British class society Lloyd’s Register is acquiring Ocean Technologies Group (OTG), a provider of human capital management and operational software, from European private equity firm Oakley Capital. No price has been revealed for the acquisition.
OTG provides critical training, compliance, operational and HR software to over 1,000 shipowners and operators and over 1m seafarers around the world. LR will now be able to offer OTG’s solutions across a combined fleet of over 30,000 vessels. OTG brands include Seagull, Videotel, Marlins, Compas and Tero Marine.
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 today 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, LR’s CEO, described the acquisition as “really transformative”.
Completion of the acquisition is subject to obtaining customary regulatory approvals and is expected to take place in the fourth quarter of 2024.