Ensuring a safe workplace
EcoOnline at a glance
EcoOnline is a EHSQ provider of SaaS solutions for chemical management and occupational safety, helping businesses to comply with complex regulations and ensuring a safe workplace for workers across sectors, company size, and geographies. By year-end 2021, the company had over 7 100 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 with the ambition to become a holistic EHSQ software provider at a PanEuropean scale.
- Year acquired
- 2017
- Sector
- SaaS/Compliance
- Location
- Norway
- Website
- http://www.ecoonline.com
- Investment theme
- Tech-Enabled Transformation
- Contact
- christian.melby@summaequity.com
Key developments in 2021
EcoOnline increased ARR and revenue through various organic initiatives and the acquisitions of Engage EHS, Chymeia, d Pilotech and Munio. The company also expanded and improved their EHS Software offering a lot, adding key functionality within chemical, training and health and safety and Environment management. Furthermore, EcoOnline was listed at the Euronext Growth stock exchange in Oslo, Norway, raising NOK 500m of primary capital to support further organic and inorganic growth.
What are the challenges EcoOnline addresses
-
38.8m
workdays lost in the UK alone to non-fatal workplace accidents and diseases
-
25%
of the EU healthcare costs are related to cancers developed as a result of workplace related exposure
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 (SDG 12). Another outcome of using this platform is increased employee engagement, knowledge and productivity (SDG 8) through a well-designed user experience.
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 their employees and reducing the negative impact on the environment.
How big is the effect, and does it last?
With low churn and a growing customer base (>7 100 customers per end of 2021), 425k risk assessments were carried out with the use of EcoOnline products in 2021. These helps mitigate the potential of workplace injuries, illnesses, and accidents. The company creates a lasting effect by complementing its SaaS solution with a complete educational platform, including EHS e-learning courses and micro lessons, classic classroom courses, events, seminars, and webinars.
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. The absence of such a solution could imply higher costs, less efficient and less safe workplaces as well as poorer compliance 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. There is a strong link between operational success and impact.
