Strengthening of software position on the maritime market

Gouda - Imtech (technical services provider in Europe) announces that it has acquired all shares of the Dutch-based Free Technics B.V., a small software specialist on the international maritime market. The acquisition price (including earn-out) is based on five times the EBITA and is being paid in cash. The acquisition will immediately contribute to the profit per share.

René van der Bruggen, Chairman of the Board of Management of Imtech: ‘Although Free Technics is a small company, we have acquired a high-tech maritime company. The broad international scope of Imtech’s maritime businesses (60 locations worldwide) provides an excellent basis for the accelerated growth of the maritime software solutions offered by Free Technics. We are also expanding our position in the segment of smaller ships.’

Imtech’s strategy

Imtech combines electrical engineering, ICT and mechanical engineering into total solutions. The role of information and communications technology in this is growing rapidly. The total technological solutions from Imtech are increasingly dominated by software and umbrella ICT applications. Imtech has an excellent position on the international maritime market. More and more ships are being equipped with intelligent software from Imtech, for example for navigation, autopilot, platform automation, digital nautical charts and control. In this context Imtech always provides customised services on the basis of innovative modules, especially on board of larger ships. For smaller ships, for example smaller yachts and smaller tankers, inland and offshore crafts, Imtech’s customised solutions are relatively expensive. In strategic terms, expanding the services package to include standard software solutions is a good move. The acquisition of Free Technics thus further increases Imtech’s delivery programme on the market of smaller ships. Moreover, delivery of the software from Imtech’s 60 maritime locations worldwide generates a broad base for accelerated growth of these standard solutions.

Profile of Free Technics

Free Technics, based in Hazerswoude-Rijndijk in the Netherlands, is a successful software specialist on the international maritime market. Ten years ago Free Technics introduced the software package FT NavVision® on the market. Little by little this package has been subsequently expanded and more and more fine-tuned. This software is now being implemented on hundreds of ships and Free Technics is one of the stronger maritime software players. In 2006 Free Technics, which employs ten people, realised profits of about 1.5 million euro.