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Backing from Athens investor

MarineMTS funding boosts navigation tool expansion

Wynne EdwardsTechnology company MarineMTS has raised equity funding that will help it build a new customer base for its navigation software.

Athens-based SRH Marine SAIT (trading as SRH Marine Electronics) has invested an undisclosed sum into the Stonehaven-based business which aims to unlock access to 15,000 vessels

The resultant trade could net MarineMTS in the region of $16m in licensing revenue over the next three years. 

SRH Marine Electronics will control 40% of the shareholding in MarineMTS through a parent company and the initial investment will be used to expand the business in Scotland with plans for new offices in Aberdeen and the establishment of a new control centre in the central belt.  MarineMTS also plans to launch an international hub in Houston, Texas. 

Wynne Edwards (pictured), managing director of MarineMTS, commented: “This deal takes MarineMTS to a completely new level, opening up access to a new customer base through the partnership with SHR Marine Electronics with its established reputation and customers all over the world. 

“More importantly, our business will benefit significantly from their vast trading experience in the global marine sector, while at the same time being able to retain and grow our operational home in Scotland.”

John Laderos, CEO of SRH Marine SAIT, said: “By investing in MarineMTS, we strengthen our commitment to investing in innovative solutions and our statement to “navigate the future” by our customers’ side. 

“We aim to be ahead of the game by monitoring the constantly evolving technology and anticipating our customers’ needs so that we can provide vital support, exceeding customer expectations. Undoubtedly, our aim is perfectly achieved by this striking deal, which makes SRH a market-leading company in the field of e-navigation.”

In April this year and after two years of research and development, MarineMTS launched Silverbox, a new piece of bolt on technology that provides secure chart and data updates to mariners, and aims to help vessel owners and operators improve voyage planning, enhance safety and prepare for a future of automation. 

 



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