Seafood software developer Maritech moves to acquire Norway’s Timpex
Maritech, a Norwegian traceability and business software developer, announced on 17 October that it has entered into a purchasing agreement to acquire Timpex. If the merger goes according to plan, it will establish the resulting enterprise as one of the biggest actors within central Norway’s software space, the companies said.
Timpex and Maritech have been working together over the past two years to digitalize the document exchange between seafood exporters, transporters, and customs agents, in an effort to give the industry a solution with a full logistics overview. The acquisition will see Timpex merged with Maritech to create one company with a global IT community that includes over 45 software developers divided between Molde, Åndalsnes, Trondheim, and Averøy in Norway; Halifax, Nova Scotia, Canada; and an outsourced team in Macedonia.
“We deliver software solutions tailored for seafood from sea to table,"Maritech CEO Janne T. Morstøl said. "Our strategy is to support operational processes and offer solutions that embrace the entire value chain. Logistics is a major challenge for the seafood industry. Logistics and transportation account for the largest costs apart from the merchandise itself. Through this acquisition, we will gain greater expertise and can contribute to solving these challenges for our customers."
Timpex, which delivers software solutions for businesses that operate within logistics, transportation and customs, will continue to work with its current clients in Norway while also assisting in the further development of transportation and logistics solutions for the seafood industry once the merger is finalized.
"For Timpex, this means that we will grow a development environment which allows for faster implementation of new technology, such as data analysis and machine learning,” Timpex CEO Frank Amundsen said. “We will gain access to new customers and an international market. This merger with Maritech is highly attractive in order to further develop the market position for both companies within seafood and logistics. By combining forces, a joint company will have strengthened resources and management in initiating the development of new solutions and will be seen as a highly attractive employer for future employees. We look forward to becoming a part of Maritech’s innovative and progressive team.”
Collectively, the Maritech and Timpex group will consist of more than 100 employers and generate a shared annual turnover of over NOK 130 million (USD 14.2 million, EUR 12.7 million), the companies estimated.