Global leaders combine to create largest provider of supply chain risk and worker management solutions
Newcastle, Australia — May 7, 2021 — Pegasus, a leader in worker competency management software and services, today announced it has finalised an agreement to be acquired by Utah-based Avetta, the leading provider of supply chain risk management software.
Based in Newcastle, Australia, Pegasus products are used by over 700 hiring clients, including Woolworths, Visy, and Lendlease, to manage 3.5 million managed workers employed by 70,000 contractors. The combination is expected to create the largest global provider of third-party and employee risk management and compliance solutions globally in the industry with nearly 170,000 suppliers and 4 million managed workers. Pegasus will become the base of operations for Avetta in Australia.
The events of the past year have highlighted that risks to an organisation extend into its supply chain and on-site contractors. In order to ensure safer operations, corporations must ensure these essential workers have sufficient training and accreditation to perform their jobs without injury and monitor access to hazardous areas and equipment. The powerful Pegasus online platform has helped manage these trade-specific compliance requirements since its inception in the mining industry in 1987.
“Pegasus and Avetta both share a vision to ensure workforces are competent and safe, and risk is being managed, globally,” said Adam Boyle, Pegasus CEO. “Our worker competency expertise complements Avetta’s world-class supply chain risk management product, and will benefit our people, clients, and contractors as they access an even greater international network in a single provider.”
“The Australian government and business have historically shown global leadership in monitoring worker safety and compliance programs in the supply chain,” said Arshad Matin, Avetta CEO and President. “This is why we are excited to join with the pioneering software innovator in this space and take those insights and capabilities worldwide. Together, our clients will now have access to the premier supply chain risk and worker competency management solutions within an integrated software platform.”
Headquartered in Newcastle, Pegasus also has offices in New Zealand, Germany, England and Scotland. The company provides worker competency management, induction and learning management, supplier prequalification, site access, and asset management. It serves a diverse range of industries including, construction, energy, healthcare, government, manufacturing, mining, retail & facilities, transportation, and utilities.
“Accel-KKR first invested in Pegasus in late 2019 with a thesis that supply chain risk management will continue to grow in importance and that while company level compliance is important, visibility into the underlying workforce is vital to risk management”, said Joe Porten, Principal with Accel-KKR and Pegasus board member. “Adam and the Pegasus team laid out a compelling organic and inorganic growth strategy to capture this growing market and we couldn’t be more pleased with the company’s accomplishments over a very short period. We believe the combination of Avetta and Pegasus is positioned well to capture a disproportionate share of this market and we are pleased to remain invested in the combined company and the next phase of their growth.”
Pegasus CEO Adam Boyle will join Avetta to lead a unified business across Australia and New Zealand. Boyle and current Pegasus investor, Accel-KKR, will become equity investors in Avetta.
Avetta’s technology platform, Avetta Connect™, helps companies worldwide manage risk, and build resilience in their supply chains – from increasing visibility within the network to ensuring safety and sustainability. The Avetta Marketplace provides suppliers and contractors deep discounts on insurance and safety-related products and services. The company is majority-owned by Welsh Carson Anderson & Stowe with key investments from Technology Crossover Ventures, and Norwest Venture Partners.
The acquisition is expected to close after receipt of regulatory approvals. Until that time, both companies will continue to operate independently.
The leading cloud-based workforce management solution, Pegasus delivers insight, connects networks, and keeps workforces safe on site. With origins in the Hunter Valley mining industry in Australia, we have developed our intuitive software to answer industry challenges about workforce safety, competence, training, and insight. Pegasus connects a competent workforce on over 700 sites, verifying the safety and skills of 3.5 million workers from over 70,000 companies for industry leaders including Woolworths, Lendlease, Visy, Aurizon, and Yancoal. We are trusted to ensure safe and qualified workers for construction, manufacturing, mining, healthcare, retail, facilities management, utilities, ports, and oil and gas. Visit pegasus.net.au for more information.
Avetta offers a configurable SaaS-based solution that assists organizations – both large and small – in managing supply chain risk across a variety of disciplines. Avetta is building the world’s most intelligent supply chain risk management network to advance clients’ safety, resilience and sustainability programs. Avetta leads the world in connecting leading global organizations across industries including telecom, construction materials, manufacturing, facilities management, high tech and energy, with qualified and vetted suppliers and contractors. The company brings unmatched access and visibility to its clients’ supply chain risk management process through its innovative and configurable technology, coupled with highly experienced human knowledge and insight. We contribute to the advancement of our clients’ sustainable growth by protecting supply chains from a wide range of potential risks through trusted contractor prequalification, safety training and monitoring, regulatory compliance, insurance/financial stability and other areas of risk. Avetta serves more than 450 enterprise companies and 100,000 suppliers across 100+ countries https://www.avetta.com/ for more information.
Accel-KKR is a technology-focused investment firm with over $10 billion in capital commitments. The firm focuses on software and tech-enabled businesses, well-positioned for topline and bottom-line growth. At the core of Accel-KKR’s investment strategy is a commitment to developing strong partnerships with the management teams of its portfolio companies and a focus on building value alongside management by leveraging the significant resources available through the Accel-KKR network. Accel-KKR focuses on middle-market companies and provides a broad range of capital solutions including buyout capital, minority growth investments, and credit alternatives. Accel-KKR also invests across a wide range of transaction types including private company recapitalizations, divisional carve-outs and going-private transactions. In 2019 and 2020, Inc. named Accel-KKR to “PE 50 – The Best Private Equity Firms for Entrepreneurs”, its annual list of founder-friendly private equity firms. Accel-KKR is headquartered in Menlo Park with offices in Atlanta and London. Visit accel-kkr.com to learn more.
About Welsh, Carson, Anderson & Stowe
WCAS is a leading U.S. private equity firm focused on two target industries: technology and healthcare. Since its founding in 1979, the Firm’s strategy has been to partner with outstanding management teams and build value for its investors through a combination of operational improvements, growth initiatives and strategic acquisitions. WCAS has raised and managed funds totaling over $27 billion of committed capital. For more information, please visit www.wcas.com.