ARRIBATEC TO ACQUIRE LEADING INTERNATIONAL EAM PROVIDER IB MARINE GROUP
o A subsidiary of Arribatec Solutions ASA (Arribatec) has entered into
agreements to secure an option to acquire IB Marine Group, a leading
international provider of cloud-based Enterprise Asset Management (EAM)
solutions within the maritime sectors.
o The Italian-based IB Marine Group has over 60 customers in 11 countries with
10.000 users, employing more than 80 employees with an expected turnover of
around EUR 6 million in 2020.
o Arribatec and IB Marine Group will deliver and expand the joint SolaaS and EAM
offering to the maritime sectors as part of the international expansion
o The total acquisition cost is expected to EUR 1.6 million.
(Oslo, Norway, 18 November 2020) Arribatec Solutions ASA (OSE: ARR) today
announces the potential acquisition of IB Marine Group, a leading provider of
cloud-based Enterprise Asset Management solutions within the maritime sector as
part of the international expansion strategy.
"IB has a strong position within the maritime sectors, providing a cloud-based
Enterprise Asset Management solution to more than 60 customers in 11 countries
with over 10 000 users. The potential acquisition will strengthen our joint
offering to the maritime sectors, delivered as a Solution as a Service to a
high-potential pipeline of customers, and is key to our global growth strategy,"
says Per Ronny Stav, Chief Executive Officer of Arribatec.
The potential acquisition of IB Marine Group will add 80 employees to the
Arribatec team and expand the international footprint with offices in Italy, US
and Cyprus and a turnover of around EUR 6 million. The transaction costs of EUR
1.6 million will be settled in cash.
"An acquisition by Arribatec, with its leading team, products and financial
capacity, will provide a strong platform for an improved offering to our
customers, industry consolidation and driving digitalization through Solution as
a Service to the entire shipping sector globally," says Giampiero Soncini Chief
Executive Officer of IB Marine Group.
Arribatec and IB Marine Group expects proforma revenues in the range of NOK 350
million in 2020, with annual recurring revenues of 37% and a positive adjusted
EBITDA. 40% of the proforma revenues will be from the international operations.
"Our main target for 2021 is to expand our international operations, and an
acquisition of IB Marine Group will be key to leverage our joint attractive
offering to the maritime sector. I have known Giampiero Soncini for years and
the IB team brings a proven track record, a solid standing in the maritime
industry and a significant international experience serving as a platform for
accelerated growth, " Stav concludes.
The option to acquire IB Marine Group can be exercised by Arribatec between 15
December 2020 and 15 January 2021, and the potential closing will take place in
For additional information, please contact:
Per Ronny Stav, CEO, Arribatec Solutions ASA: +47 994 42 378
Martin Nes, Chairman of the Board, Arribatec Solutions ASA: +47 920 14 814
About Arribatec | www.arribatec.com
Arribatec is a software and consulting company headquartered in Oslo. With a
customer centric engagement model, combined with a deep system, integration and
domain competence, Arribatec builds long term strategic partnership with a broad
customer base. Arribatec serves more than 300 large entities spread over 20
countries and various industries, both in the private and public sector. The
company employs over 170 people with offices in 9 countries and is listed on the
Oslo Stock Exchange under the ticker code ARR.
IB Marine Group https:/ib-marine.com is an Italian based software company
providing a set of integrated solutions to manage, operate, maintain and
document legal compliance within the maritime sector globally. InfoShip is the
product name and commences of the following cloud solutions driving the
digitalization within the maritime sector globally.
-INFOSHIP ASSET - Technical Ship Management Solution