GTT announces the signing of an agreement with the European investment fund Verdane to acquire Danelec, a leading provider of advanced digital solutions for maritime data collection and analysis designed to enhance operational performance, safety and decarbonisation.

The acquisition of 100% of Danelec, valued at 194 million euros, constitutes a key milestone in the development of GTT’s Digital division, bringing the Group’s installed base to approximately 17,000 vessels and unlocking significant synergy potential thanks to the complementary offerings of Danelec, Ascenz Marorka and VPS.

With this transaction, GTT becomes the global leader in the buoyant segment of vessel performance management and, at the same time, secures a top-tier position in the critical Voyage Data Recorders (VDRs) segment, with 15%2 of the global fleet equipped.

Founded in 1995 and headquartered in Farum, Denmark, Danelec is renowned for its technological solutions that enhance the safety, performance and sustainability of operations at sea. Its systems are currently installed on over 15,500 vessels worldwide. The company employs 168 people and relies on a network of more than 700 technicians3 across the globe, ensuring local deployment and support on an international scale.

Danelec initially specialised in the development of critical maritime equipment, particularly Voyage Data Recorders (VDRs), genuine “black box” for ships. These systems, compliant with IMO4 regulations and the SOLAS convention5, generate significant recurring revenues, and support close and long-term relationships with customers, paving the way for further development opportunities.

The company is now experiencing strong growth in safety and performance software. These solutions enable ship-owners, charterers and fleet managers to make real-time, data-driven decisions, contributing to safer and more efficient maritime operations.

In 2023/20246, Danelec reported revenue of DKK 330 million (approximately €44 million), of which around one-third was generated through recurring revenues. The company recorded an adjusted EBITDA7 margin of 25%.

GTT expects the acquisition of Danelec to be accretive to the Group’s earnings per share from the first year.

Philippe Berterottière, Chairman and Chief Executive Officer of GTT, said: “We are delighted to welcome Danelec to the GTT Group. This acquisition fully aligns with our development strategy in the digital field and marks an important milestone for the Group. Danelec is a recognised player in the maritime digitalisation, with a strong reputation, a significant installed base, and high-quality management team. With this transaction, GTT becomes the global leader in the high-growth segment of vessel performance management and positions itself as a leading player in the strategic VDR market. In a rapidly expanding digital maritime market, this acquisition further strengthens our leadership position, while creating value for our shareholders.”

Next steps

The transaction is expected to be completed at the beginning of the second half of 2025, subject to customary conditions precedent.

Source: GTT