Medgate, a provider of SaaS-based environmental, health and safety risk management solutions, announced it has raised an undisclosed investment led by the growth equity team at U.S.-based Norwest Venture Partners. Joining the strategic round are Canadian investors Georgian Partners and BMO Financial Group. Medgate has offices in Toronto and Palo Alto, California. As part of the financing, Jon Kossow and Rob Arditi, respectively general partner and partner at Norwest, have joined the company’s board. Medgate said the funds raised will support product expansion, analytics innovation, and strategic acquisitions to accelerate growth.
(Correction: A previous version of the summary above misidentified Jon Kossow. He is a general partner at Norwest Venture Partners.)
Medgate Announces Strategic Investment from Norwest to Accelerate Growth
Rapidly Growing Global Provider of SaaS-Based EHS Risk Management Solutions to Strengthen Market Leadership and Fuel Innovation
TORONTO, ONTARIO and PALO ALTO, CALIF. – March 23, 2016 — Medgate, the leading global provider of SaaS-based Environmental, Health, Safety (EHS) risk management solutions, announced today that it has received a large strategic investment led by the growth equity team at Norwest Venture Partners, a global multi-stage investment firm with more than $6 billion in capital under management. Norwest is joined by Georgian Partners, a Canadian-based growth equity firm that invests in expansion-stage software companies, and BMO Financial Group, one of Canada’s premiere financial institutions.
This transaction will catalyze further product expansion, analytics innovation, and strategic acquisitions to accelerate growth and strengthen Medgate’s market leadership in the enterprise EHS software market. As part of this transaction, Norwest’s Rob Arditi and Jon Kossow, Georgian Partners’ Steve Leightell, and industry veteran Shanti Atkins of NAVEX Global will join Medgate CEO Mark Wallace on the board of directors.
“Today’s significant investment from Norwest is a testament to our leading position in the EHS market, dedication to customer satisfaction, product innovation, award-winning employee engagement, and sustained profitable growth over many years,” said Mark Wallace, CEO of Medgate. “The Norwest and Georgian teams are uniquely equipped to help take our company to the next level due to their deep industry expertise and strategic resources.”
Medgate is one of the largest and fastest-growing EHS businesses in the industry, offering a SaaS-based solution that captures, tracks, and reports essential corporate data pertaining to environmental, health and safety management. Its unrivaled multi-tenant and purpose-built technology platform with subscription-based pricing, rapid deployment, deep functionality, and broad product capabilities make it a one-stop shop for a growing number of Global 2000 and mid-market enterprise customers who can now rest well at night trusting their EHS data management needs to Medgate.
“We’ve been watching the EHS software industry for several years and found Medgate uniquely positioned in the market based on its sheer scale, multi-tenant SaaS product offering, strong ROI to customers, unwavering commitment to sustainable workplaces, and exceptional management team,” said Rob Arditi, partner at Norwest. “Medgate is a powerful force in mitigating workplace risks, and we look forward to supporting the company as it continues to grow.”
“Medgate’s innovative SaaS platform allows organizations to understand risk exposures in the workplace before incidents occur.” said Steve Leightell, principal at Georgian Partners. “We’re excited to be joining the team and look forward to helping further accelerate their adoption of Applied Analytics for workplace risk.”
Due to ever-increasing complexity in global EHS and sustainability standards, and the importance of risk management in the workplace, the market for Medgate’s solutions is larger than ever. According to industry research firm Verdantix, the market is nearly $1 billion today and growing by double digits year over year. Medgate helps some of the world’s most respected enterprises measure environmental impact, mitigate workplace injuries and illnesses, and navigate complex regulatory requirements while improving organizational productivity. Enterprises of all sizes seek out Medgate as the go-to educational and trusted authority on EHS management to help their companies become healthier, safer, and more sustainable workplaces.
Medgate leverages its cutting-edge SaaS-based technology and broad EHS product suite to partner with organizations around the world to effect meaningful change in the way environmental, health, and safety is managed. Medgate stands by its customers as they attain performance goals, reduce EHS risks, enhance corporate productivity, and create a healthier workforce. The company has received many accolades for its strong employee culture and outstanding growth rate including recognition as one of Canada’s Best Managed Companies; being shortlisted for the Canadian Chamber of Commerce’s Private Business Growth Award; and being named by Aon Hewitt as one of the Best Employers in Canada.
About Norwest Venture Partners
Norwest Venture Partners is a global venture capital and growth equity investment firm that manages more than $6 billion in capital. The firm targets early to late stage venture and growth equity investments across a wide range of sectors including: technology, information services, business services, financial services, consumer products/services and healthcare. Headquartered in Palo Alto, Calif., Norwest has offices in San Francisco and New York, and subsidiaries in Mumbai and Bengaluru, India and Herzelia, Israel. The firm has funded more than 575 companies since inception. For more information, please visit www.nvp.com. Follow Norwest on Twitter @NorwestVP.
About Georgian Partners
Georgian Partners is a thesis-driven growth equity firm investing in SaaS-based business software companies. Founded by successful entrepreneurs and technology executives, Georgian Partners leverages our global software expertise to be able to directly impact the success of companies. For more information, visit www.georgianpartners.com.
Photo courtesy of Medgate