Somen Mondal's field ID startup acquired

Field ID, the start-up led by co-founders Somen Mondal, MBA’06, and Shaun Ricci, was acquired by Master Lock Canada Inc. in February in a deal reportedly worth tens of millions. Since the company’s full-time launch in 2007, it has amassed a roster of more than 300 clients. Field ID offers safety inspection and compliance management software, with iPad and mobile device-based field use applications, to help inspectors, auditors and safety managers perform their jobs. Master Lock is the world’s largest manufacturer of padlocks and related security products for consumers and industry. Its acquisition of Field ID marks its entry into the software market. The cover story in our spring 2010 issue recounted Field ID’s early growth and the involvement of angel investors Greg Cochrane, MBA’74, and former [inaugural] QSB Entrepreneur-in-Residence Paul Hyde, among others. Somen and Shaun were also featured in our winter 2013 issue after they were honoured at Ernst & Young’s prestigious Entrepreneur Of The Year Awards in the “Emerging Entrepreneurs” category. The pair will continue to operate Field ID independently from its Toronto headquarters, with Somen as Vice President, Sales & Marketing and Shaun as Vice President, Technology and Product. “We’ll continue to focus on growing the business, as we have been doing,” Somen explains. “There will be an emphasis on recruitment of new staff and ramping up our offerings, with most of the integration with Master Lock taking place on the sales and marketing sides, effectively doubling our resources in these areas.” Somen and Field ID are definitely going places, so stay tuned for more updates and follow their progress at fieldid.com