Software addresses environment, health and safety risks.
Share:
Press Release Summary:
RiskLedger v2.1 risk management software platform delivers enterprise-wide compliance functionality, and enables companies to capture, manage, and audit incident, accident, environment, and risk data at source. It contains range of modules that allows EH&S risk information to be gathered into central Oracle® database to analyze potential exposure and alert multiple levels of management. Configurable dashboard interface displays real time information of key metrics.
Original Press Release:
EnvironmentIQ(TM) Receives Funding and Launches RiskLedger(TM) Version 2.1
CAMBRIDGE, England, March 7/ --
- Environment, Health and Safety Software Specialist Gathers Together Expertise to Address Rapidly Expanding Productivity and Regulatory Needs for EH&S Risk Management
EnvironmentIQ today announced the availability of RiskLedger Version 2.1, a proactive risk management software platform delivering leading-edge, enterprise-wide compliance and performance management functionality addressing environment, health and safety (EH&S) risks. The company also announced it has received funding of US$15m from Fidelity Ventures and Cazenove Private Equity.
Currently most organisations use fragmented combinations of manual and spreadsheet systems to manage EH&S risk. This is inconsistent with the increasingly demanding regulatory reporting requirements and the consistent enforcement of business best practice. EnvironmentIQ's RiskLedger product is a highly functional, configurable and web-enabled software platform that enables companies to capture, manage and audit incident, accident, environment and risk data at source. Enterprise wide analysis and reporting then drives business best practice and reduces overall regulatory and operational risk.
The worldwide demand for software to support operational risk management is set to take off according to Simon Clark, Fidelity Ventures' London-based partner, "A major factor in controlling operational risk is the approach to environment, health and safety issues. We have been researching this market for some time and believe that companies will require enterprise solutions to deliver transparency for regulatory reporting and process improvement."
"EH&S strategies are important indicators of commitment to continuous improvement and business best practice and so directly impact shareholder value," added Clark. "We're very pleased to support EnvironmentIQ in addressing this market need and believe that the company is well-positioned to become the category leader."
RiskLedger has evolved from a rich set of functional systems originally developed by Cambridge-based information management company Camaxys. Over the last decade Camaxys has delivered EH&S solutions for leading blue chip companies such as Shell, BASF, Invensys and ExxonMobil.
The RiskLedger v2.1 product suite has been built from the Camaxys enterprise scalable technologies and delivers extensive EH&S functionality that is modular and highly configurable. Companies using RiskLedger may address immediate areas of concern such as Incident Management or Risk Assessment and benefit from a scalable platform to address future requirements. The company, EnvironmentIQ, has been created using Camaxys technical expertise and domain knowledge, combined with an experienced commercial team drawn from successful software start-up companies.
"The departmental approach to EH&S reporting, currently used by the majority of companies, is disconnected from the need to proactively manage operational risk," said Mike Hedger, CEO of EnvironmentIQ. "Companies must follow business best practice everywhere. Using RiskLedger they will have a transparent view of EH&S risk across the business, enabling continuous process improvement. The result will be compliance with complex regulatory requirements, a world class safety culture and bottom line impact from increases in productivity and a reduction in operating costs such as insurance premiums. Managing operational risk is an enterprise requirement. This funding will allow us to expand our expertise and operations to meet global needs. " Hedger is a seasoned professional with over 25 years of experience in the software industry. Most recently he was CEO of KVS, an email archiving company that grew to be the category leader prior to being acquired in 2004 for US$225m.
Catrina Holme, Investment Director at Cazenove Private Equity, commented "We are very excited about EnvironmentIQ. Having worked with Mike Hedger at KVS we are confident that we have assembled the best combination of people and technologies to provide world-class solutions which help companies address the ever increasing regulatory burden and reduce overall operational risk."
The RiskLedger suite contains a comprehensive range of modules that allows EH&S risk information to be gathered directly into a central Oracle® database where it can be used to analyse potential exposure, and alert multiple levels of management should immediate action be required. A configurable dashboard interface displays real time information of key metrics. Managers also have drill down capability from the aggregated data to analyse, assess and monitor key activities throughout the enterprise. The product supports multilingual deployment.
Invensys PLC, the global automation and controls group operating in 60 countries with over 30,000 employees has used the software for a number of years. The system has been used as a central information tool for managing critical environment, health and safety data. Invensys said that, "By adopting a uniform approach worldwide a strong signal is being sent that EH&S is just as important as our other financial and operational key performance initiatives and metrics." The system configures for all Invensys requirements including multiple time zone functionality and easy to use web data entry forms in 12 languages including Chinese and Japanese. Invensys' VP of Risk Management, Insurance and Corporate Responsibility said, "We now have a comprehensive safety reporting system that represents best in class in the market." Over the past two years, Invensys has recorded a 50% reduction in total recordable cases.
Andrew Arends, the Chief Strategy Officer of EnvironmentIQ, commented, "Reducing days lost through accidents is a key objective in many companies. It has a direct impact on bottom line productivity. By focusing on a proactive approach to incident management the risk to the business can be dramatically reduced," said Arends. "Tracking incidents, accidents and near misses across the enterprise instils a positive safety culture. RiskLedger can combine actual data with comprehensive risk assessments to enable continual process improvement and prevent potentially devastating accidents."
The economic benefits that come from focusing on operational risk management are extensive. The customer base has deployed the software to address multiple needs, for example a global energy company achieved 3 million man hours free of accidents. Other companies have avoided large regulatory fines by demonstrating a proactive approach to EH&S risk management.
About EnvironmentIQ
EnvironmentIQ is a leading supplier of risk management software focused on Environment, Health and Safety management in the enterprise. The company's flagship product, RiskLedger(TM), provides an integrated platform for controlling risk assessments, managing all types of incidents and alerting and reporting across the enterprise. It is a highly configurable, modular system which can be tailored to track any type of incident including injuries, hazardous substance exposure and asset damage. With extensive
alerting, reporting and analysis ability RiskLedger provides immediate feedback on risk issues. RiskLedger enables continuous improvement across all aspects of Environment, Health and Safety management to ensure compliance, improve productivity and underpin a positive health and safety culture. Visit www.environmentiq.com for more information.
About Cazenove Private Equity
Cazenove Private Equity (CPE) manages an independent GBP234m venture capital fund raised from a combination of leading European institutional investors. CPE targets venture capital investments between EUR5m and EUR25m in Europe's brightest technology, telecoms and media prospects.
CPE brings to bear its capital, networks, experience and expertise to influence the development of its companies. Its focus on growth companies ensures that it is familiar with the challenges faced by companies with these characteristics. CPE works closely with the other stakeholders to generate value within its portfolio companies and to help position the companies to realise that value on exit.
Cazenove Private Equity was voted Venture Capitalist of the Year at the UK Technology Innovation and Growth Awards, 2005. The US$225m sale of KVS to Veritas was voted Exit of the Year at the Investor All Star Awards, 2005.
About Fidelity Ventures
For over 35 years Fidelity Ventures has played a vital role in the development of more than 100 information technology and communications companies including GeoTel Communications, Teleport, COLT Telecom, ONI Systems, WaveSmith, Connected and Airespace. Fidelity Ventures is able to leverage a unique combination of resources, including a global network of CIOs and IT executives, to help portfolio companies accelerate their market entrance at one of the most critical times in a company's life cycle: the Go-to-Market stage. A traditional fund-based venture firm focused on financial returns, Fidelity Ventures currently manages more than US$700 million in venture capital, and invests in US-based companies out of its Boston office, and in European companies out of its London office. For more information, visit www.fidelityventures.com.
Source: EnvironmentIQ
Andrew Barnes, VP Marketing, EnvironmentIQ, andrew.barnes@environmentiq.com, +44-870-220-4844
