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:
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Press release, EQT X, Avetta, 240402 |
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https://news.cision.com/eqt/i/avetta-overview-pic,c3284636 |
Avetta Overview Pic |
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DUBAI, UAE, Nov. 15, 2024 /PRNewswire/ — Bybit, the world’s second-largest cryptocurrency exchange by trading volume, opens up the November arena for the Bybit Crypto Titans trading competition. Available for users in select regions, a prize pool of 55,000 USDT will be available for a limited time only.
From now to Nov. 30, eligible traders can level up their trading strategies and amplify their winning chances by inviting friends to share two prize pools in two simple steps: register for the event at the Grand Arena, and invite friends and trade.
Battlefields: Once in the Arena, users can pick their battlefields. Up to 30,000 USDT are up for grabs in the Team Battlefield ranked by total trading volume, while another 15,000 USDT is reserved for traders in the Solo Battlefield competing by PnL(%).
More perks: Additionally, top traders and leaders will receive extra perks. Participants will receive a bonus 5 USDT for every new qualified referee, and the first 50 Team Leaders whose team exceeds a threshold amount in trading volume will be entitled to a 100 USDT bonus.
“As trading volumes overall are climbing, we are seeing so many talented traders in our community with a knack for navigating fast-moving markets. This event gives some of them an incentive to share their passion with their friends, and there is room for rewards for the solo trading pros to shine as well,” said Joan Han, Sales and Marketing Director of Bybit.
Market sentiment and activities have been trending up in recent weeks globally, and the enthusiasm is shared among users in niche markets. While traders rush to capture opportunities in a heated market, the Crypto Titans competition encourages users to bring out the best trading game and hone their trading skills for healthier returns.
Find out more about Bybit’s Crypto Titans: November Showdown, terms and conditions apply.
#Bybit / #TheCryptoArk
About Bybit
Bybit is the world’s second-largest cryptocurrency exchange by trading volume, serving over 50 million users. Established in 2018, Bybit provides a professional platform where crypto investors and traders can find an ultra-fast matching engine, 24/7 customer service, and multilingual community support. Bybit is a proud partner of Formula One’s reigning Constructors’ and Drivers’ champions: the Oracle Red Bull Racing team.
For more details about Bybit, please visit Bybit Press
For media inquiries, please contact: [email protected]
For more information, please visit: https://www.bybit.com
For updates, please follow: Bybit’s Communities and Social Media
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Fintech PR
Healthcare leaders gather at House of Commons to discuss productivity-boosting tech with MyStaff app
LONDON, Nov. 15, 2024 /PRNewswire/ — Healthcare leaders from 16 NHS trusts gathered at the House of Commons this week to see how Mid and South Essex NHS Foundation Trust is using a groundbreaking new app that transforms staff access to information vital to their patients’ care.
The MyStaff app uses AI and automation to simplify the management of critical policies and procedures, reducing the time staff spend searching for information from almost 10 minutes to under 30 seconds. Over 12,000 of the Trust’s staff have signed up, and around 1,000 are using the app daily.
With £2bn pledged to help digitise the NHS and bring down waiting lists, such time-saving tech is high on healthcare’s agenda. Trust Chief Executive Matthew Hopkins introduced the session, which was hosted by David Burton-Sampson, MP for Southend West and Leigh, and saw technology strategists and users share their experiences of digitising vital healthcare operations.
Matthew said: “Our Trust is working to make the best use of digital technologies wherever this can help staff to provide the best possible care to our patients. MyStaff app is a versatile and easy-to-use tool that improves our governance processes and makes it easy for staff to access the vital clinical information they need when treating patients.”
The Trust developed MyStaff app with digital innovators Diligram, who have created a digital governance solution that helps ensure staff use the latest policies and guidance when delivering patient care. Document compliance rates have grown from 60% to 98%, whilst projections indicate the app could release 55,000 hours’ worth of staff capacity over 3 years, worth almost £4m in staff costs and giving staff more time on patient-facing care.
Diligram CEO Leslie Golding said: “We have worked closely with the Trust on developing groundbreaking technology that supports our healthcare heroes by simplifying access to essential information. We’re proud to be part of this brilliant example of positive digital change.”
Editor’s notes
- Contact: Rob Benson, 07815098560, [email protected]
- Further images, interviews, site visits available
About MyStaff app
The MyStaff app from digital transformation company Diligram is time-saving tech that offers a mobile-first digital corporate governance solution for healthcare providers.
Web: mystaffapp.io
About Mid and South Essex NHS Foundation Trust
MSE is one of the largest Trusts in the country, serving around 1.2million people. Our values are about delivering excellent, compassionate and respectful care.
Web: mse.nhs.uk
Photo – https://mma.prnewswire.com/media/2558941/MSE_CEO_Matthew_Hopkins_MyStaff_app.jpg
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BEIJING, Nov. 15, 2024 /PRNewswire/ — On November 14, 2024, ThunderSoft (Stock Code: 300496), a world leading OS and intelligent device products and technology provider, and HERE Technologies, the leading location data and technology platform, announced a strategic partnership to enhance collaboration in intelligent navigation and high-definition maps. The collaboration aims to support the efficient development of navigation systems, contributing to a more connected and intelligent mobility ecosystem.
The agreement will see both companies maximize their technical strengths and platform resources for comprehensive, multifaceted cooperation. ThunderSoft’s Aqua Drive OS will integrate HERE location data and services, including HERE SDK, HD Map and autonomous driving solutions. These AI-powered elements, create a foundation for developers worldwide to build intelligent system platforms. Additionally, the partnership will deliver tailored intelligent navigation solutions for international markets, addressing the diverse requirements of automotive manufacturers and consumers.
The companies will also collaborate to develop immersive and interactive 3D high-definition mapping solutions by combining HERE’s map data with ThunderSoft’s Kanzi Map engine, establishing a new benchmark in intelligent driving and navigation.
Deon Newman, Senior Vice President and General Manager of HERE Technologies said, “This strategic partnership with ThunderSoft represents a transformative step in delivering on the potential of AI and software-defined vehicles. By uniting our best-in-class location technology with ThunderSoft’s advanced system capabilities, we will together deliver greater insight and intelligence to every journey, empowering our clients to create richer, more personalized experiences for their customers worldwide.”
Hengshang Chang, Executive President and President of SmartVehicle Business Group of ThunderSoft, highlighted the strategic importance of the collaboration, “Our collaboration with HERE holds immense significance. By integrating HERE’s map data and location platform capabilities with ThunderSoft’s pioneering vehicle OS technology, we aim to develop more competitive, globally-oriented intelligent navigation systems for the automotive industry, enabling automakers to achieve accelerated growth.”
About HERE Technologies
HERE has been a pioneer in mapping and location technology for almost 40 years. Today, HERE’s location platform is recognized as the most complete in the industry, powering location-based products, services and custom maps for organizations and enterprises across the globe. Find out how HERE is moving the world forward at here.com.
About ThunderSoft
ThunderSoft, a well-known intelligent operating system products and technologies provider, has been continuously accumulating and innovating in the operating system field, with its business expanding gradually from smart phone to smart vehicle, AIOT and smart industries. Website: https://en.thundersoft.com
View original content:https://www.prnewswire.co.uk/news-releases/thundersoft-partners-with-here-technologies-to-enhance-intelligent-navigation-solutions-302307004.html
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