By: The Veriforce Team
Discover the transformative journey of Veriforce, from a pivotal merger to becoming the
largest supply chain risk management network in the world.
When Veriforce grew five times its size within five years, it took dedication, collaboration, and an
unwavering, systemic commitment to a profound mission: Bringing workers home safe from
high-hazard jobs. It’s this mission that drives Veriforce CEO, Colby Lane and his team every single day.
This exponential growth started in 2018 with a conversation over dinner (including frog legs),
between Colby and the team at Thoma Bravo, one of the largest software investors in the world.
At the time, Colby was the CEO of PEC Safety, after acquiring it through a surge fund. PEC Safety
was an industry-leading, risk-management company that provided a technology-enabled
contractor management service for reporting and measuring contractor risk, safety, and
compliance information to hiring clients.
This is the story of how the merger between PEC Safety and Veriforce in 2019 became the
driving force behind the creation of the largest supply chain risk management network in the
world, known today as Veriforce.
A Race Against Time
The conversations that happened that night (over frog legs) were profound. Both Colby and
Thoma Bravo knew that in order to maximize the potential of global supply chain safety and
sustainability, they had to create a significantly larger company that offers a more comprehensive
solution and extend their reach. To do this, Thoma Bravo took just one month to become the
majority investor in PEC Safety, winning the bidding race through a thoughtful approach, sound
strategy, a solid offer, and good old-fashioned hard work.
This deal deepened PEC’s core capabilities, allowed them to expand into other verticals, and
broaden its software and content offerings. It also gave Colby the backing he needed to pursue
expansion opportunities.
Just three months after that deal was signed, PEC Safety merged with Veriforce, to create a new organization with a unified mission of reducing risk in hazardous work environments.
The Merger: A Game-Changing Partnership
The merger of PEC Safety and Veriforce marked a significant milestone in pursuing enhanced
safety and compliance within the supply chain industry. By combining their expertise and
resources, these two organizations created an unrivaled platform that addressed the evolving
needs of customers.
With an MBA from Stanford University, Colby Lane has the DNA of an entrepreneur and the brain
of a CEO. Combining those with a deep-rooted commitment to safety and a keen eye for
innovation, he was instrumental in forging the partnership. Colby recognized the potential for
collaboration to push the boundaries of what can be achieved in the field of supply chain safety
and sustainability. His vision paved the way for this transformative merger and Thoma Bravo
worked closely with him to clear his path.
Unleashing the Power of Synergy
The merger leveraged the strengths of both organizations, creating a powerful synergy that
benefits customers, workers, and the industry as a whole. The comprehensive platform that
emerged from this collaboration offered end-to-end solutions, from prequalification to contractor
management, safety training, and compliance.
By integrating the best practices and technologies from PEC Safety and Veriforce, the new
platform streamlined workflows, enhanced data analytics, and delivered unparalleled insights
into supply chain safety and compliance. It empowered organizations to mitigate risks effectively,
reduce incidents, and ensure regulatory compliance, fostering a culture of safety across the
industry.
In the annals of supply chain safety history, the merger of PEC Safety and Veriforce will be
remembered as a pivotal moment—a transformative event that paved the way for a new era of
safety excellence.
But the “new” Veriforce didn’t stop there. Since the merger in 2019, Veriforce has completed
three additional acquisitions: ComplyWorks (Africa, Canada), CHAS (U.K.), and Global Worker
Pass.
Shaping the Future
The building of the current Veriforce is not merely a series of business deals—it is a catalyst for change. These organizations’ combined expertise and capabilities will reshape the landscape of supply chain safety and compliance, setting new standards for the industry.
As we bid farewell to the traditional silos of supply chain safety and compliance, we welcome the
dawn of a comprehensive platform that will revolutionize how we approach safety. In the end, it is
the dedication, collaboration, and unwavering focus on the well-being of workers that defines the
success of Veriforce.
Check out this Thoma Bravo Podcast featuring Thoma Bravo Partner Hudson Smith and Veriforce
CEO, Colby Lane, and discover more “behind the scenes” details about the Veriforce / PEC
Safety merger.
