Maritime navigation technology company NAVTOR has announced that it has been acquired by Accel-KKR, a software-focused investment firm headquartered in Silicon Valley.
The investment is Accel-KKR’s 42nd completed investment in the EMEA region since 2013, when it established a European headquarters, and the firm’s 15th completed investment globally since the second half of March 2020.
NAVTOR will use the new funding available from the deal to expand its customer base and portfolio of cloud-based e-navigation systems, which includes Electronic Navigational Charts (ENCs), digital maritime publications, route optimisation and fleet management services, which can all be connected within an integrated platform.
“The entire NAVTOR team is very excited to work with Accel-KKR in our continued momentum as a leader in the e-navigational space,” said Tor Svanes, CEO and Founder of NAVTOR.
“Through a relentless focus on serving the needs of commercial seafaring fleet managers and navigators, we have built a superior technological offering with an industry-leading reputation for customer service and support. We look forward to writing NAVTOR’s next chapter together with the AKKR team.”
Maurice Hernandez, Head of the European office at Accel-KKR, noted that the size of the global maritime industry and the continuing digitalisation of vessel fleets offered substantial opportunities for the future development of a technology company like NAVTOR.
“Pairing NAVTOR’s mission-critical software and the deep domain expertise of its management team with AKKR’s know-how in accelerating growth in software companies will lead to exciting outcomes for the marketplace and customers. We look forward to working closely with the NAVTOR team in the coming months and years,” he said.