ChartCo, the global leader in marine compliance and navigation data solutions, has secured a substantial investment from Equistone Partners Europe to fund the continued growth of PassageManager, its ship-board data platform. ChartCo provides data to over 12,000 commercial vessels globally to enable a range of services including navigation, voyage planning, regulation adherence, environmental compliance and both speciality training and expert consulting.
Martin Taylor, Managing Director of ChartCo, explained:
"ChartCo has achieved significant growth in recent years as the market leader in commercial marine navigation and compliance solutions. We are immensely proud of what we have achieved and are tremendously excited about having Equistone's support to further develop the business to realise its full potential. Commercial shipping is currently going through considerable change and we are working with our customers to increase their efficiency at a time when they are being mandated to use digital navigation. The technical and commercial barriers to satellite communication are significantly reducing and this allows ChartCo to provide innovative services which reduce costs, increase efficiency and simplify compliance with ever growing maritime regulations. This investment from Equistone will really allow us to push the barriers of change."
Tim Swales of Equistone commented:
"ChartCo is at the forefront in this industry's transition from physical products to digital services. Its comprehensive offering and software platform has seen an increased subscriber uptake in recent years which is set to continue as customers seek to meet the growing requirement of regulation and regular fleet inspections. We are delighted to be investing in the business and partnering with Martin and his team during this next phase of the Company's development. With the support of Equistone, ChartCo is well placed to continue its growth both organically and through selected strategic acquisitions."
As part of this investment ChartCo will leave the Kelvin Hughes Group, famed for their history of innovation and industry firsts.
Russell Gould, CEO of Kelvin Hughes, added:
"I am really pleased that Martin and his team have succeeded in obtaining this further investment. This also allows Kelvin Hughes to continue to focus on developing our patented solid state radar technology into further markets. Our recent contract award to fit out the UK Royal Navy sees us to supplying 27 of the world's navies with Sharpeye™ technology. Sharpeye™ is also allowing us to provide complex solutions for the security and surveillance markets giving protection for Critical National Infrastructure."