Tel Aviv company sails into new waters with $270M acquisition by US investment fund

The acquisition report highlighted FTV’s plan to accelerate Windward’s growth by expanding beyond maritime operations into global supply chain analytics.

By Pesach Benson, TPS

Windward, a Tel Aviv-based maritime analytics company, will be acquired by Octopus UK Bidco Ltd for approximately one billion shekels ($270 million), the companies announced on Wednesday.

The London-based Octopus belongs to the San Francisco growth equity firm FTV Management Co LP.

Founded in 2010, Windward uses artificial intelligence to assess maritime risks in real time. Clients include government agencies and energy companies, among others.

“This marks an exciting next step in the evolution of Windward, providing the opportunity to build upon our first mover advantage in maritime generative AI through accelerated innovation and greater market reach. We are incredibly proud of the growth we have achieved while on the AIM market, and our ability to adapt and incorporate evolving technology, specifically generative AI,” said Windward CEO and founder Ami Daniel.

The acquisition report highlighted FTV’s plan to accelerate Windward’s growth by expanding beyond maritime operations into global supply chain analytics.

“As global seaborne trade expands, regulatory regimes tighten and supply chain pressures mount, the need for advanced maritime intelligence and visibility has become imperative for global organizations to effectively operate and manage risk in an increasingly complex landscape,” said FTV managing partner Brad Bernstein.

“Windward has built a best-in-class maritime AI-based analytics platform spanning use cases across risk, compliance, trading and the supply chain and delivering tangible value to its growing blue-chip customer base worldwide,” Bernstein added.

According to Windward, which is publicly traded in London, the £216 million ($270 million) cash deal offers a 47% premium on Tuesday’s share price and a 92% premium on the six-month average.

Since its IPO, Windward has tripled its customer base. Independent directors believe in its ability to thrive independently but acknowledge economic, regulatory, and competitive challenges. They said they considered the offer attractive, providing strong capital access to support expansion and effectively navigate uncertainties.

Windward reported revenue of $17.6 million in the first half of 2024, – a 37% increase compared to the first half of the previous year.