EcoOnline fourth quarter and year-end 2021 results

EcoOnline fourth quarter and year-end 2021 results

Published March 2, 2022

2 minute read

EcoOnline continues its growth journey and is reporting annual recurring revenues (ARR) at the year-end 2021 of NOK 434 million, with a year-over-year (YoY) growth of 37% and Full Year (FY) 2021 revenue growth of 41% with a proforma revenue of NOK 454 million.

EcoOnline, the leading European EHSQ SaaS provider of digital solutions for creating safer, healthier and more sustainable workplaces, is reporting strong performance in all areas confirming the foundation for long-term profitable growth. 

- I am proud that we continue to add value and sustainability to our customers with our products, in addition to bringing in substantial competence and new offerings through acquisitions. We have a solid growing team, with a common purpose to protect people and the environment and an even more robust platform for continuing our growth journey in 2022 and forward, says Göran Lindö, CEO of EcoOnline.

Key highlights for the fourth quarter and full-year 2021

  • NOK 434 million in ARR at the end of Q4 2021, up 37% YoY (23% organic growth)
  • Q4 2021 recurring revenue of NOK 102 million (up 32% YoY), and FY 2021 recurring revenue of NOK 373 million (up 45% YoY)
  • Acquisition of the leading Norwegian EHS eLearning and Access management company Munio AS in Q4 2021.
  • 4 acquisitions in 2021 in total, bringing stronger UKI and Nordic position and key new offerings
  • NOK 365 million cash, providing a strong financial platform for further organic growth
  • EUR 114.5 million credit facility, securing financing of potential further acquisitions

Reaching 7 100 customers 
EcoOnline entered 2021 with a new brand and user experience, many new products, and improved upsell and cross-sell modules. During the year, more customers choose EcoOnline due to the broad platform offering, resulting in 1 187 new customers (where 752 are acquired organically, and 435 through acquisitions).

A robust and solid outlook
In 2021 EcoOnline took a broad leap in its geographic reach through four acquisitions. By acquiring Engage EHS, Pilotech and Chymeia, EcoOnline strengthens its UKI and Nordic position and key new offerings.

In Q4, EcoOnline acquired Munio, a Norwegian company providing EHS eLearning and Learning Management Systems (LMS) with product extension into access and contractor management. Munio has a solid customer portfolio of larger manufacturing and chemical processing companies and is a strategic step for EcoOnline towards further German expansion. 

EcoOnline ended the year with a strong financial position. With 365 million cash at year-end, EcoOnline has a strong financial platform for further organic growth. And in addition, a credit facility of EUR 114.5 million is to be used on potential additional acquisitions. 

Investing in building a sustainable organization
EcoOnline has invested significantly in attracting new talents to build a future-proof organization. Last year 153 employees joined EcoOnline, mainly in sales, marketing and R&D functions, but also in supportive and administrative functions, like Finance, Corporate Development, Compliance, and HR. 

In addition, the company has been investing in data intelligence systems, like CRM, ERP HR systems, and customer insights solutions. 

- We have a robust financing situation, with good cash and debt facility. A sustainable approach for long-term growth, and organically, organizationally, and financially well prepared to reach our goal of NOK 1.1 billion by 2025, says Siw Ødegaard, CFO at EcoOnline.

Click here for complete report and recorded webcast.

For more information, please contact:
Siw Ødegaard, CFO and Head of IR of EcoOnline
Tel: + 47 95 75 98 48

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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