The venture capital-backed tech firm Avetta will expand the market for its supply chain risk management software tools into Australia and New Zealand, having won regulatory approval today for its takeover of a local firm.
Orem, Utah-based Avetta will acquire Newcastle, New South Wales, Australia-based Pegasus, which provides worker competency management software and services.
Terms of the deal—which was first announced in May—were not disclosed, but the companies said that Pegasus CEO Adam Boyle will join the investment firm Accel-KKR as “equity investors” in Avetta. In addition to those stakes, the company is majority-owned by the private equity firm Welsh, Carson, Anderson & Stowe with additional investments from Technology Crossover Ventures and Norwest Venture Partners.
The move marks the latest logistics tech investment by Accel-KKR, which in May acquired fleet management software vendor GPS Insight and announced plans to merge it with two other transportation technology firms it already owned; InSight Mobile Data (IMD) and Rhino Fleet Tracking. Also, Accel-KKR in 2020 bought logistics connectivity provider TrueCommerce, the yard management software vendor Pinc Solutions, rail industry software solution provider RailcarRx, and the transportation management system (TMS) software vendors ShipperConnect and ShipXpress.
According to Avetta, the new combination will create the sector’s largest provider of supply chain risk management and compliance solutions, with nearly 170,000 suppliers and 4 million managed workers.
Avetta says its technology platform helps companies manage risk and build resilience in their supply chains – from increasing visibility within the network to ensuring safety and sustainability. The company also provides suppliers and contractors with discounts on insurance and safety-related products and services. With Pegasus technology, Avetta says it also now offers worker competency management, induction and learning management, supplier prequalification, site access, and asset management.
Our acquisition of Pegasus is complete! We are excited to welcome Pegasus customers and employees to Avetta and look forward to combining our efforts to improve safety, sustainability, and worker management.#teamwork #OneAvettahttps://t.co/uc76IbZtNr pic.twitter.com/zIMCEM9YGn— Avetta (@AvettaNews) July 19, 2021