According to a report in Fortune, Vancouver software firm Galvanize has been acquired by Diligent, a governance software developer, in a deal worth $1 billion:

On Monday, corporate governance software maker Diligent announced that it had acquired Galvanize, a Canadian developer of risk and compliance software. While Stafford did not disclose a price, sources pin the figure at $1 billion. That comes after Diligence acquired another business in the space, Steele Compliance, for about $325 million earlier this month, according to those sources.

The deals create a company privately valued north of $7 billion, and one that is expected to reach $550 million in revenue this year.

Galvanize president and CEO, Lauri Schulz confirmed the news on LinkedIn, writing:

Friends, today we announced that Galvanize will become part of the Diligent family - the impact of which will be an immediate, material and meaningful redefinition of the GRC category as we know it. So grateful to share this moment with our employees today and can't wait to paint the next Picasso on the combined forces of Galvanize and Diligent employees, customers and partners!

Galvanize provides governance, risk and compliance (GRC) oversight to 7,000 organizations in 135 countries and is served by 500 employees and a field of global re-sellers.