Summa Equity acquires stake in health and safety software EcoOnline
EcoOnline, a European software company helping customers optimise safe handling of chemicals and ensure occupational safety, has received funding from Summa Equity and Goldman Sachs Merchant Banking Division.
Summa Equity and Goldman Sachs Merchant Banking Division signed an agreement on 18 February 2020 which secures new capital from Summa Equity Fund II and Goldman Sachs Merchant Banking Division. They will each acquire a 33 per cent ownership in EcoOnline from selling shareholders, which include Summa Equity Fund I and Viking Venture. Both will remain shareholders in the company.
The capital will help the company expand further internationally. EcoOnline is a provider of workplace health and safety software which focuses on reducing the negative impact chemicals can have on humans and the environment, enabling its customers to easily comply with complex regulations, according to the company.
Founded in 2000 and headquartered in Oslo, EcoOnline serves over 6,000 customers and employs over 230 employees in Norway, Sweden, Denmark, Finland, UK and Ireland. The company provides workplace health and safety software which focuses on reducing the negative impact chemicals can have on humans and the environment, enabling its customers to easily comply with complex regulations.
“We are thrilled to have the continued engagement and expertise of Summa Equity while adding Goldman Sachs as a key shareholder to provide further support for our sustained growth in existing as well as new international markets,” EcoOnline CEO, Göran Lindö said.
“In our next wave of growth, we are excited to have a new, strong, responsible and ambitious ownership team, and new capital to help us build on our vision and realise our European leadership ambition within chemical management and occupational safety solutions,” added Lindö.
“We are proud of what we have accomplished in EcoOnline during our 2.5-year ownership. We have focused on future-proofing the company by strengthening the organisation, investing in R&D and executing several add-on acquisitions to help EcoOnline expand its Health, Safety, Environment and Quality (HSEQ) services and presence in Europe. We are very happy about that Summa Equity continues as a majority shareholder. EcoOnline’s purpose and value creation potential show that returns and sustainability can go hand-in-hand, a central pillar in our investment strategy,” said Christian Melby, partner at Summa Equity and board member of EcoOnline.
“Having backed EcoOnline since 2014 we are thrilled to have Goldman Sachs and Summa Equity Fund II join as investors. The company is now ready to become the clear European leader in HSE software,” said Erik Hagen, managing partner of Viking Venture.
“EcoOnline is a pioneer within workplace safety software and is exceptionally well placed to benefit from and drive the trend towards safer and more sustainable workplaces. We look forward to working with the company and other shareholders over the coming years to support the company’s organic and acquisition-based growth,” continues Goldman Sachs Merchant Banking Division Partner, Michael Bruun.
The transaction remains subject to antitrust approval. Arma Partners acted as exclusive financial advisor to EcoOnline’s selling shareholders and Marks Baughan Securities acted as financial advisor on the investment for Goldman Sachs Merchant Banking Division and Summa Equity.