ToolWatch Acquires Safety Reports, a Leading Safety and Compliance Management Solution Provider for the Construction Industry

Acquisition Reinforces ToolWatch's Integrated Solution for Customers to Manage their Assets and Operations Broadly, while Managing Operational Risk.

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ToolWatch

Feb 24, 2022, 13:49 ET

DENVER, Feb. 24, 2022 /PRNewswire/ -- ToolWatch, the leading provider of tool tracking and construction operations management software, today announced the acquisition of Safety-Reports.com, Inc., an innovator in mobile safety management and compliance solutions for construction, manufacturing, and other safety-related industries. The acquisition extends ToolWatch's reach to include safety performance, reporting and compliance, issues that are mission-critical in this space.

"ToolWatch has been the industry leader in tool and equipment tracking software since it created the category over three decades ago, and we continue to aggressively innovate our offerings. The ToolWatch platform has evolved to include broader operations management software to meet the increasingly complex needs of our customers. Expanding our solution into safety and compliance management was a logical next step," said Jay Martin, CEO of ToolWatch. "The joining of these two organizations supports ToolWatch's mission to offer a full suite of software solutions that address the diverse needs of construction companies, enabling our customers to improve operational efficiency in a safe and compliant manner."

Since 2011, Safety Reports has worked with customers throughout North America to create safe and compliant worksites, and its customers have created over 20 million safety observations. Safety Reports' software helps customers maintain compliance with key regulatory bodies, such as OSHA, and manage operational risks by enabling users to perform safety audits and jobsite inspections, track employee training, identify compliance gaps, meet reporting deadlines, document incidents, and verify corrective actions. These tools improve employee health and safety, help mitigate legal and financial liability, and reduce risk for customers.

"ToolWatch has demonstrated how their commitment, experience, and excellence in construction software can help us achieve our goals and further expand our offerings," said Chet Slump, co-founder and CEO of Safety Reports. "We look forward to continuing to pursue product enhancements and innovation, as well as continuing to invest in the great team we have built at Safety Reports who operate with a customer-first mindset every day."

With the increasing velocity of infrastructure improvements occurring across the nation, job site safety and the practices and technology that support it, are more important than ever. Safety Reports' suite of applications is ideal for the construction industry, where safety professionals are not consistently present on site with the front-line workers in active, ever-changing field conditions. By bringing the two platforms together, customers will receive a deeper view into the performance of their organizations while providing a safer workplace and reducing time lost from safety violations.

"We are absolutely thrilled about this partnership which will ensure the highest level of service and deliver the best possible products for our customers for many years to come," said Steve Polich, co-founder and president of Safety Reports.

As the transition progresses, Safety Reports employees will join ToolWatch, increasing their understanding of the markets ToolWatch serves. Jay Martin will serve as CEO of the combined entity.

The Riverside Company, a global growth-oriented private equity firm, is the majority investor in ToolWatch and provided additional capital to fund this strategic combination.

About ToolWatch
For more than 30 years Denver-based ToolWatch has helped companies manage tools, equipment, materials, and consumables. Easy to use and delivered through a powerful, flexible platform, ToolWatch securely stores critical information on all field and warehouse operation assets so companies can run their businesses more efficiently, more cost–effectively, and more profitably. Today, construction industry leaders across the globe use ToolWatch to manage their inventories and logistics. Cloud-based and intuitive, the system uses one centralized database to provide fast but secure access to real-time operations data across field, warehouse, and back office teams. With a strategic investment in 2021 from The Riverside Company, a global private equity firm, ToolWatch will continue building on its position as the construction industry's first and most comprehensive operations management platform. For more information about ToolWatch, visit www.toolwatch.com.

About Safety Reports
Founded in 2011, Safety Reports is a privately held company that provides cloud-based SaaS (software as a service) mobile safety management solutions serving the construction, general industry, insurance, and safety consultant markets throughout the US and Canada. A 2021 member of the Inc. 5000, Safety Reports is headquartered in Omaha, Nebraska. Complementing traditional safety practices, the suite of Safety Reports applications enables organizations to centrally manage all safety activities while putting information in the hands of the people who need it. To learn more about Safety Reports, visit Safety Reports.com.

SOURCE ToolWatch