Boston-based provider of ocean freight management solutions Veson Nautica has announced its intention to acquire ship valuation specialist VesselsValue, in the latest sign of increasing consolidation in the maritime traffic data market.
The acquisition will add VesselsValue’s market-leading brand and proprietary dataset to existing Veson Nautical products.
Founded in 2011, VesselsValue provides daily updated, automated, vessel specific ratings with a database of more than 81,500 vessels. By combining VesselsValue’s products and services with Veson’s existing solutions, it is expected that customers will have a more comprehensive product offering with access to reliable and timely data including vessel functions.
Existing VesselsValue customers will continue to receive the same products and services, with additional benefits such as improved model updates. Joint customers can expect access to vessel and fleet valuation data within the Veson IMOS platform.
The acquisition is expected to be completed in early May. Upon completion, the VesselsValue maritime brand and product line will become part of Veson’s range of services. The aviation-focused division of VesselsValue will be spun off into an independent company.
“VesselsValue brings a wealth of knowledge and experience to our organization and we look forward to welcoming them to the Veson team,” said John Veson, CEO and co-founder of Veson Nautical. “In addition to assessing the global fleet, VesselsValue has a sophisticated analytical assessment methodology that we will leverage to provide our customers with deeper insights to drive sustainable commercial and operational decisions.”
Richard Rivlin, Founder and CEO of VesselsValue added, “This is a tremendous moment for VesselsValue. We are incredibly excited to be part of the Veson ecosystem. The connection with Veson’s powerful platform will bring VesselsValue closer to our mission to make maritime markets transparent. Customers now have access to a wider range of unique maritime information and world-class support.”
Veson Nautical claims its solutions are responsible for managing $109 billion in sold cargo and moving 4.4 billion tons in annual trade each year. VesselsValue claims 2,500 users from more than 600 global customers including large banks, leasing companies, ship owners, mutual funds, hedge funds, lawyers, consultants and government regulators. The company has nine offices worldwide including London, Singapore, Shanghai, Hong Kong and Oslo.
The deal would mark the latest consolidation in the maritime data market following Brussels-based data intelligence and cargo tracking firm Kpler’s acquisition of AIS data provider MarineTraffic.com and its subsidiary Fleetmon.