On Monday, S&P Global announced the acquisition of TruSight Solutions, a provider of third-party vendor risk assessments.

Executives highlighted through a news release that the acquisition will combine with KY3P by S&P Global and integrate into the Market Intelligence division.

They said the move will further expand the breadth and depth of S&P Global’s third party vendor risk management solutions by offering high-quality validated assessment data to clients designed to reduce further the vendor due diligence burden on service providers to the financial services industry.

“Providing innovative, connected solutions for risk management is a key area of strategic focus for our business,” said John Barneson, head of network and regulatory solutions at S&P Global Market Intelligence.

“The combination of TruSight with our KY3P business will accelerate the development of common industry standards for third-party risk management and will enable our clients to mutualize costs, streamline workflows and eliminate inefficiencies,” Barneson continued. “We look forward to welcoming our new colleagues from TruSight and together enhancing our value to clients.”

TruSight was founded by a group of leading financial institutions, including Bank of America, Bank of New York Mellon, JP Morgan and Wells Fargo. S&P Global mentioned TruSight has an extensive inventory of risk assessments created by detailed reviews of third-party suppliers to its customers.

The transaction closed effective Jan. 1. Terms were not disclosed.

Broadhaven Capital served as exclusive sell side financial advisor to TruSight, and Morgan Lewis served as the company’s legal advisor. Gibson Dunn served as S&P Global’s legal advisor.