Diligent signed an agreement to acquire Galvanize, a provider of cloud-based security, risk-management, compliance and audit software, in a transaction expected to close in March. (The Logic)

Talking point: While the companies did not disclose the financial terms, sources told Fortune they pegged the price at US$1 billion. Galvanize, once called ACL Services, rebranded in May 2019, with plans to go public by 2022. Last year, the company’s chief product and strategy officer Dan Zitting told The Logic that the company saw “all the same growth opportunity that we did before,” amid the pandemic. He said it expected to be ready to go public from an operations standpoint, but actually filing for an IPO would depend in part on how the markets valued tech companies. At that time, it had hired a new chief revenue officer in preparation. With Galvanize, Diligent will become the largest provider of governance, risk and compliance software as a service, according to the companies.