Thoma Bravo, a leading software investment firm, announced the completion of its sale of its controlling stake in Veriforce, a global provider of supply chain risk management (“SCRM”) solutions, to funds advised by Apax Partners LLP. Financial terms were not disclosed.
Veriforce is one of the world’s largest providers of integrated SCRM solutions with hubs in the U.S., Canada and the UK. Its SCRM solutions focus on verifying the services offered by contractors to hiring clients, allowing organizations to ensure safety and compliance throughout all aspects of their supply chains.
Under Thoma Bravo’s five years of ownership, Veriforce achieved tremendous growth through a combination of organic initiatives and strategic M&A, resulting in 6x revenue growth and a market-leading platform serving multiple sectors and geographies. Today, Veriforce operates in more than 140 countries, with over 1,300 clients and more than 90,000 contractors.
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“Thoma Bravo has been an invaluable partner over the years, helping to drive our product and market expansion and transform Veriforce into a truly global player in the SCRM space,” said Colby Lane. “Most importantly, our work together has strengthened our mission of ensuring every worker gets home safely, a principle that guides everything we do. Thanks to Thoma Bravo’s strategic minds and industry expertise, we’ve become a category leader with strong momentum to capitalize on future opportunities.”
Hudson Smith said: “Thoma Bravo is proud to have helped guide Veriforce’s strategic evolution over the past five years. Working closely with Colby and his team, we started with a business with two products focused primarily on one industry and transformed it into a global leader with more than ten products spanning a broad range of industries. This growth, combined with our investment in the VeriforceOne platform, has positioned Veriforce for long-term success by enabling customers to manage their supply chains efficiently and effectively.”
George Jaber added: “Over the past five years, we’ve worked with Veriforce to provide customers with best-in-class features to manage their supply chains, and expanded the client and contractor base across all industries and geographies. It is incredible to see the outcome of a thoughtful organic and inorganic growth strategy, which has more than come to life in Veriforce’s platform and market leadership today.”
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Source – prnewswire
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