ICFG USA advised Q88 on its sale to Veson Nautical
Westbury Group LLC (“Westbury”) announced today that its client, Q88 LLC (“Q88”), an information management and software platform for the maritime transportation industry, has been acquired by Veson Nautical (“Veson”). a leading provider in maritime freight software worldwide. The acquisition unites two of the maritime technology sector’s most respected brands and will further Veson’s commitment to keeping ahead of its clients’ evolving needs, and its vision to be the standard platform that propels maritime commerce. The transaction closed on April 25. Westbury served as Q88’s exclusive financial advisor. Jonathan Rubin and Ron Hodge led the investment banking team for Westbury.
Founded in 2001, Q88 has been building digital solutions for the marine freight industry for 20 years, simplifying the complexities of global maritime transportation. The company delivers 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. Building on Q88’s high regard in the tanker space, it has invested significantly in bringing innovative solutions to the dry bulk space, as well as other sectors within the shipping industry.
In the short term, the deal will benefit customers of both organizations, and over time will help to transform and simplify the process of maritime commerce for the whole industry.
Fritz Heidenreich, Founder and CEO of Q88, said: “The team at Q88 is very enthusiastic about joining forces with Veson, whose knowledge and product offering are a perfect complement to our own.” He added, “Working with Jon, Ron and the whole Westbury team was critical to this successful outcome. They managed the process and worked through every challenge to bring the transaction to this superb conclusion.”
Mr. Rubin said, “Fritz and his talented team built a tremendous business, which attracted many interested parties. Of all the opportunities, we think the combination of Q88 and Veson was the best possible outcome for both Q88 and its customers.”
Ron Hodge added, “It was truly a pleasure to work with Fritz and Q88’s executive team to accomplish this transaction, which brings significant complementary benefits to both companies. Q88 is also an excellent example of Westbury’s core focus of working with private company owner-operators to find the ideal buyer and maximize value by running a thorough, disciplined transaction process.”
Founded in 2001, Q88 LLC is the leading maritime SaaS technology provider and a preeminent voice shaping the industry. Q88 products and services are synonymous with simplifying the complexities of global maritime transportation and giving organizations of all types a competitive edge in a demanding environment. Q88’s partnership with the world’s leading ship owners, charterers, ship managers, agents, and brokers has provided the company insight into how to build solutions for some of the industry’s most pressing issues. For more information please visit http://www.q88.com.
Founded to transform the way the maritime world makes decisions, Veson is a a leader in developing, implementing, and supporting the solutions that propel global maritime commerce. Driven by a commitment to continual innovation, a spirit of collaboration, and an enduring focus on client success, Veson is a trusted partner to maritime operations as they navigate evolving business realities and new possibilities in a digital age. For more information please visit http://www.veson.com.