Classification society Lloyd’s Register (LR) reports that it has reached an agreement to acquire maritime software firm Ocean Technologies Group (OTG) from its European private equity owners Oakley Capital.
OTG provides training, compliance, operational and HR software to more than 1,000 shipowners and operators and approximately one million seafarers around the world.
The deal is the latest in a slew of LR maritime tech acquisitions in recent years, following the purchase of OneOcean in 2022 and the purchase of a 50% stake alongside the International Chamber of Shipping (ICS) in ISF Watchkeeper in 2023.
In 2017 the class society also invested in Hanseaticsoft to add to its existing i4 Insight platform, which then incorporated marine data intelligence firm Greensteam after it was subsequently purchased in 2021.
Those digital businesses have all now been combined under a single LR OneOcean brand, with the class society planning to add OTG to that portfolio when this latest deal is completed.
“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,” said Nick Brown, Chief Executive Officer of LR.
“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.”
Completion of the acquisition is subject to obtaining customary regulatory approvals and is expected to take place in the fourth quarter of 2024.
