EcoOnline, the leading European EHSQ SaaS provider of digital solutions to create safer and more sustainable workplaces, reports good financial performance. Driven by strong operational developments, successful investments, a solid financial platform, and increased market tailwinds.
CEO Göran Lindö summarizes EcoOnline’s third quarter by highlighting the adjustment in the company’s growth forecast, with an annual recurring revenue (ARR) increase of NOK 100 million.
“Our confidence in the growth potential in the EHSQ market, supported by our ability to continuously introduce new solutions to meet the rapid changes in the environmental, health, and safety area, is reflected in the increase of our 2025 target, from NOK 1.0 billion to NOK 1.1 billion,” says CEO Göran Lindö at EcoOnline.
EcoOnline reported 51 percent year-on-year revenue growth and an LMT proforma revenue of NOK 427 million. The ARR grew by 35 percent to NOK 408 million, driven by strong organic growth and acquisitions.
Strong financial position through lower interest rates
Another highlight from the latest quarterly financial results is the agreement for the complete refinancing of its current debt at highly improved terms through ESG linked notes.
“The new agreement lowers interest rates on current EUR 35.5 million debt and gives us an additional M&A financing facility of EUR 114.5 million. The agreement is thus reducing our financial costs significantly and providing the financial framework for us to be able to deliver on our M&A strategy. Also, with NOK 435 in cash at the end of Q3 is providing a strong financial platform for further organic growth,” says CFO Siw Ødegaard at EcoOnline
Solid offering development
Businesses across Europe and the US are responding to new requirements and regulations aimed at protecting their workers’ health and safety and the environment. Most prospective clients are still using manual and paper-based systems for their EHS tasks, and EcoOnline estimates a ‘white space’ of perhaps as much as 80 percent.
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EcoOnline is a leading provider of Environmental, Health, Safety and Quality (EHSQ) software solutions. For over two decades, EcoOnline has been dedicated to developing software creating safer & sustainable workplaces while ensuring compliance and environmental sustainability.
Today EcoOnline helps more than 7,000 customers, in 86 industries, to effectively spot risks and incidents, take corrective actions and protect employees, contractors, customers and the public.
Supported by 500 purpose-driven employees based in Norway, Sweden, Denmark, Finland, Ireland, the UK, and the US, EcoOnline enables companies to create healthier, safer, and more sustainable working places.