Broodstock Capital ups investment in Maritech

Published on
November 14, 2019

Oslo, Norway-based Broodstock Capital has increased its ownership share in seafood software developer Maritech Systems AS.

The investment firm, which is focused on Scandinavian small- and medium-sized seafood businesses, upped its holding in Maritech to 98 percent, an increase from the 52 percent share it acquired in December 2017, according to a press release from the company.

Broodstock purchased the shareholdings of Midvest Fondene and Bølgen Invest, which had owned 36 percent and 10 percent of Maritech, respectively. Details of the transaction were not revealed. Maritech board chair Mette Kamsvåg owns the remaining two percent of Maritech’s shares.

Maritech is a traceability and business software developer whose primary product is a seafood trading platform designed for fish farmers, processors, and traders. Maritech also offers a cloud-based software solution that offers full traceability of fish from production through processing, sale, and distribution.

“The aquaculture industry is still relatively analog in its approach, but the digitalization wave that we identified a few years ago has started to increase in size,” Broodstock Capital Partner Kjetil Haga said. “Maritech is at the forefront of this trend and we believe the big digitalization wave lies ahead of us.”

Since Broodstock’s original investment in Maritech, its revenues have increased by approximately 140 percent. It recently purchased 100 percent of Timpex AS, a logistics, transportation, and customs software solution provider. During the past year, the two software suppliers “have cooperated to digitalize the interface between exporter, transporter and customs agent, and developed a portal that provides seafood players with complete overview of the logistics,” according to Broodstock.

Maritech CEO Janne T. Morstøl said with the acquisition of Timpex, Maritech has become one of the biggest software companies in central Norway, with more than 100 employees and annual revenue above NOK 130 million (USD 14.1 million, EUR 12.8 million).

“A financially solid owner such as Broodstock empowers us to drive consolidation in the sector, thereby creating added value for our customers,” Morstøl said. “The acquisition of Timpex enables us to deliver tailor-made software solutions for the entire seafood value chain, from the ocean to the dinner plate. Besides the product itself, logistics and transport represent the biggest cost for the seafood industry. By combining Timpex’s logistics technology with Maritech’s seafood software, we can help our customers reduce their costs significantly.”

Haga said Broodstock plans to continue to invest capital into selected segments of the seafood industry.

“The digitalization potential in the aquaculture industry is substantial and we do not rule out making further investments within this area,” Haga said.

Photo courtesy of Broodstock Capital

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