Lloyd’s Register Group (“LR”), a global provider of maritime professional services and digital solutions, has reached an agreement to acquire Ocean Technologies Group (“OTG”), a leading trusted provider of human capital management and operational software dedicated to the global maritime industry, from European private equity firm Oakley Capital (“Oakley”).
OTG provides critical training, compliance, operational and HR software to over 1,000 shipowners and operators and over one million seafarers around the world. LR will now be able to offer OTG’s solutions across a combined fleet of over 30,000 vessels.
Acquiring OTG represents a significant milestone in LR’s journey to become a leading provider of digital solutions for the maritime industry and follows the acquisitions of OneOcean in 2022 and the purchase of a 50% stake alongside the International Chamber of Shipping (ICS) in ISF Watchkeeper in 2023.
The International Maritime Organization (IMO) revised its Greenhouse Gas strategy last year to include a common ambition to reach net-zero GHG emissions from international shipping by or around 2050 and a commitment to ensure an uptake of alternative zero and near-zero GHG fuels by 2030. In a report commissioned by the Maritime Just Transition Taskforce, it was estimated that up to 800,000 seafarers will require training on alternative fuels and new engines by the mid-2030s to cope with this need.
This acquisition will allow LR to provide a complete end-to-end energy transition solution for clients from advisory and feasibility studies on alternative fuels to the training and development of seafarers on the handling and use of those fuels.
LR’s aim is to combine OTG with its fast-growing digital business, LR OneOcean, to create one of the largest software platforms in maritime and to help accelerate the digital transformation of the industry.
Nick Brown, Chief Executive Officer of LR said:
“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 said:
“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, Oakley Capital Co-Founder and Managing Partner said:
“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.”
Completion of the acquisition is subject to obtaining customary regulatory approvals and is expected to take place in the fourth quarter of 2024.
