Responding to the evolving needs of the maritime freight industry and the impact of digitalization on the industry, Veson Nautical, a leading provider in maritime freight software, is acquiring Q88, an information management and software platform for the maritime transportation industry. According to the companies, the acquisition unites their capabilities to serve the maritime technology sector and will help to further the development of a standard platform that propels maritime commerce.
Veson, which develops, implements, and supports solutions for global maritime commerce will integrate its offering with Q88, a maritime SaaS technology provider of products and services that simplify the complexities of global maritime transportation. The acquisition will provide Veson’s clients with a complementary software suite, the opportunity to benefit from a standardized approach to managing vessel specifications, and the capability to utilize Q88’s products to provide enhanced connectivity while powering decision-making within the maritime shipping ecosystem. Venison also plans the rapid development of Q88’s product lines, as these solutions become more integrated with Veson’s platform and current product offering.
“We look forward to integrating our solutions with Q88’s products and considerable wellspring of expertise,” said John Veson, co-founder and CEO of Veson Nautical. “This acquisition further enhances our ambition and is a natural next step in Veson’s journey to be the standard platform that propels maritime commerce. This will benefit not only our combined customer base, but also enable the maritime sector to tread new ground in its digital journey.”
Founded in 2001, Q88 has been building digital solutions for the marine freight industry for 20 years. The company offers a suite of software and data products designed to streamline operational workflows, aggregate a single source of truth for data, improve accuracy and the relevance of data, accelerate communication and improve safety outcomes between multiple maritime shipping counterparties. Q88 developed in the tanker sector and more recently has invested in developing solutions for the dry bulk space and other sectors within the shipping industry.
“Veson’s knowledge and product offering are a perfect complement to our own and this deal sets Q88 and the entire industry up strongly for continued innovation and success in the future,” said Fritz Heidenreich, Founder and CEO of Q88.
The acquisition of Q88 follows significant equity investments from global investment firms Francisco Partners and Pamlico Capital in Veson announced in March 2022. That investment laid the foundation for Veson to pursue its growth strategy and continued innovation across its product suite.