Maritime AI company Windward has agreed a deal to sell the company to a growth equity investment firm for approximately US$270 million.
The cash acquisition is by Octopus UK Bidco Limited, a wholly-owned subsidiary of FTV VIII and its affiliates that was specifically created for the transaction. FTV VIII has raised over US$6 billion in capital to invest in high growth companies in the technology and services sectors.
The acquisition values the entire share capital of Windward at approximately £216 million (approx. US$270 million).
“This marks an exciting next step in the evolution of Windward, providing the opportunity to build upon our first mover advantage in maritime generative AI through accelerated innovation and greater market reach,” said Ami Daniel, Chief Executive Officer of Windward.
“We are truly grateful for our shareholders’ support to date, providing us with the funding to expand our offering, enter new markets and continuously create exciting new products. With the success of that investment evident in our accelerated growth rate and bigger scale, now is the time to replicate that success across additional geographic markets.”
“In addition, being US-owned is expected to facilitate expedited penetration and growth in the US market. The fund team have an outstanding track record in supporting the scaling of founder-led software businesses globally and we believe that together we will be a significantly stronger organisation.”
