NAVTOR Acquires Vessel Analytics Performance Specialist Tres Solutions
NAVTOR looks to extend its success in e-Navigation into leadership in vessel analytics and performance optimisation with the acquisition of Tres Solutions. The purchase follows on the heels of NAVTOR’s launch of NavFleet, a breakthrough fleet management application delivering real-time operational insight, performance optimisation and enhanced business decision making. Tres Solutions’ core expertise and digital products will now integrate into NAVTOR’s offering, creating a unified platform to help shipowners and operators enhance operations and achieve competitive advantage.
Platform for success
NAVTOR is renowned as a global leader in e-Navigation, currently delivering a suite of innovative products to approximately 7000 individual vessels and customers in over 60 countries. In August 2020, Accel-KKR, a Silicon Valley headquartered operation with over $10 billion in capital commitments, took a majority stake in NAVTOR, giving the team the financial backing to take business development to the next level.
This acquisition, notes NAVTOR CEO Tor Svanes, demonstrates that drive. “Vessel performance optimisation is an obvious next step for NAVTOR,” he comments, “utilising our cyber secure, seamlessly connected and cloud-based e-Navigation ecosystem as a platform to enable real-time data sharing, analytics and enhanced decision making. The launch of NavFleet gives our customers a unique shoreside tool for better fleet management, and the addition of Tres Solutions’ expertise and software delivers the power to generate optimal value – taking performance data and extracting the intelligence needed to enable smarter, more profitable, and efficient operations.”
Single source of truth
Svanes continues: “We always like to stay one step ahead, developing innovative solutions that help solve this industry’s challenges and meet customer needs. Performance optimisation is key to a more sustainable business future, so it’s a natural progression. We’ve been impressed by the Tres team and their development for some time, and now look forward to bringing an expanded suite of navigation and vessel analytics solutions to the market.”
Aaron Holton, President & CEO of Tres, adds: “Shipping companies are increasingly looking for a total ship operations platform, helping them simplify workflows, improve the speed and reliability of their operations, and facilitate better decision-making. In joining the NAVTOR family, our combined businesses will offer a unique full-suite platform, giving users one powerful source of truth for their fleet operations and analytics. We see this as a very exciting step forward.”
Tres Solutions was founded in Houston, Texas in 2016, and has rapidly expanded to offices in Europe and Asia. The company’s core software and services platform, Tres Vessel Analytics, helps shipping companies enhance environmental efficiency, minimize fuel consumption and reduce operating expenses. Its proven industry solution has generated up to 20x ROI and, to date, has helped key customers save over 45,000 MT of fuel (141,300 MT CO2).
Performance optimisation is a key feature of NavFleet, with the ability to benchmark, troubleshoot, refine and share best practices across fleets, while solving individual vessel issues. In addition, the application enables easier compliance, alongside simplified reporting and administration, with the ability to automate key reports. Its real-time monitoring capabilities will also help office-based teams check vessel KPIs and passage plan progress, making it easier for owners to adhere to charter party agreements and avoid performance claims. NavFleet launched to the market on 1 February after extensive development and testing with leading international shipowners.
DLA Piper LLP and Brodies LLP provided legal advisory for NAVTOR on the transaction; McGuireWoods LLP served as legal advisors for Tres Solutions.
The products and services herein described in this press release are not endorsed by The Maritime Executive.