Swift Labs Adds Deep Technical Expertise to Blackline’s Product Development Capabilities
Calgary, Canada — Blackline Safety Corp. (TSX: BLN) ("Blackline" or "Blackline Safety"), a global leader in connected safety technology, today announced it has acquired Ontario-based Swift Labs Inc. (“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.
About Blackline Safety
Blackline Safety is a technology leader driving innovation in the industrial workforce through IoT. With connected safety devices and predictive analytics, Blackline enables companies to drive towards zero safety incidents and improved operational performance. Blackline provides wearable devices, personal and area gas monitoring, cloud-connected software and data analytics to meet demanding safety challenges and enhance overall productivity for organizations with coverage in more than 100 countries. Armed with cellular and satellite connectivity, Blackline provides a lifeline to tens of thousands of people, having reported over 177 billion data-points and initiated over five million emergency responses. For more information, visit BlacklineSafety.com and connect with us on Facebook, Twitter, LinkedIn and Instagram.
INVESTOR AND ANALYST CONTACTS:
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Note Regarding Forward-Looking Statements
This press release contains forward-looking statements and forward-looking information (collectively "forward-looking information") within the meaning of applicable securities laws relating to, among other things, Blackline's assessment that the acquisition will accelerate Blackline’s pace of innovation and expands its product development capabilities, Blackline's belief that the acquisition will help with the innovation of its connected safety portfolio to unite all elements of the industrial workplace through technology, Blackline's assessment of other acquisition opportunities, that the transaction will maximize the reach of Blackline's services, while ensuring that the nation’s top tech talent remains in Canada. Blackline provided such forward-looking statements in reliance on certain expectations and assumptions that it believes are reasonable at the time, including expectations and assumptions concerning business prospects, transaction benefits and opportunities, customer demands, the availability and cost of financing, labor and services, that Blackline will pursue growth strategies and opportunities in the manner described herein, and that it will have sufficient resources and opportunities for the same, or that other strategies or opportunities may be pursued in the future, and the impact of increasing competition. Although Blackline believes that the expectations and assumptions on which such forward-looking information is based are reasonable, undue reliance should not be placed on the forward-looking information because Blackline can give no assurance that they will prove to be correct. Forward-looking information addresses future events and conditions, which by their very nature involve inherent risks and uncertainties, including the risks discussed in Blackline's Management's Discussion and Analysis and annual information form for the year ended October 31, 2021 and available on sedar at www.sedar.com. Blackline's actual results, performance or achievement could differ materially from those expressed in, or implied by, the forward-looking information and, accordingly, no assurance can be given that any of the events anticipated by the forward-looking information will transpire or occur, or if any of them do so, what benefits Blackline will derive therefrom. Management has included the above summary of assumptions and risks related to forward-looking information provided in this press release in order to provide readers with a more complete perspective on Blackline's future operations and such information may not be appropriate for other purposes. Readers are cautioned that the foregoing lists of factors are not exhaustive. These forward-looking statements are made as of the date of this press release and Blackline disclaims any intent or obligation to update publicly any forward-looking information, whether as a result of new information, future events or results or otherwise, other than as required by applicable securities laws.