An agreement has been reached for the acquisition of Ocean Technologies Group (OTG), a leading and reliable supplier of operational software and human capital management to the global maritime industry, by Lloyd’s Register Group (Lloyd’s Register), a global provider of maritime professional services and digital solutions.
Purchased from European private equity firm Oakley Capital (Oakley), OTG is relied on by over a million seafarers worldwide as well as over 1,000 shipowners and operators for vital HR, operational, compliance, and training software. Lloyd’s Register will now be able to provide OTG’s solutions for a fleet that totals over 30,000 vessels.
After acquiring OneOcean in 2022 and ISF Watchkeeper in 2023, along with the International Chamber of Shipping (ICS), this acquisition of OTG marks a major turning point in Lloyd’s Register’s growth as a prominent supplier of digital solutions for the maritime sector.
In addition to pledging to guarantee the adoption of alternative zero and near-zero GHG fuels by 2030, the International Maritime Organisation (IMO) updated its Greenhouse Gas strategy last year. The goal is to achieve net-zero GHG emissions from international shipping by or around 2050. It was anticipated in a report commissioned by the Maritime Just Transition Taskforce that by the mid-2030s, up to 800,000 seafarers will need new engines and alternative fuel training to meet this demand.
With this purchase, Lloyd’s Register will be able to provide its clients a full end-to-end energy transition solution, including guidance on alternative fuels, feasibility studies, and training for seafarers on how to handle and use them.
By merging OTG with its quickly expanding digital division, LR OneOcean, Lloyd’s Register hopes to become one of the largest software platforms in the marine sector and expedite the sector’s digital transformation.
“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.”
Nick Brown, Chief Executive Officer of Lloyd’s Register.
“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.”
Thomas Zanzinger, CEO of 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.”
Peter Dubens, Co-Founder and Managing Partner of Oakley Capital.
The acquisition is anticipated to be completed in the fourth quarter of 2024, subject to receiving the necessary regulatory approvals.
Upon the acquisition of Ocean Technologies Group by Lloyds’ Register Group, J.P. Morgan has served as the exclusive financial advisor with Freshfields Bruckhaus Deringer LLP as the legal adviser. Additionally, J.P. Morgan is serving as the exclusive global coordinator, physical bookrunner, mandated lead arranger, and provider of a direct lending financing package.
If you are interested in meeting with influential maritime companies, contact us today to learn about our MTB Marine events.
Image sourced from Ocean Technologies Group.
