Windward has become the latest tech firm to exit the London Stock Exchange after the maritime AI business was acquired by a fund linked to US investor FTV Capital in a £216m deal.
The offer price of 47p per share represents a 47% premium to Windward’s share price as of yesterday and is nearly double the company’s twelve-month volume weighted average closing price.
Windward, which listed on the stock exchange only three years ago, said it took the decision to go private because it may require investment in the future, which could reduce profitability in the short to medium term, but “should build the strong operational foundations required to support Windward’s next phase of growth.”
The company added that the investment and expertise of FTV could help it accelerate its expansion into the US.
The delisting is set to be complete by the end of the first quarter of 2025 with a shareholder vote expected in early January.
Ami Daniel, chief executive officer of Windward, said: “The fund team have an outstanding track record in supporting the scaling of founder-led software businesses globally and we believe that together we will be a significantly stronger organisation.
“For our customers, the additional investment will enable them to unlock far greater value from their data through our ambitious product roadmap, and for our employees, it provides increased job security and the confidence that we have the funding to drive forward together to achieve our potential.”
Brad Bernstein, managing partner of the fund, said: “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 organisations to effectively operate and manage risk in an increasingly complex landscape.