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(Houston – February 19) Tres Solutions announced that it has been acquired by NAVTOR, who looks to extend its success in e-Navigation into leadership in vessel analytics and performance optimization. The purchase follows on the heels of NAVTOR’s launch of NavFleet, a breakthrough fleet management application delivering real-time operational insight, performance optimization and enhanced business decision making. Tres Solutions’ core expertise and digital products will now integrate into NAVTOR’s offering, creating a unified platform to help shipowners and operators enhance operations and achieve competitive advantage.
Platform for success
NAVTOR is renowned as a global leader in e-Navigation, currently delivering a suite of innovative products to approximately 7,000 vessels and customers in over 60 countries. In August 2020, Accel-KKR, a Silicon Valley headquartered operation with over $10 billion in capital commitments, took a majority stake in NAVTOR, giving the team the financial backing to take business development to the next level.
This acquisition, notes NAVTOR CEO Tor Svanes, demonstrates that drive. “Vessel performance optimization is an obvious next step for NAVTOR,” he comments, “utilizing our cyber secure, seamlessly connected and cloud-based e-Navigation ecosystem as a platform to enable real-time data sharing, analytics and enhanced decision making. The launch of NavFleet gives our customers a unique shoreside tool for better fleet management, and the addition of Tres Solutions’ expertise and software delivers the power to generate optimal value – taking performance data and extracting the intelligence needed to enable smarter, more profitable, and efficient operations.”
Single source of truth
Svanes continues: “We always like to stay one step ahead, developing innovative solutions that help solve this industry’s challenges and meet customer needs. Performance optimization is key to a more sustainable business future, so it’s a natural progression. We’ve been impressed by the Tres team and their development for some time, and now look forward to bringing an expanded suite of navigation and vessel analytics solutions to the market.”
Aaron Holton, President & CEO of Tres, adds: “Shipping companies are increasingly looking for a total ship operations platform, helping them simplify workflows, improve the speed and reliability of their operations, and facilitate better decision-making. In joining the NAVTOR family, our combined businesses will offer a unique full-suite platform, giving users one powerful source of truth for their fleet operations and analytics. We see this as a very exciting step forward.”
Inder Mukhopadhyay, SVP Technical, adds: “This collaboration brings two best-in-class players together to provide an integrated, energy efficient vessel operations experience, which is in sync with CO2 reduction initiatives laid out by various international regulations and initiatives.”
Tres Solutions was founded in Houston, Texas in 2016, and has rapidly expanded to offices in Europe and Asia. The company’s core software and services platform, Tres Vessel Analytics, helps shipping companies enhance environmental efficiency, minimize fuel consumption and reduce operating expenses. Its proven industry solution has generated up to 20x ROI and, to date, has helped key customers save over 45,000 MT of fuel (141,300 MT CO2).
Performance optimization is a key feature of NavFleet, with the ability to benchmark, troubleshoot, refine and share best practices across fleets, while solving individual vessel issues. In addition, the application enables easier compliance, alongside simplified reporting and administration, with the ability to automate key reports. Its real-time monitoring capabilities will also help office-based teams check vessel KPIs and passage plan progress, making it easier for owners to adhere to charter party agreements and avoid performance claims. NavFleet launched to the market on 1 February after extensive development and testing with leading international shipowners.
McGuireWoods LLP served as legal advisors for Tres Solutions; DLA Piper LLP and Brodies LLP provided legal advisory for NAVTOR on the transaction.
About Tres Solutions
Tres Solutions is a leading maritime software and analytics company, providing a comprehensive suite of digital vessel performance solutions, focused on helping clients save money, reduce emissions and improve operations.
The company serves its global customer base from major shipping hubs around the world, including Houston (HQ), Mumbai, Copenhagen and Hamburg. Its core Tres Vessel Analytics (TVA) platform is among the fastest growing performance management and optimization systems in the market and is deployed on more than 300 vessels worldwide.
NAVTOR has established itself is a world leader in e-navigation since launching in 2011, providing innovative e-Navigation solutions, and as a total supplier of navigational products and services for the maritime sector. The company strives to make life easier for navigators, and safer and more efficient for shipowners, ship managers and operators.
In 2012 the firm released the world’s first type approved Pay As You Sail ENC service, and followed in 2014 with the launch of NavStation, the world’s first digital chart table. The company has grown quickly and established a network of subsidiaries and distributors worldwide, spanning Norway, Singapore, Japan, Sweden, Germany, Russia, the United States, and the United Kingdom.
For more information, go to www.navtor.com.
Ine A. Haneferd
Marketing & Communications Manager
+47 45 60 28 01