The supply chain risk management software provider facilitates more than 500 hiring clients and 130,000 contractors to mitigate accidents, enhance compliance rates, and obtain higher levels of operational, sustainability, and ethical excellence
Avetta to be acquired by EQT Private Equity from Welsh, Carson, Anderson & Stowe. (Credit: Gerd Altmann from Pixabay)
Investment company EQT Private Equity’s EQT X fund has agreed to acquire US-based supply chain risk management software provider Avetta from private equity firm Welsh, Carson, Anderson & Stowe (WCAS).
The financial terms of the deal were not revealed.
Established in 2003, Avetta offers supply chain risk management network for the hiring clients in its network. This enables the clients in managing safety of suppliers, competency of workers, sustainability, and performance.
The firm carries out contractor prequalification and worker competency management across key industries worldwide. These include energy, facilities, construction, high tech, manufacturing, telecom, and mining.
According to Avetta, its software as a service (SaaS) helps customers to handle supply chain risks across risk vectors such as health, safety, and sustainability. The firm’s global network is said to span over 130 countries.
Besides, the company facilitates more than 500 hiring clients and 130,000 contractors to mitigate accidents, enhance compliance rates, and obtain higher levels of operational, sustainability, and ethical excellence.
Avetta CEO Arshad Matin said: “Our partnership with EQT propels Avetta into a new era of innovation and growth, reinforcing our dedication to fostering safer, more sustainable workplaces across our global clients and suppliers.
“This transition is not just a significant milestone for Avetta but for the supply chain risk management (SCRM) industry at large.”
Through the acquisition, EQT aims to contribute towards Avetta’s ongoing growth journey by utilising its global footprint, purpose-driven approach, as well as digital and sustainability expertise.
Furthermore, Avetta is expected to drive its value proposition to both hiring clients and suppliers by building new products and technologies, adopting artificial intelligence (AI), or automation and expanding globally.
EQT’s private equity advisory team partner and technology co-head Arvindh Kumar said: “Avetta’s leadership position, world-class SaaS platform, and commitment to ESG represent a highly thematic investment opportunity for EQT.
“As one of the most active technology investors worldwide, EQT has deep software expertise and a broad network of advisors in the space. We look forward to partnering with Avetta and the management team on its next phase of growth and are excited to address some of the most pressing challenges in the supply chain sector.”
Subject to customary conditions and regulatory approvals, the acquisition is expected to be completed in the next few months.
Goldman Sachs & Co. and Kirkland & Ellis were the exclusive financial adviser and legal counsel to Avetta, respectively. Citi served as exclusive financial adviser while Ropes & Gray acted as legal counsel to EQT.