LONDON—Funds advised by Apax Partners LLP (“Apax”) today announced that they have reached a definitive agreement to acquire a controlling stake in Veriforce (or the “Company”), a global provider of supply chain risk management solutions (“SCRM”), from Thoma Bravo, a leading software investment firm. The transaction is subject to customary regulatory approvals. Financial terms were not disclosed.
Headquartered in the US, Veriforce is one of the world’s largest providers of integrated supply chain risk management solutions, serving a multitude of end markets, with hubs in the US, Canada and UK. The Company’s solutions focus on verifying the services offered by contractors to hiring clients. This allows organisations to drive safety and compliance throughout all aspects of their supply chains.
Under Thoma Bravo’s ownership, Veriforce achieved rapid growth through strategic investments to expand its contractor network across multiple sectors and geographies. Veriforce now operates in more than 140 countries, helping bring more than five million workers home safely every day. Since 2018, Veriforce’s network has grown from approximately 115 clients and 9,500 contractors to over 1,300 clients and more than 90,000 contractors today. To support this expansion, Veriforce’s workforce has more than tripled to over 530 employees.
Colby Lane, CEO, Veriforce said: "Thoma Bravo has been an incredible partner. Together, we have led Veriforce to exponential growth and market expansion, becoming a truly global player in the SCRM space. We are beyond excited to partner with the Apax team going forward. With their experience in the SCRM ecosystem, Apax will be invaluable partners in advancing our global mission to bring workers home safely. Our team looks forward to continuing to deliver best-in-class solutions for our hiring clients and contractors."
Frank Ehmer, Partner, Apax, commented: “The SCRM sector is still a relatively new industry and it is highly fragmented. Veriforce has a strong reputation and market position in the US and we see an opportunity to partner with Colby and the Veriforce team to drive further organic growth, while continuing to scale the business internationally and into new verticals.”
Anders Meyerhoff, Partner, Apax, added: “Apax has significant experience in the SCRM sector, particularly given current Apax Fund investments in Alcumus and EcoOnline. It is an industry that has seen significant growth, driven by increasingly complex regulatory pressures and more demanding commercial requirements. We are excited by the industry outlook and are looking forward to supporting the next phase of Veriforce’s growth.”
Hudson Smith, Partner, Thoma Bravo, said: “Thoma Bravo is proud to have helped guide Veriforce’s strategic evolution over the past five years while also keeping the Company laser focused on its mission of getting workers home safely. Five years ago, we started with a business with two products focused primarily on one industry and transformed it to a business with greater than ten products focused on a broad range of industries across the globe. We also supported a multi-year research and development project to build the VeriforceOne technology platform that now provides customers with best-in-class features to manage their supply chains.”
George Jaber, Principal, Thoma Bravo, added: “We've worked closely with Colby and the entire Veriforce management team to build Veriforce into a global, world-class platform, across all industries and all geographies. Over the course of our ownership, the Company grew revenue 6x through organic initiatives and strategic M&A. We are excited for Veriforce’s continued success in its next chapter with Apax.”
Apax is being advised by Harris Williams and William Blair is acting as exclusive financial advisor to Veriforce.
About Veriforce
Veriforce® is a recognized leader in delivering comprehensive, integrated supply chain risk management solutions that help bring workers home safely. The company’s products and solutions empower leading organizations around the world to drive safety and compliance into their contractor supply chains from enterprise to individual. The Veriforce network includes more than 1,300 clients in over 140 countries, serving over 90,000 contractors, 7,000 authorized instructors and evaluators, and millions of individual workers. For more information, visit veriforce.com.
About Apax
Apax Partners LLP ("Apax") is a leading global private equity advisory firm. For over 50 years, Apax has worked to inspire growth and ideas that transform businesses. The firm has raised and advised funds with aggregate commitments of nearly $80 billion. The Apax Funds invest in companies across four global sectors of Tech, Services, Healthcare and Internet/Consumer. These funds provide long-term equity financing to build and strengthen world-class companies. For further information about Apax, please visit www.apax.com.
About Thoma Bravo
Thoma Bravo is one of the largest software-focused investors in the world, with approximately US$160 billion in assets under management as of June 30, 2024. Through its private equity, growth equity and credit strategies, the firm invests in growth-oriented, innovative companies operating in the software and technology sectors. Leveraging Thoma Bravo's deep sector knowledge and strategic and operational expertise, the firm collaborates with its portfolio companies to implement operating best practices and drive growth initiatives. Over the past 20+ years, the firm has acquired or invested in more than 490 companies representing approximately US$265 billion in enterprise value (including control and non-control investments). The firm has offices in Chicago, London, Miami, New York and San Francisco. For more information, visit Thoma Bravo's website at thomabravo.com.
