Blackline Safety announced it has acquired Ontario-based Swift Labs, an Internet of Things (IoT) design and engineering consulting firm, for $5 million in a combination of cash and shares.
Founded in 2014 by technology experts from Blackberry, Nortel and Apple, Swift Labs leverages its deep technical talent across all aspects of wireless product design and development to help companies connect their products to the cloud. Swift Labs has provided end-to-end service from product design, testing and delivery to customers in global markets. In 2021, Swift Labs generated $4M in revenue serving leading global enterprises.
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 enable Blackline to accelerate its pace of innovation by expanding its product development capacity.
“I am excited to welcome Swift Labs and its people to the Blackline Safety team. Over the last three years of working with Swift Labs, they have proven to be the right partner to help us accelerate our connection of the industrial workplace,” said Cody Slater, CEO and Chair of Blackline Safety. “Swift Labs will accelerate the advancement of our product roadmap, while also providing additional capacity to seek further opportunities to connect un-connected hardware throughout the 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 products and data analytics connects workers through location-enabled wearable devices and cloud-connected monitoring to help its customers drive towards zero safety incidents, improved performance, greater productivity and a stronger ESG profile.
“I’m 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 nation’s top tech talent remains in Canada—one of the reasons I founded this business.”
Slater added, “The acquisition of Swift labs will not only bring us a highly experienced, talented team of IoT professionals, but also a range of monitoring products that will strengthen Blackline’s overall portfolio after integration.”
The transaction closed March 31, 2022 for total consideration, prior to customary adjustments, of $5 million comprised of $3.2 million in cash and the issuance of an aggregate of 270,776 common shares in 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 with the balance eligible for sale 18 months after closing.