Equity investment firm FTV Capital has announced the completion of the acquisition of maritime AI company Windward.
The acquisition values Windward’s total issued and to-be-issued ordinary share capital at around £216m ($280m) on a fully diluted basis.
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In December last year, the boards of Windward and Octopus UK Bidco, a subsidiary of FTV VIII and its affiliates, agreed on the terms for a cash acquisition of Windward’s entire issued and to be issued ordinary share capital by Bidco.
The deal transitions Windward to a privately held company in the US, potentially driving expansion within government and commercial sectors.
Brad Bernstein, Jerome Hershey, and Giovanni Bacarella, vice president at FTV Capital, have joined Windward’s board of directors as part of the transaction.
FTV Capital principal Jerome Hershey said: “At FTV, we’ve played a pivotal role in helping European companies expand globally, with a strong focus on the US market.
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By GlobalData“We see significant potential for Windward to deepen its customer base in both the government and commercial sectors and are excited to partner with Ami and the Windward management team to drive their ambitious vision for product innovation and international growth.”
Windward’s AI-powered platform provides predictive insights for operations, risk, and compliance and supports real-time decision-making.
Powered by AI and Generative AI, the platform offers comprehensive maritime insights.
The platform helps in enhancing business and operational readiness for a diverse client base, including energy, shipping, and governmental entities.
The company’s clientele includes energy supermajors, shipowners, mining companies, and financial institutions.
Last month, Windward launched Critical Maritime Infrastructure Protection, an AI-driven solution designed to protect essential maritime assets such as cables, pipelines, and rigs.
This solution combines Windward’s cable layer and user data with AI-based behavioural pattern detection to help organisations identify and address potential threats.
