Solv sold to US company

0
282
Solv Team
Solv Team. Image supplied

On 27 July 2021, US-based company Health & Safety Institute (HSI) announced it had acquired Solv Solutions, a leading injury, safety and health management software company, based in Perth.

Solv has been one of Perth’s most successful ‘built from the ground up’ B2B tech stories.

Starting out of a spare bedroom – like all good startups are – in 2009 founder Glen McIvor spent 5 years building the business before break-out growth in 2014-15, when sales doubled. Back then, it was called ‘Injury Connect’, and was a software package that helped employers capture, manage, and report on their workplace injuries.

In 2016, the business took out the overall Business News Rising Stars Award, and had notable clients including Bunnings, McDonalds, Kmart, Arnotts and BHP.

The re-branded Solv platform now includes injury and claims management, occupational health and safety management, and the sale to HSI means all their HSI customers will be able to use a combined platform as an all-in-one solution for employee and workplace health and safety.

Glen McIvor, ‘Chief Solver’ of Solv calls HSI a “natural fit” for what Solv provides.

Glenn McIvor

After building the business for more than a decade, it’s comforting to know that (HSI and SOLV) share a common vision, culture and focus on delivering exceptional customer outcomes. We look forward to building a bigger and better future together.

Glen McIvor

This is the second acquisition by HSI in the Australian market in the last eighteen months, augmenting its 2020 acquisition of Donesafe, a leading safety management and EHSQ compliance provider. These solutions and organisations form the foundation for the go-forward HSI business operations in the region.

General Manager and Co-founder of Donesafe Matt Browne is excited about the merger and believes that “joining forces with (Solv) (will) better serve all of (their) combined customers”.

The combined platform streamlines the end-to-end business needs of companies that need to manage employee safety, regulatory compliance and occupational health.

Matt Browne

The story of the deal

Earlier this year, Australia Post was looking for a new online safety and injury management solution.

This gave Glen the idea to try something different, so he used LinkedIn to reach out to his biggest competitor, Donesafe. The theory was that while Donsafe could do the safety part of the tender best, Solv could do the injury side. Combined, they could work together to provide a fantastic solution for Aussie Post.

The two companies got talking and Donesafe mentioned that they had been bought out by a US company called HSI in 2020 and that HSI may be interested in talking to Solv.

It all then happened very fast. The next week I had a call with the HSI team in the US, the week after I sent them financials, the week after that they presented an offer and in four weeks we had some negotiation and agreed on a deal.

We then had 6 weeks of due diligence and a couple of weeks to finalise the contract before closing the deal in July. Solv will now be merged with Donesafe to deliver amazing safety and injury management solutions to large Australian companies.

Glem McIvor

Glen says he will be “hanging around” to help with the merger, while Solv’s Chief Operating Officer (COO) Neil Mogridge has been appointed Managing Director of the new, merged company.

To read more about Solv and the solutions they offer, click here.