EcoOnline 2021 Annual Report: Growth and product improvement

EcoOnline 2021 Annual Report: Exponential growth and significant product improvement

Published June 10, 2022

3 minute read

2021 was a year of significant developments for EcoOnline through expansion, investments, innovation, organizational evolution, and financial positioning.  

EcoOnline’s goal of protecting people and the environment has translated into a record year for annual recurring revenue (ARR) sales growth both from new customers and existing, captured unprecedented upsell opportunities, and accomplished an impressive array of acquisitions. Driven by solid operational evolution, successful investments, and increased market tailwinds, EcoOnline grew its ARR by 37% in 2021, reaching NOK 434 million.   

2021 Highlights all contributing to strong growth and the creation of a substantial foundation for further expansion and scaling: 

  • Annual Recurring Revenue (ARR) reached NOK 434 million 
  • The organization was strengthened by more than 150 employees 
  • Launch of state-of-the-art industry agnostics EHS platform including 100 new key features and products 
  • IPO Euronext Growth 24 March 2021 
  • 4 acquisitions  

In addition to the many operative highlights, the 2021 Annual Report leaps into EcoOnline’s history books as the first report prepared following the International Financial Reporting Standards (IFRS). The IFRS standards are well known to result in a better quality of financial information, all in line with EcoOnline’s goal to achieve transparency, accountability, and efficiency.  

The IFRS adoption resulted in an increase in revenue of NOK 4.6 million, a reduction in operating expenses of NOK 0.8 million, a reduction in depreciation of NOK 136.6, and an increase in financial costs of NOK 2.3 million.  

Introducing EcoOnline’s 2025 Sustainability Plan 

Another important strategic step for the company was establishing its ESG standards and initiating a 2025 Sustainability Plan that includes internal operational changes ensuring EcoOnline’s responsible operations, covering themes from climate action to diversity. But as important, the plan also focuses on how EcoOnline’s business solutions and services significantly impact creating safe, healthy, and sustainable workplaces.  

During 2021 EcoOnline’s customers completed more than 400 000 risk assessments and reported 230 000 incidents - a valid proof that EcoOnline’s sustainability efforts go beyond responsible operations, governance, and compliance by creating awareness, preventing injuries, saving lives, and avoiding costs. 

The year of bringing everything and everyone together under the same roof 

Investment in product development and improved user experience are essential parts of EcoOnline’s organic growth strategy. In 2021 over 100 new and enhanced functions and modules were launched, resulting in a fast-growing customer base that, by the end of the year, counted 7 100.  

To ensure a consistent design and user experience across all applications, 2021 was also the year EcoOnline updated its look and feel. All their innovative and easy-to-use solutions moved under the same roof. Together with a new visual identity and a new logo that connects the story behind the birds for safety with EcoOnline’s mission of helping their customers create safe, sustainable, efficient, and attractive workplaces through user-friendly SaaS tools.  

Strengthening position as a market leader through strategic investment 

EcoOnline has become a leading European EHS SaaS company based on strong organic growth and a successful M&A strategy. The company has experienced a compound annual growth rate (CAGR) of 45% since 2017. During this period, EcoOnline has established clear market leadership in Norway, Sweden, Denmark, and Finland, with a strong market position in the UK and Ireland and growing business in Germany and the US. 

EcoOnline’s position as a market leader was also promoted by the 2021 release of the Green Quadrant EHS software report. The global research and advisory firm, Verdantix recognized EcoOnline as a leader in the EHS software industry. 

EcoOnline’s growth journey continued throughout 2021, resulting in the acquisition of four companies that strengthened their position in the Nordic and UK/Ireland and introduced new offerings within Learning Management and Crisis Management. 

Through entering new markets and geographies, the company attracted more than 150 new talented professionals to its team. This represents a strong build-up of the R&D, Sales, and Marketing departments and strengthening central functions like HR, IT, Finance, Corporate Development, and Compliance. 

Bright outlook 

New technologies and changing employment patterns catalyzed by the Covid pandemic force companies to make their workplaces safe and sustainable. Megatrends within the EHS area, such as new risk thinking, worker wellbeing, and mental health, have continued to shape the world of work. Today, businesses across Europe and the US are responding to the fact that an increased focus on human capital and sustainability will increase their bottom line through enhanced market performance, improved reputation, employee engagement, attraction of talent, and improved financing and insurance offerings. All of which leaves the marketplace with a growing demand for effective and user-friendly EHS software tools.  

Notably, most prospective clients still use manual and paper-based systems for their EHS tasks. EcoOnline estimates between 70–90% whitespace remain in the market, reflecting that most potential customers are not using EHS software tools... yet. 

In 2022, EcoOnline will continue to invest in innovative and progressive technologies which will fuel their mission of building solutions that help its customers secure safe and sustainable workplaces while cultivating its overall safety culture. 

This is EcoOnline 

EcoOnline Holding is a European EHS Software-as-a-Service (SaaS) market leader dedicated to developing software that creates safer and more sustainable workplaces while ensuring compliance and sustainability. EcoOnline has offered a positive contribution to customers and society for more than 20 years and has, in 2021, taken an even stronger position as an enabler of safe workplaces and sustainability for its more than 7 100 customers and 517 employees.  

EcoOnline is headquartered in Norway and has operations through fully-owned subsidiaries in Norway, Sweden, Denmark, Finland, the UK, and Ireland and business in the US and Germany. 

Today, hundreds of thousands of users are logging into EcoOnline’s software solutions to reduce exposure from potential hazards and risks in the workplace, enhance environmental performance, meet regulatory requirements, and take responsibility for accident prevention. 


Author Helene Brodersen

Helene works as Head of ESG & Sustainability. She is passionate about connecting EcoOnline's solutions with the higher purpose of creating safer and more sustainable workplaces for people and the environment. As a former journalist, she dedicates her writing to translating complex topics into easy-to-read and engaging stories. Helene also holds a degree in Sustainability.

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