Toronto Startup Field ID Acquired by Master Lock Canada
Master Lock Canada is acquiring Toronto-based N4 Systems, the startup behind Field ID, a provider of safety management software.
Field ID will become a complementary offering in Master Lock’s Life Safety business. The Canadian startup’s software-as-a-service product offering gives customers around the the ability to manage safety more efficiently and effectively with the use of mobile apps and the web.
“Field ID’s comprehensive system for digitizing safety management tasks and information is not only an excellent complement to Master Lock’s current Lock-Out / Tag-Out offering, but also provides an organization broader safety audit and compliance tools,” explains Franco Daino, vice president of life safety at Master Lock Company. “With the acquisition of Field ID, we are well-positioned to execute against our vision of a successful Life Safety program.”
According to Master Lock Canada, Field ID will continue to operate independently from its Toronto headquarters but will leverage Master Lock’s sales and marketing capabilities.
Field ID was founded by Somen Mondal and Shaun Ricci in 2006, though it didn’t become a full-time venture until 2007 and didn’t raise angel funding until 2008. The 2012 Ernst & Young Entrepreneur of the Year Award winners are now 33 years old.
“Modern safety management includes using the latest technology,” says Somen. “With the popularity of mobile devices and acceptance of software-as-a-service, we’ve seen tremendous growth here at Field ID. Together with Master Lock, we expect exponential growth in the adoption of Field ID among safety professionals around the world.”
“Safety compliance is a very documentation-heavy and challenging process,” adds Shaun. ” Completely automating and simplifying safety compliance has always been a very ambitious goal of ours.”
According to Field ID, revenue growth has been upwards of 100% annually. The startup has more than 300 paying commercial customers, with about 75% of those being in the US.
Terms of the acquisition were not disclosed.
