Predictive maritime intelligence company Windward, which harnessed the power of AI to create a unique platform, has agreed to a buyout by U.S.-based FTV Capital Group, a growth equity investment firm. Both companies are highlighting it as the next step in the evolution of Windward as it expands from its strong base in the maritime sector to related industries.
Under the terms of the agreement, which is being conducted as a “reverse triangular merger under Israeli Companies Law,” FTV’s subsidiaries will acquire the company in a deal valued at £216 million ($271 million) or 215 pence per share. The companies highlighted that it represents a nearly 100 premium to the six and 12-month weighted average stock price and nearly 50 percent over the most recent closing price. It is a nearly 40 percent premium to the Initial Public Offering Price in December 2021.
Windward was started in 2011 by two partners after their service in the Israeli Navy. The platform focuses on providing insights on ships at sea and risk management intelligence. The company promotes that its technology provides a 360-degree view of the maritime ecosystem to help customers make real-time, predictive intelligence-driven decisions.
The Fund group says it believes Windward is a highly attractive business with a strong management team and strategy. It views the acquisition as “an attractive opportunity to increase exposure to the growing maritime compliance and supply chain end market.”
“Fund sees an opportunity to accelerate Windward's continued expansion from its current market position within the maritime sector, into a broader supply chain analytics provider and plans to support the development of Windward's future product roadmap under private ownership,” the companies write in the announcement. They look to use the acquisition as an opportunity for enhanced data and AI-led insights across the ecosystem.
“The company's attractive subscription revenue model demonstrates strong operating leverage and margin expansion,” said Jerome Hershey, Principal of Fund. Through the acquisition, they look to support Windward in the next stage of its development. FTV reports it has access to the capital necessary to accelerate Windward’s strategic plan.
FTV reports it has raised over $6 billion in committed capital. It focuses on investments in high-growth companies in the enterprise technology and services and financial technology and services sectors.
"This marks an exciting next step in the evolution of Windward, providing the opportunity to build upon our first mover advantage in maritime generative AI through accelerated innovation and greater market reach,” said Ami Daniel, Chief Executive Officer of Windward and one of its founders.
Completion of the acquisition requires the approval by a simple majority of Windward shareholders and the structure of the deal means it does not require regulatory approval. The companies anticipate the acquisition will be completed by the end of Q1 2025.
