LEADING supply chain risk management software supplier Avetta has received regulatory approval for its acquisition of Newcastle-based Pegasus.
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The US company says its acquisition of workforce software specialist Pegasus for around $160 million accelerates its global growth strategy and creates the largest provider of supply chain risk management and compliance solutions, with 150,000-plus suppliers and more than 4 million managed workers.
Pegasus provides software and services for 3.5 million workers at Australian corporates including Woolworths, helping them to pre-qualify workers and manage sites across a raft of industries. Avetta's software focuses on on the risk management of suppliers and contracting companies.
Pegasus offices will become the base of operations for Avetta in Australia and New Zealand.
Pegasus CEO Adam Boyle will lead the Avetta team toward further expansion in the Australia-New Zealand market. Boyle and current Pegasus investor, Accel-KKR, are now equity investors in Avetta.
The NSW Minister for Jobs, Investment, Tourism and Western Sydney, Stuart Ayres, said the success of Pegasus is a testament to the strength of innovation, "not just in major cities but also in regional areas like Newcastle. It's proof that the right idea can come from anywhere."