ICG Group, Inc. has joined with MSDSonline Inc. to buy out all other shareholders of the company.
Chicago, IL – April 3, 2012 – MSDSonline Inc. (www.MSDSonline.com), a leading developer of cloud-based EH&S compliance management solutions, today announced that ICG Group, Inc. (Nasdaq: ICGE) has joined with the management team of MSDSonline to buy out all other shareholders of the company.
The ownership change will keep existing MSDSonline management in place while providing the company with additional support and resources to continue to expand its leadership position in the Environment Health & Safety compliance management space.
The MSDSonline solution integrates a robust suite of capabilities – material safety data sheet (MSDS) management, chemical inventory management, and environmental and regulatory reporting – into one easy-to-use and affordable system. In addition to these core hazardous chemical management features, EH&S professionals can also add supplementary regulatory compliance capabilities such as injury and illness recordkeeping, on-demand workplace training and compliance education tool kits, and can access these solutions through a single sign-in.
ICG (www.icg.com) acquires and builds cloud-based software and services companies that drive enterprise productivity and reduce transaction costs. Founded in 1996, ICG devotes its expertise and capital to maximizing the success of its platform companies, which are delivering cloud-based software and services worldwide.
According to the Occupational Safety & Health Administration (OSHA), more than 5 million facilities in North America handle hazardous chemicals. Understandably, with the mounting pressure to move toward sustainable products and processes, many of those facilities are looking for ways to reduce their hazardous chemical footprint. MSDSonline’s solution is designed to help its rapidly growing customers base better understand the composition of the chemicals in their workplace and to help them manage their hazardous chemicals in order to lower the risks from possible exposures.
OSHA recently announced its adoption of the Globally Harmonized System (GHS), which changes the way chemical hazards are classified and communicated. As a result, businesses are about to be flooded with changes to current MSDS documents and labels that must be revised, rewritten and republished to comply with new GHS regulations and the revised hazard communication standard.
“MSDSonline is well positioned to continue to help EH&S professionals utilize technology to streamline regulatory compliance responsibilities, while at the same time, mitigate the risks associated with workplace hazards,” said Glenn Trout, President and CEO of MSDSonline. “Now more than ever, as hazard communication requirements are becoming harmonized around the globe, safety professionals in virtually every industry, are looking to technology solutions to help manage compliance and ensure the safety of their workforce,” said Trout.
“The ICG team provides extensive expertise in the cloud-based software arena and shares our vision for continued growth and expanding our leadership position. This partnership will continue to fuel our mission to provide our customers with innovative EH&S compliance management solutions and the highest quality service to help them operate more cost-effectively.”
“The continued growth of MSDSonline’s client base and the high client renewal rate is a testament of the real value that its solutions bring to market,” said Walter Buckley, CEO of ICG. “ICG is partnering with MSDSonline because we recognize that they are the clear leader in delivering ground-breaking solutions to the safety market. We are confident we can help MSDSonline continue to build off of
its strong foundation and broaden its market presence.”
About MSDSonline
Founded in 1996 and based in Chicago, MSDSonline is a leading provider of cloud-based EH&S compliance solutions, offering products and services for managing safety data sheets, reporting workplace incidents, training employees and administering other critical EH&S information. The company’s mission is to provide sustainable solutions that help customers improve employee safety, streamline compliance recordkeeping and reduce potential exposures to workplace hazards and risks. MSDSonline has been recognized for the last six years on Inc. magazine’s list of America’s 5,000 fastest-growing private companies. More information is available online at www.MSDSonline.com and on the official company blog at www.MSDSonline.com/blog.
About ICG
ICG Group, Inc. (Nasdaq: ICGE) identifies, capitalizes and grows companies in the cloud-based software and services sectors. These companies transform the way business is done by enabling enterprises to increase efficiencies and improve and automate critical processes. ICG leverages its unique expertise to carefully identify companies based on their potential to become market-changers and market-leaders. ICG is focused on building profitable businesses in these sectors by infusing them with management expertise, strategic and operational guidance, as well as growth capital.
Media Contacts:
Brad Harbaugh
MSDSonline
312.881.2855
bharbaugh@MSDSonline.com
Karen Greene
ICG
610-727-6900
karen@icg.com
