EcoOnline acquires StaySafe, a UK specialist in lone worker protection

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.


 * Siw Ødegaard, CFO and Head of IR at EcoOnline, +47 957 59 848,
   [email protected] 


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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© Oslo Bors ASA, source Oslo Stock Exchange

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