CAI Software has acquired Maritech in a tie-up of two of the seafood industry’s leading enterprise resource planning (ERP) software providers.
Smithfield, Rhode Island, U.S.A.-based CAI Software is the developer of Seasoft ERP Software, which is commonly used by seafood processors and distributors, and aims to further enhance its offerings to the seafood industry through the purchase. It already offers manufacturing execution systems, e-commerce electronic data interchange (EDI) software, and warehouse management software (WMS).
Molde, Norway-based Maritech is a business software developer and the operator a seafood trading platform designed for fish farmers, processors, and traders. Maritech also operates the Maritech Cloud software solution, which offers full traceability of fish – from the production stage through processing, sale, and distribution.
“Combining CAI Software and Maritech brings key granular information for seafood manufacturers of all sizes to make more informed and timely business decisions in this ever-changing business environment,” CAI Software CEO Brian Rigney said in a press release. “As we bring the companies together, we will continue to collaborate with our customers to develop solutions purpose-built to serve the unique requirements of this industry.”
Maritech was previously owned by Broodstock Capital, which owned a 98 percent stake in the company but will continue to be an investor in the combined company.
“The combination of CAI and Maritech will enable us to leapfrog to the next level of performance in the seafood industry,” Broodstock Partner Jan Erik Lovik said. “I am so proud of what our team has accomplished so far and am excited about taking our growth strategies to the next level to serve more seafood companies around the world.”
Rigney said the acquisition will enable CAI to develop better processing and distribution software, enhancing its technology offerings to manage the entire seafood production process from catch, purchasing, processing, packing, sales, logistics, analytics, and reporting. He also said his company coveted Maritech’s “expansive, blue-chip customer base in the seafood industry.”
Menlo Park, California, U.S.A.-based private equity firm Symphony Technology Group (STG) Partners, which invested in CAI in 2021, said it is “dedicated to transforming and building outstanding technology companies in partnership with world-class management teams.”
“We see a strong opportunity to combine the experience and capabilities of CAI and Maritech to build a leading, global ERP software for the seafood industry,” STG Managing Partner William Chisholm said. “We look forward to collaborating with our combined team to drive success for our employees, customers, and partners.”
CAI has grown recently through the acquisition of MultiProcess Computer LLC, a provider of enterprise document archiving and retrieval solutions, in 2017; the 2018 acquisition of Integrated Management Solutions, developer of the Food Connex business management software; and the purchase of Alterity and Minotaur Software in 2023.
The merger will result in an expansion of Maritech’s presence in North America and the rest of Europe, according to CAI. Maritech, which has grown through its 2019 acquisition of Timpex, its 2020 purchase of Lillebakk, and its 2021 Sea Data Center acquisition, embarked upon a North American growth strategy in 2022.
“This is a great milestone for us and a natural next step toward global growth for Maritech,” Maritech CEO Odd Arne Kristengård said. “Together with CAI, we will continue to have a laser focus on our Norwegian home market and customers while increasing the international traction that we have built over the last several years.”
In an email to customers, Kristengård said Maritech needed “to get new owners with a growth mindset, solid global experience, and an extensive customer portfolio” to continue to grow.
“They acquire us because of our position and offering within the seafood industry, including our logistics software. Together we will continue our expansion and provide outstanding support to our valued customers,” he said. “We become part of a well-renowned group of software companies and will also get new distribution channels in the U.S. and Canada. This partnership will open many new doors, we have mutual, high expectations for what we can achieve together.”
Kristengård said Maritech will remain a separate subsidiary company of CAI “with the same people you know well.”
He told customers to expect “business as usual, with a sprinkle of new possibilities on the horizon.”
