RapidRatings, the leading provider of financial health data and analytics, today announced that it has entered into an agreement with KPMG LLP ("KPMG") pursuant to which KPMG will exit its Third Party Intelligence ("3Pi") business, formerly known as Vontik, and work closely with RapidRatings to support the transition of KPMG's 3Pi global supply clients to RapidRatings' FHR Exchange™.
NEW YORK, Sept. 21, 2022 /PRNewswire-PRWeb/ -- RapidRatings, the leading provider of financial health data and analytics, today announced that it has entered into an agreement with KPMG LLP ("KPMG") pursuant to which KPMG will exit its Third Party Intelligence ("3Pi") business, formerly known as Vontik, and work closely with RapidRatings to support the transition of KPMG's 3Pi global supply clients to RapidRatings' FHR Exchange™.
James Gellert, Chairman and CEO of RapidRatings, said, "KPMG has long recognized the importance of private company financial statements to manage supply chain risk. We share that view, and our team is excited to partner with their clients. This includes innovative manufacturers from around the world, particularly in the automotive industry, where 3Pi has long been a key player."
The FHR Exchange is a secure membership platform that allows enterprise clients to proactively monitor the financial health of their entire supply chain, enabling improved collaboration with suppliers to protect their businesses together. Its clients have benefited from reduced exposure to supplier disruption, enhancements to working capital, and improvements to quality and delivery.
"With KPMG deciding to exit its 3Pi business, we've entered into an agreement with RapidRatings to ensure that our 3Pi clients can continue their important work," said Dave Brown, Principal and Global Head of Managed Services at KPMG.
Bryan Cave Leighton Paisner LLP acted as legal advisors to RapidRatings. Further terms of the transaction were not disclosed.
About RapidRatings
RapidRatings sets the standard for financial health transparency between business partners, transforming the way leading companies manage enterprise and financial risk. The company provides the most sophisticated analysis of the financial health of public and private companies in over 140 countries worldwide. Through RapidRatings' FHR Exchange, an innovative and secure membership platform, businesses can build more meaningful relationships and gain visibility into the financial stability of global suppliers, vendors, and other third parties. Learn more at http://www.rapidratings.com.
About KPMG LLP
KPMG LLP is the U.S. firm of the KPMG global organization of independent professional services firms providing audit, tax and advisory services. The KPMG global organization operates in 144 countries and territories and has more than 236,000 people working in member firms around the world. Each KPMG firm is a legally distinct and separate entity and describes itself as such. KPMG International Limited is a private English company limited by guarantee. KPMG International Limited and its related entities do not provide services to clients.
KPMG is widely recognized for being a great place to work and build a career. Our people share a sense of purpose in the work we do, and a strong commitment to community service, inclusion and diversity and eradicating childhood illiteracy. Learn more at http://www.kpmg.com/us.
Media Contact
Frankie Granato, RapidRatings, 1 8326138093, [email protected]
SOURCE RapidRatings
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