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:
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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