EcoOnline

Ensuring a safe workplace

Company details

Year Aquired

2017

Location

Norway

Revenue (2019)

234 mSEK

Sector

SaaS/Compliance

Employees

228

Investment Themes

Tech-Enabled Businesses

Contact

If you want to know more about EcoOnline please contact Joakim Sundby Johansen at: joakim.johansen@summaequity.com

EcoOnline is a HSEQ provider of SaaS solutions for chemical management and occupational safety, helping businesses in the Nordics, UK and Ireland to comply with complex regulations and ensuring a safe workplace for workers across sectors, company size, and geographies. The company currently has over 6,000 customers, where more than 80% of revenues are recurring with low churn. The company has built a strong position as the market leader in the Nordics and Ireland and has an ambition to become a holistic HSEQ software provider at a Pan-European scale.

 

Key developments in 2019

EcoOnline experienced an eventful 2019 with multiple organic and inorganic value creating initiatives. Highlights include the launch of the new solution “Safety Manager”, a comprehensive SaaS solution for workplace safety. Additionally, the company strengthened its position by acquiring one of Sweden’s leading HSEQ software providers, Nordic Port. With a strong Nordic platform, EcoOnline is set for further expansion into new geographic markets and product segments.

Impact Dimensions

The challenges we face

A substantial share of companies with exposure to chemicals in the workplace fail to comply with EU legislation. This means that employees and communities may be exposed to various types of substances that are harmful to human health and/or to the environment. Occupational health and safety are moving into the spotlight, as regulatory requirements, environmental concerns and production standards such as ISO certification, take hold. Although aware of the risks, many companies find it difficult and costly to ensure compliance.

For public and private sector employers, that means a growing need to manage health and environmental responsibilities in the workplace, proactively and comprehensively. Within this field, chemicals management in particular stands out as an important area of competence required.

 

m
workers die each year from occupational accidents and work related diseases
k
cases of work-related cancer occur each year as a result of exposure to carcinogens at work in the EU

 

What is the outcome?

EcoOnline contributes to good health and well-being (SDG 3) by facilitating a safer workplace through control and handling of chemicals and incidents. Handling chemicals correctly also reduces the negative environmental impact of hazardous emissions (SDG 12). By combining high-end technology (like AI and machine learning) with the flexibility that lies in user-experience design, EcoOnline delivers a user-friendly tool tailored to fit every need in the market. The EcoOnline Platform delivers a flexible offering for all segments and markets where the customer can grow organically within a system of wide variety of applications and services with similar design and build. The outcome is increased employee engagement and productivity (SDG 8).

 

Who are the stakeholders?

EcoOnline's safety and chemical management solutions help companies in the Nordics, UK and Ireland by providing safer working conditions for its employees and reducing negative impact on the environment.

 

How big is the effect, and does it last?

With low churn (<4%) and a constantly growing customer base (839 new customers in 2019, growing the base to +6,000) EcoOnline was able to conduct 2.9 m risk assessments in 2019. Risk assessments minimize the potential of workplace injuries, illnesses and accidents occurring by reviewing and recommending control measures. Further, knowledge and education are key to create sustainable, safe and healthy working environment. By offering a complete educational platform, from classic classroom courses, to events, seminars and webinars, EcoOnline has contributed to build and increase employee engagement through knowledge. By introducing webinars, more than 6,000 additional workers participated in the courses during 2019, versus 2018.

 

If EcoOnline didn’t exist…

The company has an unmatched position in the Nordics; 20 years of history, strong local knowledge, and efforts in R&D have resulted in multiple benefits for companies, their employees and local environment, that potentially would not have otherwise been present if it were not for EcoOnline. In that case, that would imply higher costs and less efficient and unsafe workplaces not compliant with regulations.

 

Impact risk: what can go wrong?

Risks of EcoOnline not delivering the desired impact include less usage of the platform, stagnating growth in new customers, technological complications and loss of local know-how. These risks are underpinned by the strong link between operational success and impact.

 

Year Aquired

2017

Revenue (2019)

234 mSEK

Employees

228

Investment Themes

Tech-Enabled Businesses

Sector

SaaS/Compliance

Location

Norway

Contact

If you want to know more about EcoOnline please contact Joakim Sundby Johansen at: joakim.johansen@summaequity.com

Website

Video

SDG Alignment
SDG Wheel
SDG 12
SDG 3
SDG 8
KPI reporting
SDG 8

REVENUE (SEKm)

2019
+39%
234
2017
169
SDG 8

PEOPLE TRAINED

2019
+506%
10k
2018
2k

Risk Assessments

2019
+16%
2.9m
2017
2.5m

REGISTERED USERS

2019
+13%
305K
2018
270K

Learn more about EcoOnline

EcoOnline finds a perfect match in the UK to fuel further growth

EcoOnline expands and strengthens its comprehensive and easy to use health and safety SaaS solutions by acquiring Airsweb – a leading provider of premium Environmental, Health and Safety (EHS) software to large enterprise customers. Together, EcoOnline and Airsweb will be a leading EHS SaaS supplier for all customer sizes in Northern Europe. Airsweb is based…

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EcoOnline secures new capital from Goldman Sachs and Summa Equity to realize further international ambitions

EcoOnline AS, a leading European software company helping customers optimize safe handling of chemicals and ensure occupational safety, will expand further internationally with new financing from Summa Equity and Goldman Sachs Merchant Banking Division. EcoOnline is a leading provider of workplace health and safety software which focuses on reducing the negative impact chemicals can have…

Read the story

EcoOnline finds a perfect match in the UK to fuel further growth

EcoOnline expands and strengthens its comprehensive and easy to use health and safety SaaS solutions by acquiring Airsweb – a leading provider of premium Environmental, Health and Safety (EHS) software to large enterprise customers. Together, EcoOnline and Airsweb will be a leading EHS SaaS supplier for all customer sizes in Northern Europe. Airsweb is based...
Learn more

EcoOnline secures new capital from Goldman Sachs and Summa Equity to realize further international ambitions

EcoOnline AS, a leading European software company helping customers optimize safe handling of chemicals and ensure occupational safety, will expand further internationally with new financing from Summa Equity and Goldman Sachs Merchant Banking Division. EcoOnline is a leading provider of workplace health and safety software which focuses on reducing the negative impact chemicals can have...
Learn more