14.6.2022 13:36:48 CEST | EcoOnline | Non-regulatory press releases

Oslo, 14 May 2022 | EcoOnline AS ("EcoOnline"), a subsidiary of EcoOnline Holding AS, has today acquired StaySafe Limited, (“StaySafe” or “the Company”), a Software as a Service (“SaaS”) company.

StaySafe offers remote monitoring, panic alerts and other solutions designed to protect lone or at-risk workers (e.g., workers who face out-size risk and/or who primarily work alone, like delivery drivers, field service professionals, health aides, and home workers).

StaySafe’s platform includes an innovative and award-winning smartphone app and cloud-based monitoring solution which provides personal safety and security for workers. The easy-to-use app tracks location in real-time, enabling employees to check-in safely and request immediate assistance in an emergency. StaySafe also has several options for wearable device integration, and monitoring can be performed in-house or outsourced to response services in the relevant region.   

StaySafe is based in London and was established in 2012 and has 35 employees at present. It has market presence in the UK, Ireland, the USA, Canada, Australia, and New Zealand, and has reported strong ARR and customer growth over several years, with an average of 28% ARR growth last 4 years. With over 40 000 users in over 850 organizations, StaySafe can count amongst its loyal customer base blue chip customers such as Nokia, KPMG, Skanska, and GE. StaySafe reported GBP 3.1 million in ARR at close of Q1 2022. 

EcoOnline has acquired all shares in StaySafe at the amount of GBP 24.2 million, of which GBP 19.7 million was paid in cash at closing and GBP 4.7 million are to be paid at a later stage whereof c. GBP 2 million may be settled in EcoOnline Holding AS shares. There is also an earn-out component related to net new ARR growth from April 2022 to January 2023. The acquisition is funded by a combination of EcoOnline’s cash reserves, and a EUR 17.6 million loan provided by Ture Invest AS through the credit facility established in 2021. 

EcoOnline's CEO, Göran Lindö, states: "Our mission in EcoOnline is to protect people and the environment. In StaySafe, we have found a team where the protection of people is in their DNA, and we see great potential for future joint growth and innovation. We believe StaySafe’s solution is at the forefront of Lone Worker protection and marrying it with our user-friendly EHS and chemical safety suite is an attractive match. Together, we will bring StaySafe’s product to our 7 100+ customer base in the UK, Ireland, the US, and the Nordics, while offering our own broad EHS platform to StaySafe customers, creating a best-in-class on and off-site worker safety solution." 

“We’re delighted to become part of EcoOnline. For our customers EcoOnline's significant resources will allow us to accelerate the development of the StaySafe Lone Worker product and offer some exciting new best-of-breed EHS solutions. EcoOnline’s greater market access will allow us to accelerate our growth, particularly in areas where we have little presence. I think it’s a great fit for our people, the Company, and our clients,” says Don Cameron, CEO of StaySafe.

Contacts

  • Siw Ødegaard, CFO and Head of IR at EcoOnline, +47 957 59 848, siw.odegaard@ecoonline.com

About EcoOnline

EcoOnline is a European EHSQ SaaS market leader dedicated to developing software creating safer & sustainable workplaces while ensuring compliance and environmental sustainability. EcoOnline has offered a positive contribution to customers and society since its inception and is a leader in the Nordics, UK and Ireland with customers also in US and many other countries. The company has a clear history of successfully acquiring and integrating companies with same level of employee engagement as EcoOnline.

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