Divestment of SeaRoc from Fred Olsen to Vela Software Group
HMT advised leading renewable energy and travel sector company Fred. Olsen Limited on the divestment of SeaRoc Group Ltd, a leading provider of SaaS based industrial operational risk management software solutions to Vela Software Group which is part of the $30bn+ CAD Canadian public company Constellation Software Inc.
SeaRoc was formed in 2002 to provide industry leading SaaS based solutions to optimise safety and efficiency within large scale and hazardous, operational and construction environments.
SeaRoc’s SeaPlanner product has played a pivotal role in the development of 31 offshore wind projects (representing some 40% of all offshore operational assets worldwide to date), supporting the induction and certification management on these large scale projects that might involve in excess of 5,000 personnel, 200 plus contractors and 150,000 personnel transfers. Built on its learnings from these highly challenging environments, SeaRoc’s SitePlanner Contractor Management System allows its customers to achieve efficient and safe operations across a wide range of land-based construction and site management challenges.
Having acquired SeaRoc in 2010 and since grown both the SeaPlanner and SitePlanner SaaS platforms to a critical mass with blue-chip customer bases, Fred Olsen engaged HMT to realise their investment to be able to once again concentrate on core operations. After a focused research exercise, Vela were identified as a global provider of software solutions in a number of vertical industries to which the SeaRoc applications are mission critical and who would therefore be well positioned to drive the business through its next phase of growth.
Nick Emery, Fred Olsen CEO, commented:
“Having invested significantly in growing SeaRoc to its current position as the leading software platform in its core market, it was important that we found it the right home and in Vela we believe that we have a buyer with the right expertise and resources take the company to the next level.
HMT played a crucial role in not only finding the right party but keeping the transaction on track despite the particular challenges of COVID-19 for a transatlantic deal, where the principals were unable to meet face to face.”
James Thomas, commented:
“Completing a cross-border transaction in the middle of the Covid-19 outbreak presented a unique set of challenges, not least having to a manage a completely remote sale and due diligence process but the divestment of SeaRoc from Fred Olsen proves that good deals will still happen in the current climate when driven by industry leading technology and strong management teams. We were delighted to advise Fred Olsen on this transaction, and we look forward to seeing SeaRoc move from strength to strength under the stewardship of Vela.”
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