PSI buys HSEQ assets, stake in software business

PSC Insuranece Group Pty Ltd (PSI) has bought Perth-based health, safety, environment and quality (HSEQ) consultancy Ultimate Safety Solutions Australia’s (USSA) business assets and a 75% interest in the owner of SafeX software, Eden Software Pty Ltd’s (Eden), for $698,000.

PSI said in an ASX statement that, in addition to its HSEQ consultancy services, USSA also provided clients with the SafeX software to help with HSEQ management and compliance.

PSI’s majority stake in Eden was considered “highly complementary” to its PSC workers’ compensation business and would enhance its capability in that area.

It would give PSC “a unique offering” in the industry and PSI believed its growing client base would benefit from the enhanced service.

PSI would own 70% of the consultancy business, to be named PSC Safex, and a key staff member would hold the remaining shares.

PSI would own 75% of the shares in Eden Software Pty Ltd while the developer of the SafeX application would own the rest. The acquisition would be funded via cash resources.