Safetec Compliance Systems Over Subscribes in $2.2M Raise
The EHS software market is growing despite a difficult economy due to huge changes in how toxic chemicals are stored and managed.
Vancouver, WA (PRWEB) December 7, 2010
Safetec Compliance Systems, a Vancouver, Washington based Software as a Service (SaaS) company, has successfully closed its Series ‘A’ preferred investment round. Initially targeted at $1.25M, strong investor interest resulted in an oversubscription at $2.2M. Safetec provides web-based chemical and regulatory compliance solutions to organizations globally, with an emphasis on (M)SDS management, chemical inventory, environmental reporting and sustainability. Safetec’s leading technologies are designed to reduce costs and simplify compliance while protecting employees and the environment. The company prides itself on delivering the industry’s most advanced software technologies combined with an absolute focus on customer success.
Even in a recovering economy, Safetec’s message was well received by its angel investors, said Jim Frohlich, Safetec’s President and CEO. “We are happy to add to Safetec’s community of investors. We’re operating in an EHS (Environmental, Health and Safety) market that is undergoing huge changes, especially in terms of how toxic chemicals are viewed and managed. This is resulting in many opportunities for the application of software technologies that pragmatically solve chemical lifecycle issues. With this capital infusion and Safetec’s continuing delivery of new technologies and services we expect to return to our historical pattern of growing sales in excess of 50% per year.”
Safetec operates in a market that is experiencing multiple new demand generators, including the rapid worldwide adoption of GHS, the continuing rollout of REACH in the European Union, the U. S. Administration’s strong focus on OSHA and EPA initiatives and compliance, a broad and growing corporate adoption of sustainability initiatives and more.
Pragmatic application of new software technologies and services to drive down the costs of implementing and operating systems for managing chemical compliance is Safetec's focus. By tracking on-hand inventories, eliminating redundancy and lowering overall toxicity through the use of better alternatives, Safetec helps companies reduce the costs of maintaining state, U. S. and international regulatory compliance, while improving long term sustainability and profitability.
About Safetec
Safetec delivers (M)SDS management and chemical compliance solutions to over 20,000 users at hundreds of companies worldwide. For its diverse customer base, Safetec provides user-friendly, web-based chemical inventory management, (M)SDS management and authoring, an extensive domestic and international regulatory database, 24-hour emergency chemical response, on-site chemical inventory analysis and GHS transition services.
To help clients lower costs, meet compliance needs and protect both their employees and the environment, Safetec offers a configurable blend of advanced technology, content and expert services. Delivering the industry’s most advanced technologies and providing the highest level of customer support have maintained Safetec’s 98% customer retention rate. For more information on Safetec’s chemical management solutions, please visit http://www. safetec. net or call (888) 745-8943.
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