Lloyd’s Register Group (LR) has agreed to acquire Ocean Technologies Group (OTG) from European private equity firm Oakley Capital, according to a company statement.

Ocean Technologies Group (OTG) provides training, compliance, operational and HR software to over 1,000 shipowners and operators. Lloyd’s Register (LR) will now offer OTG’s solutions to a combined fleet of over 30,000 vessels.

According to the company, this acquisition marks a significant step in LR’s strategy to become a leading provider of digital solutions for the maritime industry, following its acquisitions of OneOcean in 2022 and a 50 percent stake in ISF Watchkeeper, alongside the International Chamber of Shipping (ICS), in 2023.

Nick Brown, chief executive officer of LR said: “This is a really transformative acquisition for LR and our clients and reinforces our focus on maritime. For over 260 years we have provided trusted advice on the safety and performance of assets and vessels.”

 “The purchase of OneOcean in 2022 gave us the digital capability to support and optimize 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.”

Thomas Zanzinger, CEO of OTG added: “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 organization that aligns perfectly with our mission, vision and values as we support our industry towards a digital and sustainable future. The key to that future is the ability to unlock the potential of our people through investing in Human Capital Management and harnessing technological innovation across vessel operations. I am truly excited to unlock the potential of what this combination of our highly trusted brands can achieve together for our clients.”

Peter Dubens, Oakley Capital co-founder and managing partner said: “In partnership with Thomas and his team, we have helped to transform OTG from a single product solution into a diversified, best-in-class platform and partner to the shipping industry, and a small but critical enabler for sea transport and trade. We look forward to seeing OTG’s continuing growth now as part of Lloyd’s Register. Our successful partnership with OTG reinforces our track record in the SaaS space. It demonstrates our ability to leverage M&A opportunities to help software businesses diversify and grow into new markets, and to drive technological and organizational change that delivers transformational growth.”

The acquisition is expected to be completed in the fourth quarter of 2024, pending customary regulatory approvals. J.P. Morgan served as the exclusive financial advisor, and Freshfields Bruckhaus Deringer LLP acted as the legal advisor to Lloyd’s Register Group for the transaction.