Applied Weather Technology acquires StormGeo
Applied Weather Technology (AWT), a world leader in maritime weather routing, voyage planning and personalized route planning products, published a press release on Tuesday, January 28, announcing the acquisition of StormGeo A/S, one of the world's largest commercial weather service providers. The monetary details of the agreement haven't yet been released.
According to the source, one of the main reasons behind the purchase is to combine both companies' complementary strengths. AWT provides a variety of services for the commercial shipping industry, and StormGeo brings a strong background in weather and asset risk management. Together, they will have the power to address fleet operators' numerous needs by helping them navigate the world while ensuring that they are operating safely during this process.
"We are delighted to have found a new partner with the same focus on quality and product development as ourselves," said StormGeo CEO Kent Zehetner in a press statement. "Outstanding performance within key areas like ship routing and marine forecasting will strengthen our product offering around the globe. Our main goal is to combine the knowledge base and expertise from both companies to develop new cutting edge products that will continue to be highly appreciated by our customers."
As evidenced by this recent agreement, business acquisitions can provide companies with the resources they need to satisfy their customers' robust needs and expand their offerings. In most cases, these deals are advantageous to everyone involved, which is why they are so popular in a number of different industries. While the acquisition process can be challenging, the good news is that there are merger and acquisition consultants available to help.