Private equity firm Oakley Capital has sold the digital learning platform Ocean Technologies Group (OTG) to the maritime classification society Lloyd’s Register for an undisclosed sum.
London-listed Oakley said on Monday that the sale of its majority stake in OTG would generate a gross return of around 2.7 times money multiple to its Fund IV.
It added that the transaction was “broadly in line” with OTG’s carrying value as of 31 March 2024. Oakley’s look-through share of proceeds is expected to be roughly £50m.
OTG provides outsourced online learning resources for shipowners and managers.
In a separate statement, Lloyd’s Register said it planned to combine OTG with its existing digital service, LR OneOcean, to form “one of the largest software platforms in maritime and to help accelerate the digital transformation of the industry”.
Lloyd’s Register previously acquired Oneocean from Equistone Partners Europe in 2022.
“We have helped to transform OTG from a single product solution into a diversified, best-in-class platform and partner to the shipping industry, and a small but critical enabler for sea transport and trade,” said Peter Dubens, co-founder and managing partner at Oakley.
“Our successful partnership with OTG reinforces our track record in the SaaS [software-as-a-service] space. It demonstrates our ability to leverage M&A opportunities to help software businesses grow and diversify into new markets, and to drive technological and organisational change that delivers transformational growth.”
Nick Brown, chief executive of Lloyd’s Register, called the deal “really transformative”.
He added: “The purchase of OneOcean in 2022 gave us the digital capability to support and optimise the safe and compliant operations of vessels and now with the acquisition of OTG we will be able to provide a strategic approach to attracting, developing, managing and retaining maritime professionals at sea and ashore.”