Navtor buys vessel analytics specialist Tres Solutions
DUBAI, February 20, 2021
Navtor, a leader in e-navigation based in Norway delivering a suite of innovative products to 7,000 individual vessels and customers in over 60 countries, said it has acquired top vessel analytics and performance specialist Tres Solutions.
Founded in Houston, Texas in 2016, Tres Solutions has rapidly expanded across the globe with offices in Europe and Asia.
Announcing the takeover, Navtor said with this move, it looks to extend the company's success in e-navigation into leadership in vessel analytics and performance optimisation.
The purchase follows on the heels of Navtor’s launch of NavFleet, a breakthrough fleet management application delivering real-time operational insight, performance optimisation and enhanced business decision making.
A global player, Navtor boasts a network of subsidiaries and distributors worldwide, spanning Norway, Singapore, Japan, Sweden, Germany, Russia, the US and the UK.
Tres Solutions’ core expertise and digital products will now integrate into Navtor’s offering, creating a unified platform to help shipowners and operators enhance operations and achieve competitive advantage.
In August last year, Accel-KKR, a Silicon Valley headquartered operation with over $10 billion in capital commitments, took a majority stake in Navtor, giving the team the financial backing to take business development to the next level.
Navtor CEO Tor Svanes pointed out that this acquisition demonstrated that drive.
"Vessel performance optimisation is an obvious next step for Navtor, utilising our cyber secure, seamlessly connected and cloud-based e-Navigation ecosystem as a platform to enable real-time data sharing, analytics and enhanced decision making," he stated.
"The launch of NavFleet gives our customers a unique shoreside tool for better fleet management, and the addition of Tres Solutions’ expertise and software delivers the power to generate optimal value – taking performance data and extracting the intelligence needed to enable smarter, more profitable, and efficient operations." he noted.
Svanes said: "We always like to stay one step ahead, developing innovative solutions that help solve this industry’s challenges and meet customer needs. Performance optimisation is key to a more sustainable business future, so it’s a natural progression."
"We’ve been impressed by the Tres team and their development for some time, and now look forward to bringing an expanded suite of navigation and vessel analytics solutions to the market," he added.
Tres President & CEO Aaron Holton said: "Shipping companies are increasingly looking for a total ship operations platform, helping them simplify workflows, improve the speed and reliability of their operations, and facilitate better decision-making."
"In joining the Navtor family, our combined businesses will offer a unique full-suite platform, giving users one powerful source of truth for their fleet operations and analytics. We see this as a very exciting step forward," he added.
DLA Piper and Brodies provided legal advisory for Navtor on the transaction; while for Tres Solutions, McGuireWoods served as legal advisor.-TradeArabia News Service
