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Olive spends £8m buying software firm SafetyBank

Paul Withers
June 30, 2014

Vodafone Platinum Partner makes its tenth acquisition in two years, with chief executive Martin Flick describing it as a ‘game-changer’ 

Olive Communications has completed its 10th acquisition in two years – buying risk management software as a service (SaaS) firm SafetyBank Solutions in a deal rumoured to be worth around £8 million.

The Vodafone Platinum Partner, which manages more than 120,000 mobile connections and 2,500 business customers, has acquired the entire issued share capital, as well as the intellectual property rights.

Olive chief executive Martin Flick (pictured), who declined to discuss the fee, described the company as a “game changer” and Olive’s most significant acquisition to date.

SafetyBank, provides businesses in various sectors, such as construction, the ability to record, monitor and manage their health and safety requirements using a secure online portal.

Flick said the acquisition will enable Olive to provide “business-critical” applications to companies employing field-based workers.

He confirmed Olive will retain the SafetyBank brand and its 20 staff, including the 15-strong application development team. They will relocate from the head office in Hatfield, Hertfordshire, to Olive’s new 10,000 sq ft HQ, which opened last month in the same town.

SafetyBank chief executive Jody Kennedy joins Olive as its chief technology officer. Olive chairman Mark Geraghty and chief executive Martin Flick join Kennedy in becoming directors of SafetyBank.

Flick said: “This is our 10th acquisition in two years and it is the most significant in terms of our broader-managed services strategy.”

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