Broodstock Capital buys into Maritech

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2093

Norway-based, pureplay, seafood industry investor, Broodstock Capital, has become majority shareholder in cloud data outfit, Maritech Systems.

“Maritech’s track and trace software will enable industry players to increase the cost-efficiency of their operations across the entire value chain,” a statement from Broodstock said.

Despite nearly 48 million kroner in turnover for full-year 2016, Maritech posted a net loss and has struggled to post the profits its product line would seem to deserve.

Maritech offers process support software for the seafood industry and a specialized seafood trading platform that is the most frequently used solution among traders, processors and fish farmers in Norway. They also offer a cloud-based software that tracks and traces fish from farmers and fishery to production and processing, sales and distribution, and to the consumer.

“Although Maritech already offers a trading platform that is favored by the industry, the digitalization trend is still in its early stages,” a communique quoted partner Kjetil Haga as saying.

“We already see signs that current and potential customers – both in Norway and internationally – aim to capitalize on the expected digitalization boom in the seafood sector. Our investment in Maritech reflects this.”

In general, Broodstock targets “market leaders in high growth niches” in the seafood sector. Broodstock now owns 52 percent of the shares in Maritech, the rest of which are owned by Midvest Fondene (36 percent), Boelgen Invest (10 percent), and Mette Kamsvaag, chairman of the board of Maritech (2 percent).

Maritech’s current business was spun off from Akva Group in 2012, and the 60-strong outfit now has about 300 customers that include the largest seafood companies in Norway.