Harris Williams Advises Veriforce, LLC on its Sale to PEC Safety
Harris Williams, a global investment bank specializing in M&A advisory services, announces that it advised Veriforce, LLC (Veriforce), a portfolio company of Greenridge Investment Partners (Greenridge), on its sale to PEC Safety (PEC), a portfolio company of Thoma Bravo. Veriforce is a leading provider of fully-integrated, SaaS-based operator qualification (OQ); drug and alcohol; safety and insurance; and training solutions across the upstream, midstream, utility, manufacturing, chemical and construction end markets. The transaction was led by Mike Wilkins, Erik Szyndlar, Brian Titterington and Jay Petrie of Harris Williams’ Technology, Media & Telecom (TMT) Group.
“Veriforce’s sophisticated, market leading OQ compliance management tool and comprehensive suite of compliance and safety solutions provide immense value to its customers,” said Mike Wilkins, a managing director at Harris Williams. “The combination of Veriforce and PEC bring together two well-regarded and highly innovative companies. We are excited about the opportunity ahead for the business.”
“Under the leadership of CEO Louie Werderich and with the backing of Greenridge, Veriforce has become a clear market leader within OQ compliance management,” added Erik Szyndlar, a director at Harris Williams. “We are proud to have worked with an exceptional management team on this transaction and are excited to see the combined company continue to grow and innovate across the broader compliance management, safety and training landscape.”
Veriforce’s SaaS platform is designed to streamline and centralize key compliance requirements, increasing safety for workers and communities while driving efficiencies and reducing costs for customers. Veriforce serves over 200 hiring clients and 4,440 contractor firms. The company has over 185,000 registered individuals within its system across diverse end markets. Veriforce’s platform enables more efficient business processes and risk mitigation and seamlessly integrates with customers’ enterprise resource planning (ERP) systems and learning management systems (LMS), driving more efficient communication between customers and their workers. The company is headquartered in Houston, Texas.
Greenridge is a private equity firm located in Austin, Texas. Greenridge invests in leading middle market businesses with attractive growth characteristics and proven track records of profitability. Greenridge is a patient capital partner with a flexible mandate.
PEC is a leading risk-management company that provides a technology-enabled contractor management service for reporting and measuring contractor risk, safety and compliance information to operators. More than 110 operators manage over 15,000 contractors with PEC’s contractor management solution. PEC also develops and offers standardized safety learning programs for workers in high-risk industries. Over 1.3 million workers have been trained with PEC programs by a network of more than 3,000 PEC authorized instructors.
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 $30 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. Representative past and present portfolio companies include industry leaders such as ABC Financial, Blue Coat Systems, Deltek, Digital Insight, Frontline Education, Global Healthcare Exchange, Hyland Software, Imprivata, iPipeline, PowerPlan, Qlik, Riverbed, SailPoint, SolarWinds, SonicWall, Sparta Systems, TravelClick and Veracode. The firm has offices in San Francisco and Chicago.
Harris Williams, an investment bank specializing in M&A advisory services, advocates for sellers and buyers of companies worldwide through critical milestones and provides thoughtful advice during the lives of their businesses. By collaborating as one firm across Industry Groups and geographies, the firm helps its clients achieve outcomes that support their objectives and strategically create value. Harris Williams is committed to execution excellence and to building enduring, valued relationships that are based on mutual trust. Harris Williams is a subsidiary of the PNC Financial Services Group, Inc. (NYSE: PNC).
Harris Williams’ TMT Group advises leading private and public companies, entrepreneurs, private equity firms and venture capital firms on mergers and acquisitions and capital-raising transactions worldwide. The TMT Group has deep domain expertise in the Software/SaaS and Internet & Digital Media segments, with particular emphasis on specific verticals including education technology, data analytics, energy technology, fintech, public sector, and supply chain/logistics—with a dedicated healthcare technology (HCIT) practice. Across verticals, the firm also advises technology services and networking solutions businesses. For more information on the TMT Group and its recent transactions, visit the TMT Group’s section of the Harris Williams website.
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