Safety Evolution acquired Safety Tech in June 2022, a smaller competitor that had $450,000 in ARR at the time of the deal. According to Brennan, Safety Tech's product was less comprehensive than Safety Evolution's but had development in areas where Safety Evolution wanted to expand. The deal was structured as an all-equity transaction giving Safety Tech shareholders 40 percent of the combined company.
Brennan did not name any other specific competitors in the interview. He referenced observing competitor pricing models, noting that rivals were signing customers on reduced annualized annual contracts, which informed Safety Evolution's own pricing pivot. No financial figures about those unnamed competitors were confirmed by any party in the interview.