01 Nov 2023by Riviera News
A potential merger between two innovative maritime technology firms is expected to create a leading player in the maritime internet of things (IoT) segment, with the companies saying the joint business will have “robust financial backing”
ZeroNorth and Alpha Ori Technologies (AOT) say they intend to join forces to create a maritime optimisation company to hasten shipping’s digital transformation.
Subject to regulatory approval, the two companies plan to combine Alpha Ori’s experience with IoT sensors and high frequency data and ZeroNorth’s multi-service technology platform to create new sustainability products and services for shipping.
The proposed agreement will allow the two companies to serve their customer bases from, and create a unified data ecosystem within one platform, offering multiple services to the market. According to the companies, the agreement will enable customers to access 12 different services using one platform and one data source.
The new company intends to operate under the ZeroNorth brand with CEO Søren Meyer, remaining at the helm of the joint set-up. Both of AOT’s current Co-CEOs, Bala Sankaran and Rajesh Unni, will become non-executive board members of the joint business. The two proposed partners already supply technology services to more than 4,000 ships trading globally. ZeroNorth will interconnect data, providing collection, insights, and analysis, aiming to improve compliance for customers.
Headquartered in Copenhagen, the new company will employ a combined 780 people, approximately one-third of whom are full-time consultants.
Søren Meyer called the merger a “strategic move” that will benefit customers and the sector as a whole.
Alpha Ori’s co-CEO Bala Sankaran added “We believe that this is the perfect time for us to scale and do bigger things together, and this agreement is perfectly in line with our ambition to drive sustainability, performance, and business results for our customers.”
“ZeroNorth is an ideal fit for AOT’s ambitions regarding the digital transformation of the maritime industry due to our considerable expertise and specialism in high-frequency data. The agreement with ZeroNorth brings significant advantages, enabling us to leverage our combined scale for increased investment and improved customer value.”
The merger is subject to regulatory approval.
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