Accelleron snaps up voyage optimisation firm True North Marine

Accelleron said it has entered into an agreement to acquire True North Marine (TNM), a Montreal-based digital technology company which offers weather routing and voyage optimisation services to the shipping industry.

TNM’s products will complement Accelleron’s own Tekomar XPERT Marine and Turbo Insights platforms to address key aspects of vessel performance, said the company.

The parties have agreed not to disclose the purchase price for the cash deal, but Accelleron said it will take over TNM in its entirety and retain all of its employees when the transaction completes in the coming weeks. TNM has around 50 employees including representation in the UK, India, China, and Greece, with a customer base of around 800 ships.

Revenues were “in the low single digits million Canadian dollars” for 2023.

TNM’s products and research earned the 2023 AI Innovation Award from the Quebec Association for the Development of Research and Innovation, as well as First Place in the 2023 Practice Prize Competition of the Canadian Operational Research Society.

TNM’s offerings will bolster Accelleron’s digital insights for turbochargers, engines, emissions, and hulls and propellers. Each of the digital modules will interface with existing ship automation systems, said Accelleron, with a shared platform to allow owners and operators to collaborate on voyage planning, decarbonisation goals, and meeting commercial targets.

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“Digitalisation and data are fundamental to transformation of the global marine industry,” said Cristian Corotto, president of Accelleron’s digital division. “The new synergies from this acquisition will help customers optimise their global fleet planning, save fuel and money, reduce emissions, and ensure compliance with evolving international regulations.”

“We are extremely excited to join Accelleron's digital division,” added Brian Hatter, president of TNM. “Our combined offering will create a transparent data connection between the bridge and engine room that allows vessel owners and charterers to work together for more efficient and sustainable operations."