Seafood technology developer Maritech expands into automation, IoT with Lillebakk acquisition
Norwegian IoT company Lillebakk AS has been acquired by seafood software developer Maritech Systems.
Maritech has purchased a 100 percent stake in Lillebakk, according to a 30 March press release. As a result of the purchase, Lillebakk's operations will be relocated to Maritech's headquarters in Molde, Norway, Maritech said.
Maritech has been working closely with Lillebakk since 2017, when the former became a major stakeholder. The companies have partnered on several projects involving IoT (internet of things), automation, and analytics.
Founded in 2013, Lillebakk specializes in automation and industrial IoT, which involves interconnected sensors, instruments, and other devices networking with computers and industrial applications. In 2019, the company generated a revenue of NOK 25.5 million (USD 2.4 million, EUR 2.2 million) for Lillebakk, predominantly due to LINSiGHT, an IoT and cloud-based solution tailored for seafood, energy, industry, and the public sector.
Lillebakk has 10 employees. Combined with Lillebakk, Maritech has approximately 100 employees and an annual revenue exceeding NOK 100 million (USD 9.5 million, EUR 8.7 million), per 2019 figures.
“The acquisition is well aligned with our growth strategy,” Maritech CEO Janne T. Morstøl said of the acquisition. “We have a strategy to expand in the value chain, and automation and internet of things are key competencies to drive quality, productivity, and data-based daily operational decisions. Lillebakk's products and knowledge will allow Maritech to offer solutions for smarter production to seafood customers in Norway and internationally.”
“I am convinced that this is a good solution for Lillebakk,” André Lillebakk, CTO and co-founder of Lillebakk, added. “For us, our great employees and for Maritech. The recent years has been an adventure. We were two brothers who started a company from our home offices. And here we are today, after quite a journey. As an entrepreneur, it is obviously emotional to hand over your company to someone else. However, as we have experienced some rough months lately, we have considered several options for the future. After a thorough process, we have concluded that integrating with Maritech is clearly the best option. Becoming a part of Maritech will ensure speed, competence, and stability for our team, our customers, and our suppliers.”
Maritech COO Odd Arne Kristengård is currently the acting CEO of Lillebakk. He said the acquisition will help advance Maritech’s cloud-based technology foothold, and open new doors for the enterprise.
“We are pleased to welcome our new colleagues to Maritech,” Kristengård said. “The Lillebakk team has extensive knowledge and experience in automation and IoT. Jointly, we will have a strong team in data analytics with predictions and prescriptions with machine learning as next step. This acquisition will also strengthen our development team and expertise related to cloud-based technology. Currently, we are preparing our first product joint launch, which will be a milestone in a few months' time. We are looking forward to working even closer together, creating better and more efficient solutions for our customers.”
Maritech will be launching the latest addition to its DigitalSeafood portfolio, DGS Purchase and Sales, later this week on 2 April. A native cloud application, the DGS solution streamlines seafood procurement and sales from any device and location, Maritech said.
Photo courtesy of Maritech/Lillebakk