StormGeo, which is backed by Nordic private equity firm Reiten & Co, has acquired Applied Weather Technology. No financial terms were disclosed. Headquartered in Silicon Valley, Calif., AWT is a provider of maritime weather routing solutions.
BERGEN, NORWAY–(Marketwired – Jan 28, 2014) – StormGeo, a global provider of weather and asset risk management for the Offshore, Shipping, Renewable, Media and Aviation industries, has acquired all outstanding shares in Applied Weather Technology (AWT). This acquisition propels StormGeo into a world-leading position within decision support for weather sensitive operations in the shipping and offshore industries. AWT, headquartered in Silicon Valley, California, has 11 offices in 7 Countries. They have been a leader in marine forecasting for over 15 years, supporting more than 5,000 ships per day with routing guidance and operational efficiency.
“By combining our expertise with that of AWT, StormGeo is positioned to be a worldwide leader in services to the maritime and offshore industries”, states Erik Langaker, Chairman of StormGeo.
The core focus of the combined group is a broad approach to safeguarding weather sensitive operations with tailored software and decisions support systems. Key industries include shipping and offshore, renewable energy, media and aviation. With the addition of AWT, the StormGeo family of companies will now span 14 countries, with 22 offices and more than 320 employees.
“We are delighted to partner with a company that shares our commitment to quality and product development”, says Kent Zehetner, CEO of StormGeo. “Together, we will develop new offerings that further enhance the value we bring to our clients. Haydn Jones, CEO of AWT, his experienced management team and employees will ensure continuity with their existing customers. Following the acquisition, in addition to his existing role as CEO of AWT Jones will take responsibility as global head of the shipping business line within the combined group”.
The maritime industry is faced with major challenges related to reduction of emissions. New regulatory mandates continue to impact economics and drive the need for a holistic approach to reduce fuel consumption by optimizing the voyage of any vessel or fleet. “We believe that our ability to combine global real-time weather data with continuous harvesting of transport and movement data from thousands of ships across the globe, will enable StormGeo to give each ship and all fleet operators a unique understanding of how they can efficiently navigate the globe, whilst at the same time securing maximum safety and sound operational economics”, continues Zehetner.
“Ever since we invested in this exciting industry, it has been our ambition to establish global leadership. AWT adds perfectly to our current business, and it is our focused ambition to further strengthen performance and innovation in the combined group”, says Christian Melby, Managing partner of Reiten & Co and board Director of StormGeo. Reiten & Co is the majority shareholder of StormGeo with a stake of 54.9%.
“StormGeo will with AWT acquire supplementary competence, a broader infrastructure and more than 5,000 new vessels using their services. The company will now become world-leading in weather routing at sea and a driving force for innovation in the industry”, says Bjørn Kj. Haugland, Executive Vice President of DNV GL Group and board Director of StormGeo. DNV GL will be the second largest owner of StormGeo with a stake of 24%. The StormGeo portfolio of existing shipping products, Seaware, is co-branded with DNV GL.
StormGeo is a global weather services provider with operations in Offshore, Shipping, Renewables, Media, Corporate Enterprise and Aviation industries. As one of the world’s largest commercial weather service providers, it serves a worldwide customer base with advanced solutions for weather decision support through its global 24/7 forecasting desks.
About Applied Weather Technology (AWT)
AWT is the world leader in maritime weather routing. The company provides optimal voyage planning with on-board routing software, the BonVoyage System (BVS), and personalized route planning service. Staffed with experts in forecasting, forensic meteorology, oceanography, computer science, and voyage planning, AWT provides ship operators and Masters 24/7 support year round.
About Reiten & Co
Reiten & Co was founded in 1992 and has since 1996 developed into a leading mid market Nordic private equity firm. Reiten & Co invest significantly in ambitious Nordic companies with large international potential. The firm has investment experience from a range of industries and primarily invests in oil & offshore services, IT and business and financial services.
About DNV GL
DNV GL forms the world’s largest ship and offshore classification society with a 24% share of the world’s classed ships and mobile offshore units. The Group is a leading expert for the energy value chain including renewables and energy efficiency, and one of the top three certification bodies in the world. The Group comprises 16,000 employees across 300 sites in more than 100 countries.