implementation.
- Faster product refinement and optimization to give customers governance outcomes, regardless of sector, compliance requirements, or governance maturity.
“Technology has become a critical element of boardroom dynamics, and this strategic acquisition of Govenda, a board governance solution well-known for its innovative approach to board governance software and its advancements in AI, enables us to provide better experiences for every customer,” says OnBoard CEO and co-founder, Paroon Chadha. “There is also alignment in the mission and vision of our separate brands in supporting better board governance through innovative technology.”
Founded in 2014 as BoardBookit, Govenda was designed to equip corporate boards with the most advanced and intuitive technology for governance management to improve decision-making and reduce compliance risks. The company has enjoyed year-over-year growth, and its unique approach to providing users with intuitive boardroom experiences has garnered more than 600 customers in a range of industries, including financial institutions, healthcare, higher education, and trade associations. Notable customers include guitar-maker Fender, NYC Health + Hospitals, and education software maker Chegg.
“We will begin planning a future where we combine the unique capabilities of OnBoard and Govenda to enhance user experiences and board effectiveness,” Chadha says. “We welcome the entire Govenda team to OnBoard and look forward to helping boards worldwide achieve more for their organizations with advanced AI analytics and real-time collaboration tools.”
“Govenda customers can expect business as usual while the organizations explore ways we can bring additional value to them,” Chadha says. “We will be very active in listening to customers and hearing what we can do better in both product and service to further simplify and enhance board governance by streamlining processes and driving effectiveness with new technologies like AI.”
For more information about the acquisition, please visit www.onboardmeetings.com/govenda-announcement. (not currently live)
D.A. Davidson & Co. acted as the exclusive financial advisor to Govenda.
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About OnBoard
OnBoard is a leading provider of board management solutions. The platform’s intuitive interface and robust features simplify decision-making and streamline board tasks. The OnBoard Intelligence Platform hosts more than 80,000 board and committee meetings each year for nearly 6,000 organizations globally. To learn more, visit onboardmeetings.com.
About Govenda
Govenda is a governance management platform with enterprise-grade security whose mission is to equip corporate boards with the most advanced and intuitive technology for governance management to improve decision-making and reduce compliance risks. Named to the 2020 and 2021 Inc. 5000’s Fastest-Growing Companies List, Govenda is female-founded and female-led. It serves C-suite and corporate governance executives and board members who lead companies in healthcare/pharma, financial services, manufacturing, higher education, and other industries worldwide.
This press release includes views and opinions of external contributors. JMI believes this information to be accurate and current as of the date of publication but cannot guarantee its accuracy. JMI disclaims any duty to update this press release, or any content contained therein based on future developments. The JMI portfolio company(ies) identified above are not necessarily representative of all JMI investments, and no assumption should be made that the investments identified were or will be profitable. For a complete list of JMI investments, please visit www.jmi.com/companies/.
