Blackline Safety Acquires Swift Labs to Expand Product Development Capability
Blackline Safety has announced the acquisition of Ontario-based Swift Labs, an Internet of Things (IoT) design and engineering consultancy, for $5 million in cash and stock.
Founded in 2014 by technology experts from Blackberry, Nortel and Apple, Swift Labs leverages deep technical talent in all aspects of wireless product design and development to help companies connect their products to the cloud. Swift Labs provided end-to-end service from product design, testing and delivery to customers in global markets. In 2021, Swift Labs generated $4 million in revenue serving leading global companies.
The acquisition of Swift Labs advances Blackline’s strategy to connect workers through technology by enhancing our industry-leading product development expertise. The acquisition will allow Blackline to accelerate its pace of innovation by expanding its product development capability.
“I am delighted to welcome Swift Labs and its staff to the Blackline Safety team. Over the past three years of working with Swift Labs, they have proven to be the right partner to help us accelerate our connection instead. industrial workplace,” said Cody Slater, CEO and President of Blackline Safety. “Swift Labs will accelerate the advancement of our product roadmap, while providing additional capability to seek out new opportunities to connect unconnected hardware across the entire industrial workplace.”
“The acquisition of Swift Labs positions us to better serve our global customers and help them redefine the future of industrial work through technology,” added Slater.
Blackline’s suite of data analytics and products connects workers through location-based wearable devices and cloud-connected monitoring to help its customers achieve zero safety incidents, improved performance, greater productivity and a higher ESG profile. strong.
“I am thrilled to have found such a strong synergy with Blackline Safety with overlapping values, cultures, growth strategies and commitment to ESG policies,” said Lara Swift, Founder and CEO of Swift Labs. “Joining forces with a global market-leading company like Blackline will maximize the reach of our products and services, while ensuring that the country’s best tech talent stays in Canada, one of the reasons I founded this company.
Slater added, “The acquisition of Swift Labs will not only bring us a highly experienced and talented team of IoT professionals, but also a suite of monitoring products that will strengthen Blackline’s overall portfolio post-integration.
The transaction closed on March 31, 2022 for total consideration, before customary adjustments, of $5 million, consisting of $3.2 million in cash and the issuance of a total of 270,776 common shares of the capital of Blackline. The shares are subject to a contractual lock-up whereby 50% of the shares are eligible for sale six months after closing and the balance eligible for sale 18 months after closing.