Windward, a predictive maritime intelligence firm that leverages AI, has announced its acquisition by U.S.-based FTV Capital Group, a growth equity investment firm. This partnership marks a pivotal step for Windward as it seeks to expand its services beyond the maritime industry into related sectors.
The acquisition will be executed as a reverse triangular merger under Israeli Companies Law, valued at £216 million ($271 million) or 215 pence per share. This deal represents a nearly 100% premium over Windward’s average stock prices over the last six and twelve months and nearly 50% over its most recent closing price. Significantly, it also offers a nearly 40% premium compared to Windward’s Initial Public Offering Price from December 2021.
Founded in 2011 by two former Israeli Navy partners, Windward specializes in providing insights into shipping activity and risk management. Its platform offers a comprehensive view of the maritime ecosystem, enabling clients to make real-time, data-driven decisions. FTV Capital regards Windward as a highly attractive prospect, supported by a strong management team and strategic vision. The firm plans to use the acquisition as a chance to enhance Windward’s role in maritime compliance and supply chain analytics.
According to Jerome Hershey, a Principal at FTV, Windward’s subscription revenue model has shown robust operating leverage and the potential for margin growth. FTV, having raised over $6 billion in capital, is well-positioned to help Windward accelerate its strategic initiatives. The firm is particularly focused on investments within the realms of enterprise technology and financial services.
Ami Daniel, Windward’s CEO and co-founder, expressed enthusiasm about the acquisition, emphasizing that it will enhance the company’s first-mover advantage in maritime generative AI through improved innovation and market expansion.
The acquisition is subject to approval by a simple majority of Windward’s shareholders but does not require any regulatory approval, thereby streamlining the process. Both parties expect the transaction to close by the end of Q1 2025. This strategic move underscores Windward’s commitment to advancing its technology and expanding its influence across the broader maritime and supply chain sectors.
