Operating Segments

12 Months Ended

Dec. 31, 2019

The Company operates as one operating segment based upon the similar nature of its technology-driven companies, the functional alignment of the organizational structure, and the reports that are regularly reviewed by the chief operating decision maker for the purpose of assessing performance and allocating resources.

As of December 31, 2019, the Company held ownership interests accounted for using the equity method in 13 non-consolidated companies. During 2019 we ceased using the equity method of accounting for Hoopla Software, Inc. and T-REX Group, Inc. as a result of other new investors diluting our interest. We have retained our ownership interests in those companies under the Other accounting method.

Certain of the Company’s ownership interests as of December 31, 2019 and 2018 included the following:



	Safeguard Primary Ownership as of December 31,
Company Name	2019	2018	Accounting Method
Aktana, Inc.	17.8%	18.9%	Equity
Clutch Holdings, Inc.	41.2%	41.2%	Equity
Flashtalking, Inc.*	10.1%	10.1%	Other
InfoBionic, Inc.	25.2%	25.4%	Equity
Lumesis, Inc.	43.5%	43.7%	Equity
MediaMath, Inc. **	13.3%	13.4%	Other
meQuilibrium	32.7%	33.1%	Equity
Moxe Health Corporation	29.9%	32.4%	Equity
Prognos Health Inc.	28.7%	28.7%	Equity
QuanticMind, Inc.	24.2%	24.2%	Equity
Sonobi, Inc.	21.6%	21.6%	Equity
Syapse, Inc.	20.0%	20.0%	Equity
T-REX Group, Inc.	13.7%	21.1%	Other
Trice Medical, Inc.	16.6%	17.4%	Equity
WebLinc, Inc.	38.5%	38.5%	Equity
Zipnosis, Inc	37.7%	34.7%	Equity

* Spongecell, Inc. merged into Flashtalking in January 2018.

** The Company sold 39.1% of its ownership interest back to MediaMath Inc. for $45 million of proceeds in July 2018.

As of December 31, 2019 and 2018, all of the Company’s assets were located in the United States.