What happened: Vancouver-based software firm ACL has changed its name to Galvanize
Why it matters: The rebrand comes ahead of long-term plans for an initial public offering
After more than a year auditing its own name, one of Vancouver’s largest tech companies is getting a major rebrand ahead of plans to eventually go public.
ACL Services Ltd. announced Monday (May 13) it will now be going by the name Galvanize.
The company’s website was updated over the weekend to reflect the rebrand and CEO Laurie Schultz tells Business in Vancouver her team has been busy getting the word out to clients to ensure a smooth transition.
ACL — or Galvanize, as it’s now called — is best known for its auditing software, and its governance, risk management compliance (GRC) software.
“The reality is after 30-plus years in the market, we offer a capability that is way, way, way beyond audit,” Schultz said.
“While our ACL brand has been such a great brand when selling into the audit segment, it actually can work against us when we’re trying to sell outside of audit.”
She added that the company’s technology has been used to bust drug cartels committing fraud using food stamps, catch doctors falsely diagnosing cancer patients, help tax authorities around the world ensure proper collections and mitigate against money laundering at casinos.
“We just have an amazing reach beyond audit and the move to Galvanize allows us to be more agnostic, if I can put it that way, around the types of risks that we can help our customers with,” Schultz said.
This past February Galvanize acquired New Jersey-based Rsam, a software company known for its GRC tools, adding 150 workers to its roster as well as a number of international offices.
Capital for the Rsam deal came from a $50-million investment by Norwest Venture Partners in 2017, and Shultz said the acquisition helps Galvanize give more tools to companies looking to address cyber risk.
The recent acquisition and rebrand appear to be priming the company to go public down the road.
Schultz told BIV in February the plan is for Galvanize to go public in the next four to five years.
“We’re really excited about that journey,” she told BIV right before the official rebranding.