Verdane joins Danelec Marine as majority shareholder to accelerate its growth in the maritime technology sector
BIRKEROED/COPENHAGEN — Verdane Capital X (“Verdane”), the Northern European specialist growth equity investor, has signed an agreement to invest in Danelec Marine (“Danelec”), a global leader in maritime hardware and software for data collection and safety. Danelec’s products enable meaningful operational efficiency improvements to large seafaring vessels, contributing to global resource efficiency and sustainability targets in the maritime sector.
Verdane will deploy its software expertise and strong understanding of the maritime industry to support Danelec in becoming a category leader in maritime technology, including IoT solutions for seafaring vessels.
Danelec’s existing shareholders will continue to own shares in the company, and the management team, including CEO Hans Ottosen and COO Casper Jensen, will continue in their positions.
Headquartered in Birkeroed, Denmark, Danelec has demonstrated strong commercial traction by providing maritime vessel products and solutions that ensure safety at sea, enhance fleet operational efficiency and decrease total cost of ownership for ship fleets. The company is an Original Equipment Manufacturer (OEM) supplier to several major industry players, and currently over 6,000 Danelec systems are installed on vessels worldwide.
“With Verdane onboard, we will be able to accelerate our pursuit of organic and acquisition growth opportunities in existing and new technologies. Verdane has the double edge of extensive maritime industry experience, on top of being one of Northern Europe’s most active financial investors in technology growth companies. We are an excellent fit,” says Hans Ottosen, CEO at Danelec Marine.
Danelec’s market offering is divided into three categories: Voyage Data Recorders (VDR – also known as the ‘black box’ of seafaring vessels), electronic chart readers (ECDIS) and ship-2-shore IoT data solutions. The company has pioneered VDR products compliant with global industry sustainability standards set by the UN-affiliated International Maritime Organization, and it became the first industry player to offer intelligent and cost-efficient ship-2-shore data solutions with the launch of its second generation DanelecConnect solution in 2017.
“Danelec’s pioneering marine data technology solutions not only make it a category leader, but also contribute to driving the global SDG agenda in the maritime industry through the resulting operational efficiency improvements. We look forward to helping Danelec further capitalise on its leading position in the VDR market and expand its already-strong value prop in the emerging ship-2-shore IoT marketplace,” says Arne Handeland, responsible for the investment at Verdane.
“We are pleased to bring our tally of Danish holdings to eight with this investment in Danelec Marine. Danelec is an excellent fit with our ambition to support tech-enabled growth companies with a strong potential for international expansion”, says Martin Welna, the company’s Copenhagen-based Principal in charge of Verdane’s Danish operations.
The company is represented worldwide through local offices in Denmark, China and Singapore and a global network of distribution and service partners in more than 50 countries.
The parties have agreed not to disclose the terms of the transaction.
With Verdane onboard, we will be able to accelerate our pursuit of organic and acquisition growth opportunities in existing and new technologies. Verdane has the double edge of extensive maritime industry experience, on top of being one of Northern Europe’s most active financial investors in technology growth companies. We are an excellent fit.
Verdane is a specialist growth equity investment firm that partners with ambitious Northern European tech-enabled businesses to help them reach the next stage of international growth. Verdane pioneered portfolio acquisitions in Northern Europe in 2003, and debuted a complementary direct investment strategy in 2018. Verdane’s eight funds hold €1.8bn in total commitments and have made over 120 investments in growth sectors including advanced industry, consumer internet, enterprise software, energy & resource efficiency and financial services. Verdane’s more than 50 employees, based in Berlin, Copenhagen, Helsinki, London, Oslo and Stockholm, are dedicated to being the best growth partner in Northern Europe. www.verdane.com
About Danelec Marine
Headquartered in Denmark, Danelec Marine is a leading supplier of Voyage Data Recorders (VDRs), ship-to-shore data communication systems and Electronic Chart Display and Information Systems (ECDIS). Danelec Marine was one of the first companies to bring to market VDRs and Simplified VDRs (S-VDRs) to meet the original IMO carriage requirements. More than 6,000 vessels today are equipped with a VDR or S-VDR designed and manufactured by Danelec Marine. The company has service facilities with factory-trained personnel in more than 50 countries and Certified Service Centers at strategic locations worldwide. To learn more about the Danelec difference, visit www.danelec-marine.com.