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."
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.