Odin to Acquire Fellow Proptech Startup Verfico Technology
Both firms focus on construction workplace compliance and risk mitigation
By Philip Russo January 28, 2025 9:00 am
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Odin is set to announce Tuesday that it is acquiring Verfico Technology in a stock transfer deal. The combined companies will be known as Odin, with headquarters in New York City, said Odin CEO Doug Carney, who will remain chief executive of the new firm. Matt DeSarno, CEO at Verfico, becomes president and chief operating officer at Odin.
Founded in 2020, Odin’s platform provides a suite of tools for workforce visibility and compliance that includes onboarding and credential management at job sites, as well as training to ensure full compliance with what’s expected from a job’s requirements, said Carney.
Odin has partnered with Verfico, a provider of wage assurance and compliance technology for the construction industry, since the latter’s inception in November 2022.
“We’re acquiring Verfico as a means to further build our next suite in a direction that allows for us to tie payroll value to the data that’s been collected in Odin so far,” said Carney. “We treat this as very much a merger of the two businesses, because we have a lot of natural alignment and it made sense for us to differentiate our product, based on the fact that this wage assurance piece is going to become very prevalent in the next few years.”
The combined companies are on track to close 2025 with approximately $5 million in revenue, according to Odin’s acquisition announcement.
At the job site, Odin’s technology uses facial recognition and badge identification to track workers clocking in and out, giving the back office real-time visibility on who is present, Carney said.
“Odin also has functionality to be able to record more data from the site for our customers,” he added. “So, in the case of different types of daily reports, daily logs, incident reports, different types of productivity tracking — all that data is collected inside Odin through the on-site teams to be able to understand what work was performed and who did the actual work. We also have the ability to communicate with the workforce in ways that teams struggle with, including text messaging and emails to individuals to notify them of certain situations on the job site.
“This data then flows from our system in the form of reports into Verfico, where it’s validated. The payroll data that’s collected is able to be used to understand how many hours and what work is being performed on the job site.”
Verfico’s technology, then, adds to Odin’s platform to help construction companies protect against wage theft and litigation, said DeSarno.
“Our piece is the wage assurance piece, which, when added to Odin, covers the worker from the day he gets to the job site to the day he gets his paycheck,” explained DeSarno. “This is important to protect owners and general contractors from subcontractors who may be underpaying workers, or in some cases ripping off our customers, because the worker wage piece and the labor cost portion of a job is the part that we don’t typically have clear cost information on.”
The evolving role of technology in workforce transparency and risk management, particularly in federally backed infrastructure and construction projects like the $1.2 trillion in federal investments from initiatives like the Infrastructure Investment and Jobs Act (IIJA) and CHIPS Act, presents the construction industry with unprecedented regulatory complexity.
Hoping to capitalize on the massive market shift, the Odin-Verfico merger will include the launch of Odin 3.0, an end-to-end worker-level compliance platform. Designed for high-growth sectors such as data centers, critical infrastructure and affordable housing, Odin 3.0 enables project owners, general contractors and subcontractors to manage workforce compliance, credentialing, and wage assurance in one place.
“With Odin 3.0, we’re delivering a powerful solution that combines advanced technology with unmatched expertise, helping our clients navigate complex regulatory landscapes, while building safer and more efficient projects,” Carney said in a statement.
Philip Russo can be reached at prusso@commercialobserver.com.
CORRECTION: The projected 2025 revenue for the combined firms was updated to $5 million.
