Stonehaven-based marine technology company MarineMTS has struck an equity funding deal with SRH Marine SAIT (trading as SRH Marine Electronics). The deal will see the North-east business benefit from a multimillion dollar funding package, and through SRH Marine's existing customer base, unlock access to approximately 15,000 vessels which could benefit from MarineMTS' latest 'Silverbox' technology. The resultant trade could net the business in the region of $16 million in licensing revenue over the next three years.
Athens-based SRH Marine Electronics will control 40 percent of the shareholding in MarineMTS through a parent company, SRH MarineMTS, and will work with MarineMTS to help it to grow its international presence and principally to expand global sales of its Silverbox technology.
The initial investment will be used to expand the business in Scotland, with plans for new offices in Aberdeen and the establishment of a new control centre in the central belt. Further afield, MarineMTS also plans to launch a new international hub in Houston.
Wynne Edwards, Managing Director of MarineMTS commented, "This deal takes MarineMTS to a completely new level, opening up access to a new customer base through the partnership with SHR Marine Electronics with its established reputation and customers all over the world. More importantly, our business will benefit significantly from their vast trading experience in the global marine sector, while at the same time being able to retain and grow our operational home in Scotland."
SRH Marine Electronics is a well-established company in the maritime market offering full service sales, technical support and training for navigation, radio communication, automation, spares, retrofit, repairs, safety and other marine equipment. Supported by a global network of well-known manufacturers and service suppliers and authorized by all major classifications of vessel, the business will use Silverbox technology to augment its navigation offering to global customers.
Announcing the deal, John Laderos, CEO of SRH Marine SAIT said, "By investing in MarineMTS, we strengthen our commitment to investing in innovative solutions and our statement to "navigate the future" by our customers' side. We aim to be ahead of the game by monitoring the constantly evolving technology and anticipating our customers' needs so that we can provide vital support, exceeding customer expectations. Undoubtedly, our aim is perfectly achieved by this striking deal, which makes SRH a market-leading company in the field of e-navigation.
"When it comes to cutting-edge technology and innovation, MarineMTS is a true hub of excellence, with high-end products ranging from navigation and charts to big data and beyond. These unique products will complement our existing solutions portfolio and enhance our add-on services, strengthening our reputation as a reliable, creative, agile and knowledgeable partner of our clients and ensuring SRH a competitive gain in the international market of marine technology."
In April this year and after two years of research and development, MarineMTS launched Silverbox, and it is this technology that has driven the deal. Silverbox is a new piece of bolt on technology that provides secure chart and data updates to mariners, helping vessel owners and operators improve voyage planning, enhance safety and prepare for a future of automation.
Edwards concluded, "We are first to market with new technology that ship owners need to future-proof their operations. Now we have an established route to the customer base and a reputable partner, we are well positioned to bring a healthy slice of the global marine electronics market to the U.K., and specifically, to Scotland."