PICS Auditing Raises $35M Minority Equity Investment from Norwest Venture Partners
PICS Auditing, an Irvine, California-based SaaS and tech-enabled services business, raised a $35m minority equity investment from Norwest Venture Partners.
In conjunction with the investment, Norwest Venture Partners’ Jon Kossow and Rob Arditi joined PICS’ board of directors.
The company intends to use the capital to expand into new sectors and geographies, as well as develop new product offerings.
Founded in 2003 and led by John Moreland, CEO, PICS Auditing provides corporations with tools to manage the contractor screening and credentialing process. The company serves a number of blue-chip clients across a variety of industries such as aerospace, chemical, construction, energy, food & beverage, government, manufacturing, mining, oil & gas, pharmaceutical, pulp & paper, telecommunications and waste management. Clients include United Technologies, BASF, Shell, Huntsman, AES, Imperial Oil, Timken, Cintas, L’Oreal, BP, Roquette, Boise, Motorola and Cummins, among others.
PICS has offices in Houston, Texas; Calgary, Canada; Abu Dhabi, UAE; Johannesburg, South Africa; Maidenhead, U.K.; Munich, Germany; Paris, France; Sao Paulo, Brazil; Sydney, Australia; Singapore; Tokyo, Japan and Hong Kong, China.