Navigational software company Navtor is expanding rapidly as it takes advantage of private equity backing to purchase a US vessel performance analytics firm and move into fleet management systems.
The move comes after Norway’s Navtor was bought by US technology investment group Accel-KKR last year, in a move that company founder and chief executive Tor Svanes said then would allow it to go to the next levels of integrating navigation and fleet performance systems.
Navtor has now purchased Houston-based Tres Solutions, which has developed a total vessel operations platform used by managers and owners on 300 ships to reduce fuel consumption and improve efficiency. It claims to have saved 45,000 tonnes of fuel for key customers.
The Tres Vessel Analytics (TVA) system will complement Navtor’s cloud-based set of electronic navigational charts, digital maritime publications and route optimisation products, with the combined businesses offering a unified platform to support fleet performance.
Navtor also recently unveiled its own NavFleet management application developed over the past two years with shipowners to enable real-time operational insight and optimisation.
“Vessel performance optimisation is an obvious next step,” said Svanes with Navtor aiming to provide integrated navigational and operational software for small and medium-size owners looking to meet fuel saving and environmental regulations.
Navtor's products and services are on board about 7,000 vessels, and it claims to be the world’s leading supplier of e-navigation solutions.
Tres Solutions, president and chief executive Aaron Holton, said TVA is one of the first holistic fleet management systems.
“There isn’t a lack of vessel performance solutions,” Holton told TradeWinds. “But there are really very few that focus on the full spectrum of services, that consider the entire fuel balance on board and take the information from data to insights to solutions.
As well as software technicians, the company employs marine engineers and naval architects that have worked on ships or in shipping companies to add an “expert” level that provides ways of using the data to solve problems from pre-voyage to post-voyage planning.
“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,” he said.
Charterers and other stakeholders will also be able to see and use a single integrated source of information.
TVA enables easier regulation compliance with automated reporting ability for upcoming data systems for the European Union's MRV and fuel oil regulations. NavFleet will add the ability later this year.
Silicon Valley-based Accel-KKR holds more than $10bn of capital commitments in technology companies.
Accel-KKR managing director Maurice Hernandez said accelerating Navtor’s organic growth was its first focus, but after looking at many companies it saw a close alignment between Navtor and Tres Solutions’ product-based strategies.
“We do expect there to be future merger and acquisition opportunities, but we are very selective, as we were with Tres, and they will have to fit our core strategy of having and building the best product and making sure we are the fastest growing maritime software company,” Hernandez said.
Navtor has a network of eight full-time offices and more than 20 distributors in 60 countries. Tres Solutions also has offices in Copenhagen and Mumbai.
