Lloyd's Register (LR) said it has reached a deal to acquire Navico Group's C-MAP commercial marine business, a provider of commercial marine cartography and digital publications, shore-side and shipside voyage optimization, cloud-based fleet management and fleet analytics software. Financial terms were not disclosed.
The acquisition, which includes C-MAP's charts and publications, route planning and fleet management, weather services, professional services, and marine hydrographic services, will be integrated with into Lloyd's Register's i4 Insight performance platform.
For LR, the acquisition builds on its vision of solving problems with integrated digital solutions with the aim of conquering the challenge of isolated and disconnected maritime systems, the company said. It follows recent partnership agreements between i4 Insight and other maritime players including Greensteam and Laros.
"This important development is further evidence of how LR is rapidly building up our maritime digital solutions. In particular, this acquisition enables us to strengthen how we help our clients, and the maritime industry more broadly, accelerate operational efficiency improvements. Importantly, the capabilities we have acquired are highly relevant to the industry's goal of simultaneously reducing costs and emissions. This forms part of our wider strategy where we are combining inhouse, proprietary software development with alliance partnerships, corporate venturing and acquisitions - to build more cohesive and integrated digital solutions specifically tailored to maritime market needs," said Nial McCollam, Lloyd's Register Chief Technology Officer.
"We now have an opportunity to further enhance our i4 Insight platform with a powerful set of navigation products and optimization tools," said Joel Meltzner, Chief Executive Officer of i4 Insight.
"By adding these complementary products and services to our existing capabilities we continue extending our digital strategy focused on ensuring customers have the right information at the right time to solve key operational challenges," Meltzner said.
C-MAP's commercial products and services had been part of the Navico Group, the world's largest manufacturer of marine electronics, since 2016.
Knut Frostad, Chief Executive Officer, Navico Group, said, "Navico's broader strategy is to focus its growth in the recreational and light commercial space, and this divestment aligns precisely with that."
"C-Map Commercial is a fantastic business with great potential, and this is exciting news for anyone associated with the business. Lloyd's Register is an ambitious organization that has a long history in shipping and outstanding relationships with its customers. They are focused on taking C-MAP Commercial to the next level," Frostad said.