BROWZ Merges With Avetta
Draper, Utah-based BROWZ, which provides supply chain management and contractor management services, has merged with Orem, Utah-based Avetta, a provider of supply chain management software. Financial terms of the merger were not announced. Avetta is owned by private equity investor Welsh Carson Anderson & Stowe. According to the companies, the merger was financed through Avetta's major shareholders, which include Welsh, Carson, Anderson & Stowe (WCAS), Technology Crossover Ventures (TCV); and, Norwest Venture Partners (NVP). BROWZ's existing shareholders, Melkonian Capital and Long Ridge Equity Partners, also will roll over "a portion" of their investment into the new company. The combined firm says it has more than 85,000 customers in over 100 countries. Financial terms of the merger were not announced. The combined company will be led by John Herr, the CEO of Avetta.
posted on Friday, February 15, 2019
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