GTT has announced a significant move in the digital sector with its agreement to acquire Danelec, an industry leader in maritime data collection and analysis. The acquisition, which is valued at 194 million euros, marks a critical milestone in GTT’s Digital division and enhances its installed base to approximately 17,000 vessels.
This deal also presents substantial synergies with GTT’s existing offerings, which include Ascenz Marorka and VPS. With this transaction, GTT establishes itself as the global leader in the dynamic area of vessel performance management.
Additionally, it secures a prominent position in the crucial Voyage Data Recorders (VDRs) segment, currently equipping 15% of the global fleet. Founded in 1995 and based in Farum, Denmark, Danelec is recognized for its innovative technology solutions that improve safety, performance, and sustainability at sea.
Its systems are installed on over 15,500 vessels globally and the company employs 168 people supported by a network of 700 technicians worldwide. Historically, Danelec has focused on critical maritime equipment development, particularly VDRs, which are essential for compliance with IMO regulations and the SOLAS convention.
These systems generate steady recurring revenues, fostering long-term customer relationships and opportunities for further growth. Recently, Danelec has seen a surge in demand for safety and performance software that enables real-time, data-driven decision-making for shipowners, charterers, and fleet managers, resulting in safer maritime operations.
In its financial performance for 2023/2024, Danelec reported revenues of DKK 330 million (around €44 million), with approximately one-third coming from recurring sources. GTT anticipates that the acquisition will be accretive to its earnings per share from the first year.
Philippe Berterottière, Chairman and CEO of GTT, expressed enthusiasm about the acquisition, underlining its alignment with GTT’s digital growth strategy and its potential to create value for shareholders. The acquisition is expected to finalize in the second half of 2025, pending standard conditions.