Harris Williams Advises Veriforce on its Acquisition of ComplyWorks
Harris Williams recently advised Veriforce, a leader in integrated supply chain risk management software and solutions, on its acquisition of ComplyWorks, a premier provider of web-based solutions that cover the entire compliance lifecycle from contractor management to workforce management, worksite management and payment.
The acquisition of ComplyWorks is an important milestone for Veriforce as it strengthens its commitment to helping companies navigate complex safety and regulatory environments to better protect their supply chains. The combined company creates a global platform of technology and services, empowering more than 800 companies in 120 countries to engage an estimated 50,000 contractors and millions of individual workers in a broad spectrum of risk mitigation practices designed to ensure safe, compliant business operations.
An increased reliance on third-party workforces, combined with an ever-changing and complex regulatory environment, heightens the business need for formalized software solutions to operate safely and efficiently. There is an emerging partnership dynamic between compliance software vendors and their customers, which underscores the importance of having both a robust compliance program and a set of automated solutions. As such, the sector continues to see investor interest and acquisition activity.
“The combination of Veriforce and ComplyWorks further cements Veriforce as one of the leaders in supply chain risk management and expands its position in both the energy market and North America,” said Erik Szyndlar, a managing director at Harris Williams. “We think ComplyWorks will be an excellent addition and believe this new partnership sets up the company for continued growth.”
“Having previously advised Veriforce on its combination with PEC Safety, it was a pleasure to work with the team again and support the ongoing growth of the platform,” added Szyndlar. “The teams at Veriforce and Thoma Bravo have a clear investment thesis, and it is impressive to see their plans progress from the whiteboard to completed deals.”
“Completing transactions in the current market environment is not without challenges. It requires balancing a disciplined pursuit with staying nimble to appropriately react to internal and external factors,” said Mike Wilkins, co-head of the Harris Williams Technology, Media & Telecom (TMT) Group. “The teams at Veriforce and Thoma Bravo are well experienced in navigating the dynamics of the M&A market; it was great to work with them on this highly strategic transaction.”
Veriforce® is a recognized leader in delivering comprehensive, integrated supply chain risk management solutions that help bring workers home safely and optimize business performance. The company’s SaaS safety and compliance platform, data integrity and verification practices, and standardized safety training programs empower leading organizations to drive safety and compliance into their supply chains and down to the worker-level.
Veriforce’s acquisition of Canada-based ComplyWorks creates one of the world's premier supply chain risk performance networks, comprising more than 800 hiring clients, 50,000 contracting companies, 9,000 accredited safety trainers and authorized evaluators, and over 2.5 million workers. It's this network that makes Veriforce a preferred partner for companies that strive to ensure a safe, qualified third-party workforce, to stay ahead of risk, and achieve optimal business performance. Company offices are located in Houston; Covington, LA; and Calgary, Alberta Canada.
Veriforce is a portfolio company of Thoma Bravo.
Thoma Bravo is a leading private equity firm focused on the software and technology-enabled services sectors. With a series of funds representing more than $45 billion in capital commitments, Thoma Bravo partners with a company’s management team to implement operating best practices, invest in growth initiatives and make accretive acquisitions intended to accelerate revenue and earnings, with the goal of increasing the value of the business. The firm has offices in San Francisco and Chicago.
ComplyWorks is a global leader in compliance management. Since its inception in 2004, the company has expanded its reach to over 120 countries while retaining its focus on its clients. The company's web-based solutions cover the entire compliance lifecycle from contractor management to workforce management, worksite management and payment.