Ideagen Acquires Damstra Technology, Doubling Down On The Australasia EHS Software Market

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Ideagen Acquires Damstra Technology, Doubling Down On The Australasia EHS Software Market

On January 29th 2024, Ideagen, a UK-based EHS, quality, risk and collaboration software provider announced that it has moved closer to acquiring Damstra Technology, an EHS software vendor listed on the Australian Securities Exchange. The Melbourne-headquartered firm, which has annual revenues of AUD $30 million, was purchased for an equity value of approximately AUD $70 million.

Founded in 2002 as a labour hire organization, Damstra adds a new dimension to Ideagen’s already broad portfolio of EHS products. Positioned as an enterprise protection platform (EPP), Damstra has solutions for asset management, EHS learning, safety management, access control and connected workers. The vendor raised $10 million in Series A funding in 2018 and was later acquired by Vault Intelligence for $59 million in 2020. An important differentiator for the vendor is its focus on connected worker solutions via the Damstra Solo solution. This specialist capability strengthens Ideagen’s offering for firms with a significant lone worker presence, particularly mining and metals, shipping and ports, and construction organizations.

Moreover, the deal reaffirms Ideagen’s strategic focus on the Australasia software market. As evidence, the firm has now acquired five Australia-based vendors since the start of 2023 – Damstra Technology, Plant Assessor (January 2024), Op Central (November 2023), Lucidity (October 2023) and OnePlace Solutions (May 2023).

Ideagen has one of the most aggressive acquisition strategies in the EHS software market. Its string of deals, orchestrated by private equity owners Hg Capital, demonstrates the firm’s commitment to building a formidable portfolio of EHS products. Since October 2022, Ideagen’s major EHS-focused acquisitions are: ProcessMAP, a Florida-based EHS software firm; DevonWay, an EHS, quality and asset management software vendor suited to large enterprise firms; and Lucidity, an Australian EHSQ software provider aimed at the mid-market.

Consequently, unless you’ve been paying close attention to market news, understanding Ideagen’s current EHSQ offering is no easy task. Ideagen recently disclosed to Verdantix its overarching strategy, which can be found in the Verdantix report Strategic Focus: The State Of The EHS Software Market In 2024. In short, Ideagen has developed a three-tiered EHS software offering, directing perspective EHS customers to either Ideagen DevonWay, Ideagen EHS (formerly ProcessMAP) or Ideagen Lucidity.

The question remains, how will Damstra fit within this strategy? Verdantix expects Ideagen to use its well-trialled framework to integrate acquired solutions, starting with creating a consistent look and feel for users. For more insights on the latest EHS software market news, visit our website.
Senior Analyst

Chris is a Senior Analyst in the Verdantix EHS practice. His current research agenda focuses on EHS software, product compliance software and digital mental health and wellbeing solutions. He was also the lead author of the most recent Verdantix EHS Software Green Quadrant benchmarking study. Chris joined Verdantix in 2020 and has previous experience at EY, where he specialized in robotic process automation (RPA). He holds an MEng in Engineering Science from the University of Oxford, with a concentration on machine learning and machine vision.