Lloyd’s Register Group (LR) has made a move to buy human capital management and operational software expert, Ocean Technologies Group (OTG), from European private equity firm Oakley Capital, for an undisclosed sum.
OTG offers training, compliance, operational and HR software to over 1,000 shipowners and operators and to over one million seafarers.
With this move LR will be able to offer OTG’s solutions across a combined fleet of over 30,000 vessels.
LR’s OTG purchase follows the acquisitions of OneOcean in 2022 and the purchase of a 50% stake alongside the International Chamber of Shipping (ICS) in ISF Watchkeeper in 2023.
LR said yesterday its aim is to combine OTG with its fast-growing digital business, LR OneOcean, to create one of the largest software platforms in maritime and to help accelerate the digital transformation of the industry.
Nick Brown, chief executive officer of LR said: “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.”
The acquisition is subject to obtaining customary regulatory approvals and is expected to take place in the fourth quarter of 2024.
“Becoming a part of Lloyd’s Register is a great opportunity to further extend our global leadership in maritime which we have built with the support of Oakley. It allows us to rapidly expand our capabilities within an organisation that aligns perfectly with our mission, vision and values as we support our industry towards a digital and sustainable future,” noted Thomas Zanzinger, chief executive officer of OTG.
