Alcumus Acquires Banyard And ContractorCheck Strengthening Its Risk Management And Contractor Safety Offering
On July 1, 2020 Alcumus Group announced that it had made a double acquisition – of Banyard Solutions, the UK-headquartered control of work software provider and the Canadian headquartered ContractorCheck. The terms of the deal were not disclosed. Based on the size of the Banyard and ContractorCheck businesses, which had around eight and 22 employees respectively and standard financial metrics, Verdantix estimates Banyard was acquired for between £1.5 million ($1.9 million) and £2.5 million ($3.1 million), while ContractorCheck was acquired for between CAD 6 million ($4.4 million) and CAD 10 million ($7.3 million).
Over the past 18 months Alcumus has focussed on mergers and acquisitions and internal restructuring to grow its business and product offerings. In August 2019, Alcumus acquired a majority share in Toronto-based, mobile-first EHS software provider eCompliance and in 2018, the Info Exchange and Sypol businesses were merged within the Alcumus Group to provide customers with an integrated EHS, chemical and quality management platform.
The acquisition of Banyard and ContractorCheck is a strong strategic move by Alcumus for two reasons. The first is that the EHS function is transforming from being simply compliance focussed to one managing and mitigating risks for achieving operational excellence. Control of work software helps in ensuring safe operations by integrating data on asset health with worker activities. By integrating Banyard’s control of work offering with its EHS software, Alcumus will be one of the few vendors to offer an integrated risk management solution to customers and take advantage of the $1.4 billion operational risk software market opportunity.
Secondly, the acquisition of ContractorCheck is a solid addition to Alcumus’s existing SafeContractor solution and extends its reach into the North American market. Ninety-one per cent of 284 operations managers in the Verdantix survey stated contractor safety management software to be either ‘very significant’ or ‘significant’ for their firm’s operational excellence initiatives.
For more insights into this dynamic software market, read our recent reports: Smart Innovators: Contractor Safety Management and Buyer’s Guide: Permit To Work Software.