Maritime software company Veson Nautical has announced its acquisition of Q88, an information management platform for the shipping industry founded in 2001.
Q88 provides a range of software and data products designed to improve workflows and information sharing between multiple shipping counterparties. The company provides services to different sectors within the maritime industry, with a particular focus on tankers and dry bulk operators.
In the short term, Veson says that the acquisition deal will benefit customers of both organisations, providing its existing clients with a complementary software package and the opportunity to benefit from a standardised approach to managing vessel specifications.
The firm plans to begin an “iterative and rapid development” in existing Q88 product lines over time, with the software to become more integrated with Veson’s platform and current product offering as the integration of the two companies progresses.
“We are extremely excited to announce the acquisition of Q88 today,” said John Veson, Co-founder and CEO of Veson Nautical.
“In Q88, we saw a company that shared our values, vision and commitment to developing innovative digital solutions that reflect the realities of modern commercial shipping. This acquisition further enhances this ambition and is a natural next step in Veson’s journey to be the standard platform that propels maritime commerce.”
“We look forward to integrating our solutions with Q88’s products and considerable wellspring of expertise. This will benefit not only our combined customer base, but also enable the maritime sector to tread new ground in its digital journey.”
The acquisition of Q88 follows news from March, when Veson received new equity investments from investment firms Francisco Partners and Pamlico Capital, providing funding for the company’s expansion.