An Adelaide software company has been sold for a huge sum

An Adelaide software company specialising in risk and compliance has sold to a US firm for more than $US100m.

Camms has been operating for almost three decades.

Adelaide software company Camms has been sold to US firm Riskonnect for a sum understood to be north of $US100m.

The company was founded by Joe Collins in 1996, and provides cloud-based software for governance, risk and compliance for more than 400 customers.

The company has more than 450 staff and eight offices globally.

Camms’ customers include Adelaide Airport, Elders, Worley and Tilt Renewables.

Ellerston Capital bought a 35 per cent stake in the company in 2019, valuing the company at more than $50m at the time.

The company had about 250 staff at the time, with the investor money to be used to grow the business.

Mr Collins said in 2019 that a listing on the ASX might be considered, however Riskonnect has now bought all of the company’s shares, with the Collins family and management selling up.

Riskonnect said Camms’ software was unique in its ability to link risk to business objectives in a single platform.

“Riskonnect’s acquisition of Camms will enable the provider to deliver enhanced GRC functionality to Riskonnect’s customers, including IT risk and strategy,’’ the US company said.

“Camms customers will gain access to a broader array of risk and compliance services and solutions, including Riskonnect’s RMIS and Business Continuity & Resilience Solutions, for an end-to-end, integrated view of risk and compliance.

“The acquisition will enhance value for over 2500 combined customers globally.’’

Adam Collins will continue in his role as chief executive of Camms.

The Collins family is also involved in the Sliding Doors Foundation, providing $1m in seed funding in 2022 to set up the charity, which provides financial assistance to young people to improve their access to education and build their leadership potential.

Joe Collins is the founder and a director the foundation.