Wärtsilä has today signed an agreement to acquire Eniram, a Finland-based technology company providing the marine industry with energy management and analytics solutions. The acquisition of Eniram will enable Wärtsilä to grow and strengthen its digital offering and in-house capabilities, specifically in data analytics, modelling and performance optimisation.
Eniram provides the maritime industry with energy management technology to reduce fuel consumption and emissions. Eniram’s solutions range from single onboard applications for trim, speed and engine optimisation to comprehensive fleet analysis. The company’s solutions are installed in over 270 vessels; saving fuel, increasing profitability and reducing harmful emissions. Eniram is headquartered in Helsinki, Finland and has subsidiaries in the UK, the USA, Germany and Singapore. In 2015, Eniram’s turnover exceeded EUR 10 million with 89 employees worldwide. Eniram will initially continue as a strong independent business entity supported by Wärtsilä’s global capabilities. The transaction is valued at EUR 43 million (enterprise value). Ownership of the company will be transferred to Wärtsilä with effect from 1 July 2016.
In announcing the acquisition, Henrik Dahl, CEO and Co-founder of Eniram, commented: “With the accelerating trend of digitalisation and connectivity, there is an enormous amount of innovation happening across the maritime industry. Wärtsilä’s leading market position coupled with Eniram’s cutting-edge technology forms an unbeatable combination in the marine digitalisation space. With Wärtsilä’s capabilities and resources, we can offer even more customer value. Eniram’s team is looking forward to accelerating the expansion to new markets and the development of new solutions with Wärtsilä.”
“Eniram has world-class analytics capabilities, and by joining forces we can provide our customers an unbeatable offering on both the vessel and fleet level. Eniram’s offering and solutions truly complement the recently launched Wärtsilä Genius services portfolio. Together we will enable our customers to optimise their assets and improve predictability, as well as support them with real-time analytics. Further product launches from Wärtsilä and Eniram are to be expected in the near future,” says Pierpaolo Barbone, President, Wärtsilä Services.
“Through this acquisition Wärtsilä takes a solid lead in marine digitalisation. Going digital plays a strong role in our strategy and supports our aim to make both Wärtsilä and our customers more competitive. For us it means growing organically and via acquisitions. We will build strategic partnerships, innovate with start-up companies and continuously recruit new people to strengthen our digital expertise. Digitalisation offers significant growth potential for our customers and for Wärtsilä,” Jaakko Eskola, President and CEO, Wärtsilä Corporation, commented the acquisition.
“During our almost eight-year ownership period Eniram has been able to evolve into a globally leading provider of performance analytics solutions within the marine industry. The company is a great example of Finnish Cleantech know-how; with the help of Eniram’s solutions improved fuel economy and fleet performance is achieved through industrial digitalization. The success of Eniram is based on highly competent personnel who are extremely committed to set goals. I would like to thank them for co-operation and wish for the best in the future”, says Investment Director Jussi Sainiemi from Finnish Industry Investment.
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Wärtsilä in brief
Wärtsilä is a global leader in advanced technologies and complete lifecycle solutions for the marine and energy markets. By emphasising sustainable innovation and total efficiency, Wärtsilä maximises the environmental and economic performance of the vessels and power plants of its customers. In 2015, Wärtsilä’s net sales totalled EUR 5 billion with approximately 18,800 employees. The company has operations in over 200 locations in more than 70 countries around the world. Wärtsilä is listed on Nasdaq Helsinki. www.wartsila.com
Eniram in brief
Established in 2005, Eniram provides the maritime industry with energy management technology to reduce fuel consumption and harmful emissions. Created by experienced seafarers and technologists, Eniram’s solutions range from single onboard applications to comprehensive fleet analysis. They are used by small and large shipping companies on ships ranging from cruise liners, tankers, LNGs, container ships, bulkers and ferries. Eniram is headquartered in Helsinki, Finland and has subsidiaries in the UK, the USA, Germany and Singapore. www.eniram.fi
Finnish Industry Investment in brief
FII is a private equity and venture capital investment company that accelerates companies’ success stories by investing both in funds and directly in companies. We offer promising growth companies business expertise and international networks, enabling a company to pursue its growth strategy. www.industryinvestment.com and @TesiFII