Maritime freight software firm Veson Nautical on Wednesday announced its acquisition of Q88, an information management and software platform for the maritime transportation industry, combining two well-known brands in maritime data and software.
Veson said the acquisition will further its growth strategy and ambition to be the standard platform that propels maritime commerce.
Founded in 2001, Q88 has been building digital solutions for the marine freight industry for 20 years. The company delivers a suite of software and data products designed to streamline operational workflows, aggregate data, improve accuracy and relevance, accelerate communication, and improve safety outcomes between multiple maritime shipping counterparties.
Building on the company’s high regard in the tanker space, Q88 has invested significantly in bringing innovative solutions to the dry bulk space, as well as other sectors within the shipping industry.
“In the short term, the deal will benefit customers of both organizations, and over time will help to transform and simplify the process of maritime commerce for the whole industry,” Veson Nautical said in a press release. “The acquisition will provide Veson’s existing clients with a complementary software suite, the opportunity to benefit from a standardized approach to managing vessel specifications and the capability to utilize Q88’s products to provide compelling connectivity while powering decision-making within the maritime shipping ecosystem.”
Q88 customers will see iterative and rapid development in existing product lines, as these solutions become more integrated with Veson’s platform and current product offering.
The acquisition of Q88 follows an announcement in March 2022 that Veson received significant equity investments from global investment firms Francisco Partners and Pamlico Capital. That investment laid the foundation for Veson to pursue a “multifaceted growth strategy” and continued innovation across its product suite.
“We are extremely excited to announce the acquisition of Q88 today. In Q88, we saw a company that shared our values, vision and commitment to developing innovative digital solutions that reflect the realities of modern commercial shipping. This acquisition further enhances this ambition and is a natural next step in Veson’s journey to be the standard platform that propels maritime commerce,” said John Veson, co-founder and CEO of Veson Nautical.
“We look forward to integrating our solutions with Q88’s products and considerable wellspring of expertise. This will benefit not only our combined customer base, but also enable the maritime sector to tread new ground in its digital journey.”
Fritz Heidenreich, Founder and CEO of Q88, said: “The team at Q88 is incredibly enthusiastic about the opportunity to join forces with Veson. Fundamentally, we remain focused on delivering for our customers and ensuring that we make the right investments and innovations in our suite of products. Veson’s knowledge and product offering are a perfect complement to our own and this deal sets Q88 and the entire industry up strongly for continued innovation and success in the future.”
Source: gCaptain
