Battery Ventures has announced that it has acquired Enviance, a cloud-based environmental, health, and safety management software company. Battery Ventures is an investment firm that has raised over $4.7 billion to date. Battery will continue to grow Enviance by maintaining its focus to improve regulatory compliance and operational risk management. The terms of the deal were undisclosed. More details below:
CARLSBAD, Calif.–(BUSINESS WIRE)–Enviance, a leader in cloud-based environmental, health and safety (EH&S) management software, is being acquired by Battery Ventures. Terms of the transaction were not disclosed.
Battery—a global investment firm that has raised more than $4.7 billion to date—plans to continue to grow Enviance by maintaining the company’s focus on helping customers with regulatory compliance, operational risk management and promoting efficiency, cost savings and performance improvement. Enviance counts many Fortune 500 companies as customers in industries such as oil and gas, chemicals, utilities and manufacturing; many of these companies trust Enviance to help them comply with federal and state environmental regulations such as the Clean Air Act and Clean Water Act.
“We are excited about the growth opportunity at Enviance. As one of the first software-as-a-service (SaaS) EH&S solutions, the company has established a leadership position in this large and growing market,” said Dave Tabors, a Battery general partner. Tabors said Enviance can grow by continuing to leverage its solutions in the environmental segment of the market, as well as newer offerings for health and safety. Battery also hopes to complement the company’s existing technology through highly strategic acquisitions that will broaden the company’s product set.
Research firm Verdantix recently estimated that companies spent $584 million on EH&S software in 2014. The market should exceed $1 billion by 2019, according to the firm.
Leading the overall growth effort at Enviance will be David Muse, a longtime software-industry executive, who has been named the company’s new chief executive. Muse was most recently the chief operating officer of P2 Energy Solutions, a leading provider of software- and data-management tools to the oil and gas industry. At P2, he drove 13 consecutive quarters of sales growth and client expansion.
“Enviance has been a visionary in this market for years, and we will continue the company’s track record of innovation,” Muse said. “One area we’re excited about it is our new mobile applications that allow companies to capture data through smartphones and tablets. It’s just one example of the growth potential we see here, driven by a high-quality team and a healthy market.”
Muse added that, working with Battery, Enviance will maintain its strong commitment to serving existing customers through continued enhancement of the core platform, experienced implementation and services teams and dedicated customer support.
Enviance is a leading provider of cloud-based environmental, health and safety (EHS) software, leveraging cloud computing technology to deliver its platform online in real-time—anytime, anywhere and enterprise-wide. Enviance’s comprehensive solutions have been developed, tested and proven by serving the world’s leading corporations and government organizations for over a decade. As the world business community faces increasing sustainability challenges, Enviance enables organizations to measure, manage and report their critical EHS data. Founded in 1999, privately-held Enviance is based in Carlsbad, California. To learn how companies leverage Enviance, visit www.enviance.com
About Battery Ventures
Battery invests in cutting-edge, category-defining businesses in markets including software and services, Web infrastructure, e-commerce, digital media and industrial technologies. Founded in 1983, the firm backs companies at stages ranging from seed to buyout and invests globally from offices in Boston, the San Francisco Bay Area and Israel. Follow the firm on Twitter @BatteryVentures, visit our website at www.battery.com and find a full list of Battery’s portfolio companies here.