Update Capital, a Gen II company and a leader in investment management technology solutions for commercial real estate and private equity, today announced the successful completion of the firm’s 2022 System and Organization Controls (SOC 2), Type 2 Compliance Report.
A SOC 2 report is an internal control report on the offerings provided by a service organization to its customers and provides valuable information that existing and potential customers need to assess and address the risks associated with an outsourced service. The report assures that a service organization has implemented controls to safeguard customer data and other sensitive information. It covers both the suitability of a company’s controls and its operating effectiveness.
An independent third party conducted an audit to examine the design and operating effectiveness of Update Capital’s systems and controls for the period from October 1, 2022 to December 31, 2022. The report demonstrates the suitability of the design and operating effectiveness of the firm’s controls relevant to the trust services criteria of security, confidentiality, and availability.
“This milestone is a testament to our uncompromising focus on data security and we are pleased to share this accomplishment with our trusted clients, who can feel confident their data is protected and stored in adherence with the industry’s best practices,” said Ran Kohavi, Chief Product and Technology Officer of Gen II.
“As a cloud-based platform since inception, Update Capital has always been at the leading edge of technology solutions, security, and privacy,” said Steven Millner, CEO of Gen II. “We are excited to provide commercial real estate and private equity investors the ability to leverage Update Capital’s solutions in combination with Gen II’s world-class infrastructure and client service. With this achievement and the completion of Gen II’s recent SOC 2 Type 2 report, clients can be assured our services are seamless and secure.”
About Update Capital
Update Capital is a wholly-owned subsidiary of Gen II that provides an all-in-one investment management solution built for private equity and real estate investors and sponsors. Update Capital’s cloud-based platform enables commercial real estate firms to effectively market, manage and grow their businesses with custom-built dashboards and tools for reporting, CRM, investment management, fundraising and more. For more information, please visit: https://www.updatecapital.com/
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