Veson Nautical and Q88 unite

In November 2021, Q88 was one of the sponsors of the Tanker Shipping & Trade awards which will be held again in November 2022 in Athens, Greece.

In the short term, the deal will benefit customers of both organisations, and over time will help to transform and simplify the process of maritime commerce for the whole industry.

The acquisition will provide Veson’s existing clients with a complementary software suite, the opportunity to benefit from a standardised approach to managing vessel specifications and the capability to utilise Q88’s products to provide compelling connectivity while powering decision-making within the maritime shipping ecosystem.

Meanwhile, Q88 customers will see iterative and rapid development in existing product lines, as these solutions become more integrated with Veson’s platform and current product offering.

Veson Nautical co-founder and chief executive John Veson said, “We are extremely excited to announce the acquisition of Q88. In Q88, we saw a company that shared our values, vision and commitment to developing innovative digital solutions that reflect the realities of modern commercial shipping. This acquisition further enhances this ambition and is a natural next step in Veson’s journey to be the standard platform that propels maritime commerce.

He added, “We look forward to integrating our solutions with Q88’s products and considerable wellspring of expertise. This will benefit not only our combined customer base, but also enable the maritime sector to tread new ground in its digital journey.”

Founder and chief executive of Q88 Fritz Heidenreich said, “The team at Q88 is incredibly enthusiastic about the opportunity to join forces with Veson. Fundamentally, we remain focused on delivering for our customers and ensuring we make the right investments and innovations in our suite of products. Veson’s knowledge and product offering are a perfect complement to our own and this deal sets Q88 and the entire industry up strongly for continued innovation and success in the future.”

The acquisition of Q88 closely follows the announcement in March 2022 when Veson received significant equity investments from global investment firms Francisco Partners and Pamlico Capital. That investment laid the foundation for Veson to pursue its multifaceted growth strategy and continued innovation across its product suite.

Veson was represented by Alvarez & Marsal as financial advisor, and Alston & Bird LLP, Paul Hastings LLP, and Kirkland & Ellis as legal advisors. Q88 was represented by Westbury Group as financial advisor, and Day Pitney LLP as legal advisor.

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