Station 12 Closes Deal On SpecTec For $75.4M

Wednesday, November 22, 2000
Station 12, the Netherlands-based mobile satellite communications company, has signed an agreement with Visma ASA for the acquisition of its marine division, SpecTec. The price for SpecTec is $75.4 million in cash plus the assumption of net inter-company debt of $893,000. SpecTec is a leading supplier of Enterprise Resource Planning (ERP) software, which has been designed to improve efficiency on board vessels. The company has 230 employees and is represented in 30 countries through its own subsidiaries and agents. In 1999, SpecTec increased net sales by 19 percent to $19.8 million, while operating profits increased by 83 percent to $2.6 million. SpecTec is the market leader with a 40 percent share of the market with systems installed on some 6,000 vessels worldwide. SpecTec's portfolio of IT tools and application software to increase maritime operational efficiency includes database construction, training, outsourcing and consulting services. These capabilities are complementary to Station 12's activities and extend its portfolio of services. As one of the world's leading providers of satellite communications, Station 12 offers global coverage to the marine industry. With a service portfolio covering voice, fax and high speed data mobile solutions based on the Inmarsat platform, plus a variety of value added services, Station 12 has been one of the market leaders in the maritime industry for more than 15 years. Knut Reed, Chief Executive Officer of Station 12 said, "We are very excited about this acquisition. It is in line with our strategy. The combination of the world's leading maritime communication and software providers sets a new standard for service providers to this industry. Station 12 sets the pace in the convergence of mobile satcom applications and e-commerce, to provide innovative solutions to our current and new customers." Thomas Falck, Managing Director of SpecTec added, "We are proud of the software systems we have developed, which make a great match with Station 12's satellite communications services. Together we can offer a broad range of solutions - probably the best integrated range in the maritime sector. We are delighted to join Station 12, and we look forward to the powerful synergy this union will create." SpecTec will operate as a separate unit within the organizational framework of Station 12. The current management will join Station 12 and be responsible for further development of the business.
Maritime Reporter October 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Marine Propulsion

Wilh. Wilhelmsen, Callenberg Win SHIPPINGInsight Award

Wilh. Wilhelmsen ASA and Callenberg Technology Group were presented the 2015 SHIPPINGInsight Award was today at the SHIPPINGInsight 2015 Fleet Optimization Conference & Exhibition in Stamford, Conn.

Thordon’s COMPAC for US’ Largest Containerships

Thordon Bearings has signed a contract to supply COMPAC seawater-lubricated propeller shaft bearing solutions to two Jones Act containerships under construction at the Aker Philadelphia Shipyard Inc.

Voith Turbo CEO Reinhardt Resigns

Carsten J. Reinhardt, President and CEO of Voith Turbo and member of the Corporate Management Board of Voith GmbH, has resigned Tuesday in order to pursue other interests, the company announced.

Maritime Careers / Shipboard Positions Maritime Contracts Maritime Standards Naval Architecture Offshore Oil Pipelines Port Authority Ship Repair Ship Simulators Winch
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.2266 sec (4 req/sec)