Norwegian e-Navigation solutions provider Navtor has announced it received a majority growth investment from software-focused investment firm Accel-KKR.
It marks the 42nd completed investment of Accel-KKR in Europe, Middle East, Africa (EMEA) region since 2013, as well as the 15th global investment since the second half of March.
Navtor is a provider of Cloud-based electronic navigation solutions, which includes Electronic Navigational Charts (ENCs), route optimisation, digital maritime publications and fleet management across an integrated platform.
It provides all necessary navigation information and solves the journey planning challenges to the navigators.
Owing to new regulations, the increasing importance of safety and ESG targets, as well as technological advances, the marine electronic navigation industry has increased technological expansion.
Navtor CEO Tor Svanes said: “The entire NAVTOR team is very excited to work with Accel-KKR in our continued momentum as a leader in the e-navigational space.
“Through a relentless focus on serving the needs of commercial seafaring fleet managers and navigators, we have built a superior technological offering with an industry-leading reputation for customer service and support.”
Accel-KKR European office head Maurice Hernandez said: “The sheer size of the global maritime industry and the continuing digitization of fleets bode well for the future of NAVTOR.
“Pairing NAVTOR’s mission-critical software and the deep domain expertise of its management team with AKKR’s know-how in accelerating growth in software companies will lead to exciting outcomes for the marketplace and customers.
“We look forward to working closely with the NAVTOR team in the coming months and years.”
In 2017, Navtor secured a contract to install the NavBox solution across US-based cruise line operator Royal Caribbean Cruises’ (RCC) entire fleet of 49 vessels.