Fintech PR
EQT Private Equity to Acquire Avetta from WCAS
- Avetta’s platform is the world’s largest supply chain risk management network with over 500 hiring clients and 130,000 suppliers across more than 130 countries
- Avetta’s solution improves the resilience of supply chains worldwide by helping hiring clients and suppliers manage their supply chain risk effectively and improve safety, security, sustainability, worker competency, and performance across major industries
- EQT commits to supporting Avetta in its ongoing growth and innovation journey
NEW YORK, April 2, 2024 /PRNewswire/ — EQT Private Equity announced today that the EQT X fund (“EQT”) has agreed to acquire Avetta (the “Company”) from Welsh, Carson, Anderson & Stowe (“WCAS”). Avetta is a global leader in supply chain risk management software.
For more than two decades, Avetta’s innovative SaaS platform has enabled clients to manage supply chain risks across health, safety, and sustainability, among other risk vectors. With 12 offices around the globe and more than 750 employees, Avetta’s global network spans over 130 countries, empowering over 500 hiring clients and 130,000 contractors to reduce accidents, improve compliance rates, and achieve higher levels of operational, sustainability, and ethical excellence.
Global supply chains face increasing complexity from globalization and digitization, as well as heightened safety, compliance and sustainability requirements. As an established, cloud-based SCRM platform backed by decades of innovation and with global scale, Avetta is well-positioned to help clients manage this complexity, creating higher resilience in global supply chains.
By leveraging its global footprint, purpose-driven approach, and digital and sustainability expertise, EQT will support Avetta’s ongoing growth journey. Through the development of new products and technologies, adoption of AI / automation, and global expansion, Avetta will further enhance its value proposition to both hiring clients and suppliers. Together, EQT and Avetta are committed to investing in innovation to address the critical challenges facing global supply chains today.
Arvindh Kumar, Partner and Co-Head of Technology within EQT’s Private Equity Advisory Team, said, “Avetta’s leadership position, world-class SaaS platform, and commitment to ESG represent a highly thematic investment opportunity for EQT. As one of the most active technology investors worldwide, EQT has deep software expertise and a broad network of advisors in the space. We look forward to partnering with Avetta and the management team on its next phase of growth and are excited to address some of the most pressing challenges in the supply chain sector.”
“Our partnership with EQT propels Avetta into a new era of innovation and growth, reinforcing our dedication to fostering safer, more sustainable workplaces across our global clients and suppliers,” remarked Arshad Matin, CEO of Avetta. “This transition is not just a significant milestone for Avetta but for the supply chain risk management (SCRM) industry at large. With the support of EQT, we are poised to enhance our product suite and operational reach further, as demonstrated by `Ask Ava,’ our pioneering generative AI risk assistant. As we embrace this exciting phase of expansion, we extend our deepest gratitude to WCAS for their unwavering support and partnership over the past six years.”
Christopher Hooper, General Partner at WCAS, stated, “WCAS is proud to have helped guide Avetta’s strategic evolution and achievement of substantial growth, both organically and through strategic acquisitions. Avetta is an excellent example of how WCAS supports accelerating value creation and driving technology businesses to the next level. With our co-investors TCV and Norwest Ventures Partners (NVP), we’re proud to have helped transform Avetta into a leading network for managing third-party supplier risk across a broad array of risk types including safety, business risk, ESG and workforce management.”
“Critical to this transformation has been the assembly of a world-class management team, led by Arshad Matin. Their leadership has been pivotal in Avetta’s enterprise scaling and innovation,” said Mr. Hooper. “We are confident in Avetta’s continued success under EQT’s ownership, assured that the foundation we’ve built will continue to thrive and set new benchmarks.”
With this transaction, EQT X is expected to be 35-40 percent invested (including closed and/or signed investments, announced public offers, if applicable, and less any expected syndication) based on the actual fund size and subject to customary regulatory approvals.
The transaction is subject to customary conditions and approvals and slated for completion in the coming months, pending customary closing conditions and regulatory approvals. Financial terms of the transaction were not disclosed.
Advisors
Goldman Sachs & Co. LLC served as exclusive financial advisor and Kirkland & Ellis served as legal counsel to Avetta. Citi served as exclusive financial advisor and Ropes & Gray served as legal counsel to EQT.
Contacts:
For EQT:
[email protected]
For WCAS:
Fran Higgins
212 893-9504
[email protected]
Greg Lau
212 893-9586
[email protected]
For Avetta:
Jenn Zimmer
[email protected]
This information was brought to you by Cision http://news.cision.com
https://news.cision.com/eqt/r/eqt-private-equity-to-acquire-avetta-from-wcas,c3954784
The following files are available for download:
Press release, EQT X, Avetta, 240402 |
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Avetta Overview Pic |
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Fintech PR
Evolution Power Tools reveals: DIY hacks to save £400 on everyday household repairs
- Homeowners are wasting £100s on professional household repairs
- Going DIY on chair and fence fixes could save Brits up to £400
- Evolution Power Tools reveals where to pick up FREE wood & cut costs down
SHEFFIELD, England, Dec. 18, 2024 /PRNewswire/ — Nobody likes being faced with worn, damaged or faulty objects around the house – but before Brits rush out and spend £100s on replacements or repairs, it’s worth considering the DIY approach.
DIY enthusiasts from Evolution Power Tools reveal how common household issues can easily be fixed – without needing to spend much on multiple tools and materials in the process.
“With just weeks until Christmas, we’d much rather spend our money on gifts for loved ones instead of forking out for furniture repairs.
“We always encourage homeowners to repair and not replace. What’s more, repairing furniture yourself can be a rewarding experience and doesn’t have to cost as much as you might think.
“For example, when your chair has wobbly legs, it’s tempting to buy a replacement – or pay for professional repairs.
“It might sound cost-savvy to get a repair, but getting the professionals in can cost more than you’d think.
“The average professional chair leg repair can cost up to £300.
“But by using a mitre saw, timber, screws, glue and sandpaper, you can get the job done yourself for a fraction of the price.
“If you don’t have a saw of your own, ask friends and family if you can borrow one.
“Plus, did you know you can pick up timber for free by browsing Facebook Marketplace or asking local construction sites if they have any scraps going?
“Then you can pick up screws, wood glue and sandpaper from B&Q for under £20 – saving you over £280!
“Similarly, a broken fence can feel like a nightmare – but you don’t have to call in a professional and pay in the region of £150.
“One solution is getting hold of some pallet wood – and this doesn’t have to cost a penny.
“Depending on where you live, your local IKEA may be getting rid of excess supplies – so you may find wood available to pick up for free.
“Then all you need is a hand saw or circular saw – which you may have, or could borrow – plus a hammer and nails, measuring tape and a level.
“Most people will have these supplies at home – which means you could save the best part of £150!”
Top 5 tips for picking up free wood
- Ask local businesses. If you see a supermarket worker emptying a pallet of products, ask if the wood is being thrown away. If so, you may be able to grab it for free.
- Go to your local recycling facility. Many people will dispose of excess materials, including wood, by taking it to the tip. All you have to do is ask the staff if you can take it.
- Visit IKEA. Certain branches will make their surplus materials available for free. The scheme isn’t always running, but it’s worth keeping an eye out!
- Check online marketplaces. Sites like Facebook Marketplace have a surprising amount of supplies going for free, as people just want to get rid of it.
- Construction sites. These places may be glad to have someone pick up excess materials, as it saves them having to dispose of it.
“If you’ve got multiple furniture repairs to carry out, it can be cost-efficient to buy a tool with a multi-material cutting blade.
“Featuring a Japanese Tungsten Carbide Teeth blade, these versatile tools will simplify your toolkit, while allowing you to carry out DIY projects with ease
“Our multi-material cutting tools provide clean and accurate cuts through a variety of materials, including wood, metal, plastics and even wood with nails,
“Gone are the days of homeowners needing to constantly swap blades or purchase specialist equipment. Now, you can rely on one tool to do it all, making DIY much more efficient and enjoyable.
“By investing in versatile tools or borrowing existing equipment, you can avoid unnecessary costs and breathe new life into your household items at a fraction of the price.”
About the company: Evolution Power Tools is a global leader in multi-material technology, with over 30 years in the industrial power tool market.
They are part of a growing movement which encourages homeowners to feel empowered when carrying out DIY, and as such, design tools that help to tackle a variety of tasks without the need for expertise.
Evolution Power Tools never compromise on performance, and their patented technology is no exception, it is reliable with a 3 guarantee, accurate, ergonomic, and powerful for the most precise cuts on a multitude of materials.
- Pricing information accurate at the time of submission
- Cost of smaller supplies for DIY fixes have been sourced from B&Q
- We would appreciate a link to the Evolution Power Tools website within the copy, if you decide to publish the article
- Evolution Power Tools is based in the steel city of Sheffield and has a worldwide reputation for premium and professional tools.
- Their tools have been featured on TV shows including Top Gear, DIY SOS, and Grand Designs
Photo: https://mma.prnewswire.com/media/2583046/Evolution_Power_Tools.jpg
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Fintech PR
ZBD BECOMES FIRST TO RECEIVE EU MICAR LICENSE APPROVAL
– Approval positions the FinTech as a leader in crypto-asset innovation and compliance in the EU, allowing it to expand its transformative digital-native payments platform and enter new markets –
AMSTERDAM, Dec. 18, 2024 /PRNewswire/ — ZBD, the innovative payments company at the forefront of digital economies, today announced it has become the first company to receive approval for the new European Union (EU) crypto-asset service provider license under MiCAR (Markets in Crypto-Assets Regulation). This landmark achievement represents a major milestone both in crypto-asset regulation in the EU and in ZBD’s journey to build a digital-native payments platform on top of the Bitcoin Lightning Network.
The Dutch Authority for the Financial Markets (AFM) has approved ZBD’s license application under MiCAR, and will issue its license when MiCAR takes effect on 30th December 2024. MiCAR is a new regulatory framework that all crypto-asset service providers in the EU must comply with. Securing a license under MiCAR allows ZBD to expand its capabilities by offering a wide range of services including crypto-asset custody, administration, transfers, and—crucially—fiat-to-crypto and crypto-to-fiat exchange. It also demonstrates a strict adherence to the highest standards of compliance and consumer protection for ZBD’s EU users.
While many companies, including the world’s largest exchanges, are struggling to navigate MiCAR’s stringent requirements, ZBD’s comprehensive and proactive approach to compliance has positioned it to lead the way in crypto-asset innovation and better serve customers across the EU. MiCAR therefore presents a unique opportunity for ZBD as it begins its expansion into the EU market after establishing a strong presence in the US.
“Being the first to have received MiCAR license approval is a major leap forward for us,” says Marca Wosoba, COO of ZBD. “We’ve built a culture where compliance is at the forefront of what we do, and we see it as an enabler for new functionality, not a blocker. MiCAR gave us an opportunity to obtain licensing across all of the EU and facilitate our expansion in the region.”
This milestone aligns with ZBD’s broader vision to build digital-native payments infrastructure for the gaming and entertainment industries. Unlike traditional FinTech companies, which typically start with a fiat-first model and then add on crypto functionality, ZBD flips the script—building on Bitcoin’s Lightning Network to enable fast, low-cost, and globally scalable payments. This flexibility allows the company to find product market-fit in the gaming space, serving use cases that are simply not possible with traditional finance, such as instant reward payouts with no minimums – gamers can earn money playing games and cash out as soon as they’ve earned even a fraction of a cent.
“Having already built a stable revenue-generating business gives us a great entry point to expand what we do and move towards our vision of building a payments company that can instantly move money in any currency,” added Wosoba. “It’s not about being a crypto or Bitcoin business, it’s about being a digital-native payments business that happens to use Bitcoin on the Lightning Network as a core technology in our internal tech stack.”
ZBD took a proactive and strategic approach in anticipation of the new regulation, submitting its MiCAR registration application at the earliest opportunity. Its strong, collaborative relationship with The Dutch Authority for the Financial Markets (AFM), which was the first in the EU to accept and process applications, was also instrumental in achieving this significant milestone.
The license under MiCAR primes ZBD to launch more complex payment products built around Bitcoin, as well as grow rapidly in the EU in 2025. It also brings ZBD one step closer to achieving its ambitious vision as a transformative digital-native payments company. Following its ethos of building crypto-first and then adding complementary fiat functionality, the company is also in the final stages of receiving an Electronic Money Institution (EMI) license, which will complement the range of services ZBD can offer under MiCAR, by also granting it license to perform a wide range of fiat payments services in the EU.
About ZBD
ZBD is a leader in payments innovation, pushing the boundaries of how we move money across the internet. Within gaming, ZBD has made a name for itself by powering instant real-money rewards for partners ranging from Square Enix to 1047 Games. Beyond gaming, ZBD enables unique payments-based use cases across interactive entertainment and adjacent industries. Whether it’s streaming money alongside audio in podcasting apps like Fountain, or implementing instant revenue sharing for each ad impression for adtech innovators like Slice and AdInMo, ZBD makes money move online as seamlessly as information.
To learn more, visit https://zbd.gg/
Photo: https://mma.prnewswire.com/media/2584112/ZBD.jpg
Logo: https://mma.prnewswire.com/media/2583320/ZBD_Logo.jpg
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Fintech PR
Klarpay AG has officially transitioned to Bivial AG
ZUG, Switzerland, Dec. 18, 2024 /PRNewswire/ — Bivial AG is proud to announce the successful completion of its rebranding from Klarpay AG. This transformation represents a major milestone in the company’s journey, aligning its identity with its vision to become a global leader in comprehensive financial solutions for digital businesses.
The name ” Bivial ” encapsulates the company’s commitment to enabling seamless multidirectional financial flows, a core principle that has guided its evolution. This new identity underscores the company’s dedication to innovation and trust while expanding its capabilities.
With the rebrand complete, Bivial AG is poised to enhance its services beyond its established expertise in cross-border corporate payments. The company is actively working to broaden its portfolio with a range of financial and treasury solutions tailored to meet the needs of modern online businesses. This strategic shift underscores Bivial’s commitment to becoming a one-stop financial partner for its clients.
“The transition to Bivial reflects not just a change in name but an expansion with purpose,” said Martynas Bieliauskas, CEO of Bivial AG. “Our clients can expect the same innovative and reliable service they’ve always trusted, now complemented by a broader suite of offerings designed to support their growth in an interconnected world.”
As part of its growth strategy, Bivial is seeking to extend its regulatory footprint. Building on its existing regulatory framework under the Swiss Federal Banking Act Art 1b, the company has initiated processes to secure additional regulatory approvals in Switzerland.
Bivial’s rebrand signals a bold vision for the future of business finance. By integrating new technologies, expanding its regulatory reach, and broadening its offerings, the company is uniquely positioned to lead the way in financial services.
For more information about Bivial AG, visit www.bivial.ch.
About Bivial AG.
Bivial AG, formerly Klarpay AG, is a deposit-taking financial institution authorised and regulated by the Swiss Financial Market Supervisory Authority (FINMA) under the Swiss Federal Banking Act, Article 1b, offering modern Swiss accounts and cross-border payment solutions for digital businesses. Headquartered in Zug, Switzerland, Bivial AG specialises in offering online businesses access to multi-currency IBAN accounts, global payment acceptance, and digital disbursement solutions. As the first Swiss-licensed fintech company to work exclusively with e-commerce, digital entrepreneurs, and social media influencers, Bivial seeks to empower digital businesses through borderless, scalable, bespoke business accounts and payment solutions.
CONTACT: [email protected], + 41 41 552 0093
Logo: https://mma.prnewswire.com/media/2584116/Bivial_AG_Logo.jpg
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