Provana acquires CARMA, Inc. to expand its range of audit and compliance management solutions. This strategic acquisition further reinforces Provana’s vision of building robust, intelligent solutions that help drive profitability and growth through technology for regulated businesses and networked enterprises.
March 09, 2020 | Chicago, Illinois
Provana, a leading provider of best-in-class solutions for compliance management, is excited to announce its acquisition of CARMA, Inc. CARMA is an RMA-Approved Third-Party Independent Auditing Firm that specializes in audit and compliance engagements.
Provana, headquartered in Chicago, IL, has a global presence of over 1,400 employees and invests heavily in building intelligent solutions designed to improve compliance and efficiency while reducing costs for regulated businesses and networked enterprises
This strategic acquisition gives Provana access to the team of seasoned and highly-trained audit and compliance professionals, as well as the assets and services offered by CARMA. This will supplement Provana’s already powerful suite of compliance products and services while driving further innovation. The acquisition will also help Provana cement its position across new verticals like auto finance, as well as associations, in the receivables management industry -- where CARMA has a strong foundation and enjoys high recognition.
“Provana opens up a lot of exciting avenues for CARMA, and allows us to combine our extensive knowledge with their deep expertise in building innovative technology solutions to stay at the forefront of a rapidly-evolving regulatory landscape,” says Michelle Shaffer, the CEO of CARMA. Michelle, a CPA, and formerly the head of Internal Audit for Encore Capital Group, comes with over 20 years of expertise in regulatory compliance and the consumer financial services industry. She joins Provana as Vice President and will lead the Compliance - Products & Services business vertical.
“We are very excited about the possibilities this acquisition will bring. We have always admired CARMA’s breadth of knowledge and experience in audit and business, and look forward to integrating it with Provana’s existing compliance products to offer a superior, best-in-class solution to clients,” adds Karen Powell, Co-founder and COO at Provana LLC.
This acquisition comes amidst a series of investments made by Provana in technology-driven companies that provide solutions to regulated industries such as receivables management. This further bolsters Provana’s resolve to rapid expansion and growth in 2020, both vertically and horizontally, to establish itself as the go-to partner for organizations looking to increase profitability and drive down costs using technology and outsourcing.
Founded in 2011 and headquartered in Chicago, IL, Provana offers businesses and networked enterprises access to a global delivery model and cutting-edge tech-enabled solutions -- including compliance management, business intelligence, consumer contact solutions, and process outsourcing & automation.
The combination of technology expertise and a large global workforce with high breadth and depth of experience makes Provana the perfect partner to help organizations increase profitability, improve performance and exceed client expectations.
CARMA is a provider of RMA-approved compliance audits and is headquartered in Las Vegas, Nevada. CARMA develops and implements policies, programs, and procedures for CFPB-regulated entities with a focus on receivables management and auto finance, to help clients solve complex audit, compliance, and finance problems using customized and client-driven solutions.