Maritime navigation technology companies NAVTOR and Voyager Worldwide have agreed to merge, creating a combined business serving approximately 18,000 vessels globally. The transaction is expected to close by December 2023.
The combined business will run a network of global offices and have representatives across all of shipping’s key markets.
NAVTOR’s current integrated digital ecosystem offers services spanning e-Navigation and performance monitoring and management, including the NavFleet fleet management platform and the NavStation digital chart table. Voyager is also a specialist in e-Navigation systems, with a portfolio including vessel management software, charts and publications.
“This is perhaps the biggest day in NAVTOR’s history, and a major development for the maritime technology industry,” said Tor Svanes, CEO and founder of NAVTOR.
“Here are two different and highly complementary businesses, both of which have built trusted portfolios and relationships with ship owners, operators and managers worldwide. As one company, we will strengthen our position as a global e-Navigation and performance market leader and unlock powerful benefits for customers.”
Both businesses note that they will continue to operate as usual for the foreseeable future, including the delivery of all existing contractual obligations.
“Together with Tor, I see this as an incredible opportunity,” said Kent Lee, CEO of Voyager Worldwide.
“Both companies will unite Norway and Singapore’s maritime innovation ecosystems to drive maritime innovation to new heights. This represents an enormous opportunity to go after areas where we see tremendous growth potential.”
“NAVTOR’s current offerings will rapidly accelerate and complement the development of our next-gen platform and solutions, advancing new joint innovations within the maritime ecosystem. NAVTOR’s customers can also leverage Voyager’s extensive global presence and deep domain expertise in the maritime industry.”
NAVTOR received significant investment through the sale of a majority stake in the company to private equity firm Accel-KKR in 2020, gaining a financial partner to support its growth plans. Since then it has already completed the acquisition of performance and analytics company Tres Solutions, in 2021, and Ingenium Marine, a digital logbook provider, in 2022.
Voyager Worldwide itself was created out of a series of mergers and acquisitions, after owner Cornes Group combined Cornes Charts, Global Navigation Solutions (GNS) and Safe Navigation into a single entity under the Voyager Worldwide brand in 2020.