- Lloyd’s Register is acquiring Ocean Technologies Group to expand its digital solutions in the maritime industry.
- The acquisition supports LR’s goal to lead in maritime software and aid in the industry’s energy transition.
- The deal is expected to finalize in Q4 2024, pending regulatory approvals.
Lloyd’s Register Group (LR), a global provider of maritime services, has agreed to acquire Ocean Technologies Group (OTG) from Oakley Capital, a European private equity firm. This acquisition marks a significant step in LR’s ambition to become a leader in digital solutions for the maritime industry, reports LR.
Expanding Capabilities in Maritime Software
OTG provides essential training, compliance, operational, and HR software to over 1,000 shipowners and more than one million seafarers globally. With this acquisition, LR will integrate OTG’s solutions into a combined fleet of over 30,000 vessels, enhancing its service offerings in the maritime sector.
This acquisition follows LR’s previous strategic purchases, including OneOcean in 2022 and a 50% stake in ISF Watchkeeper in 2023. These moves are part of LR’s broader strategy to expand its digital capabilities and offer comprehensive solutions to the maritime industry.
Supporting the Energy Transition
The acquisition of OTG aligns with the International Maritime Organization’s (IMO) revised Greenhouse Gas strategy, which aims for net-zero emissions from international shipping by 2050. LR plans to provide a complete energy transition solution, from advisory services on alternative fuels to training seafarers on their use.
LR aims to combine OTG with its growing digital business, LR OneOcean, to create one of the largest software platforms in the maritime industry. This platform will help accelerate the digital transformation of the maritime sector.
Leadership Perspectives
Nick Brown, CEO of LR, emphasized the transformative nature of the acquisition, “This is a really transformative acquisition for LR and our clients and reinforces our focus on maritime. For over 260 years we have provided trusted advice on the safety and performance of assets and vessels. ”
“The purchase of OneOcean in 2022 gave us the digital capability to support and optimise the safe and compliant operations of vessels and now with the acquisition of OTG we will be able to provide a strategic approach to attracting, developing, managing and retaining maritime professionals at sea and ashore.
“It also complements perfectly the acquisition of the stake in ISF Watchkeeper, allowing us to advise owners and operators when to deploy training at the most optimum time for competency development onboard.”
Thomas Zanzinger, CEO of OTG, expressed excitement about joining LR, stating, “Becoming a part of Lloyd’s Register is a great opportunity to further extend our global leadership in maritime which we have built with the support of Oakley. It allows us to rapidly expand our capabilities within an organisation that aligns perfectly with our mission, vision and values as we support our industry towards a digital and sustainable future. Key to that future is the ability to unlock the potential of our people through investing in Human Capital Management and harnessing technological innovation across vessel operations. I am truly excited to unlock the potential of what this combination of our highly trusted brands can achieve together for our clients.”
Peter Dubens, Co-Founder and Managing Partner of Oakley Capital, highlighted the successful partnership with OTG, “In partnership with Thomas and his team, we have helped to transform OTG from a single product solution into a diversified, best-in-class platform and partner to the shipping industry, and a small but critical enabler for sea transport and trade. We look forward to seeing OTG’s continuing growth now as part of Lloyd’s Register. Our successful partnership with OTG reinforces our track record in the SaaS space. It demonstrates our ability to leverage M&A opportunities to help software businesses diversify and grow into new markets, and to drive technological and organisational change that delivers transformational growth.”
The completion of the acquisition is expected in the fourth quarter of 2024, pending regulatory approvals. J.P. Morgan acted as the Exclusive Financial Advisor and provided a financing package to support the acquisition. Freshfields Bruckhaus Deringer LLP served as Legal Adviser to LR.
This acquisition positions LR to play a leading role in the digital and sustainable future of the maritime industry.
Did you subscribe to our daily Newsletter?
It’s Free Click here to Subscribe!
Source: LR
