NEW YORK (S&P Global Ratings) Aug. 13, 2019--S&P Global Ratings said today that ethics and compliance (E&C) software solutions provider NAVEX TopCo Inc.'s acquisition of Lockpath will allow NAVEX to expand its existing product portfolio to include integrated risk management solutions and provide additional cross-selling opportunities. NAVEX executed a $100 million add-on first-lien term loan to fund the acquisition of Lockpath. The Lockpath acquisition closed on Aug. 6, 2019. Our ratings on NAVEX are unchanged by the acquisition. NAVEX's S&P Global Ratings' adjusted leverage (not including expected cost savings, deferred revenue, and synergies) will increase to the mid-9x area at transaction close, which equals the approximate leverage at the time of the sponsor-to-sponsor NAVEX sale in July 2018. However, we
