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Nekkar ASA to acquire maritime connectivity and digital service provider Globetech

Nekkar ASA has entered into an agreement to acquire the majority of the fast-growing and profitable maritime connectivity and digital service provider Globetech AS


• Acquires company with 10+ years track record of profitable growth

• 20% EBITDA margin with 50% share of repeat revenues

• Good fit for Nekkar’s strategy of digitizing ocean-based industries

• Commercial synergies between Globetech and other Nekkar subsidiaries

• Diversifies Nekkar’s portfolio and revenue streams

“Globetech fits perfectly within Nekkar. Both companies operate in the maritime and offshore industries, both use digitalization and software as key enablers to achieve a higher proportion of recurring revenue, both deliver solid EBITDA margins, and there are strong synergies between Nekkar’s portfolio companies and Globetech. In sum, Globetech will constitute a new solid platform for us, and we are delighted to welcome them into the Nekkar family,” says Ole Falk Hansen, CEO of Nekkar ASA.


Globetech provides ICT (information and communication technology) infrastructure, connectivity and support services to the global maritime sector. The company offers complete solutions for onboard network infrastructure including hardware, tailored solution architecture and system integration for satellite communications, and develops software and customized ICT solutions that focuses on cybersecurity to ensure secure and continuous operations.

The company was founded in 2011 and is headquartered in Kristiansand, Norway, where Nekkar ASA and several of its portfolio companies are located. Globetech currently employs 28 IT and digitalization specialists. The company’s founders and key management will remain with the company and are incentivized to further improve its growth and profitability.

Globetech’s customers include ship owners and ship management companies within the shipping and offshore industries. More than 150 vessels are currently being served by Globetech, including tankers, offshore supply vessels, anchor-handling tug supply vessels and others.

“We believe Nekkar is the ideal partner to support the continued growth of Globetech,” says Hans Eirik Onarheim, managing director and co-founder of Globetech. “We are confident that this partnership will provide us with the resources and support needed to further develop our offerings and achieve our long-term goals.”


Globetech has a track record of profitable growth, reflecting its business model where approximately half of the company’s revenue are repeat business, including a high proportion of recurring license fees from its customer fleet of approximately 150 vessels.

Globetech benefits from a diversified business model where it provides hardware sales as well as installation and consulting services for new installations onboard vessels. Once operational, customers pay license fees for software subscriptions and fees for monthly support services.

In 2023, Globetech delivered revenue of NOK 54 million and EBITDA of NOK 11 million, equivalent to an EBITDA margin of approximately 20 percent. The company has on average grown 28 percent annually in the past two years, and it expects to surpass 75 MNOK in revenues for 2024, whilst delivering the same healthy EBITDA margin levels.

“Digitalization and connectivity for ships, deck equipment and sensors are driving demand for Globetech’s services. With more ships connected, there is a greater need for cyber security to prevent ships being targeted and threats infiltrating onboard networks. This is exactly what Globetech helps to prevent,” adds Ole Falk Hansen.

Globetech will become a new stand-alone platform company within Nekkar. Globetech as a platform will complement the Nekkar portfolio with a high proportion of repeat business and recurring revenues.


Nekkar ASA has entered into a two-stage transaction with the founders of Globetech which by 2027 secures 100 percent ownership of Globetech.

In the first stage, Nekkar acquires 67 percent ownership of Globetech. Globetech’s enterprise value is at signing estimated to NOK 120 million on a 100 percent basis, based on last twelve months EBTIDA and an implied multiple of 7.7x EBITDA. The share purchase for the 67 percent ownership share will be settled NOK 64 million in cash and NOK 15 million in Nekkar ASA shares at closing of the transaction. Nekkar will utilize the company’s treasury shares to settle the share-based consideration, which is valued at the VWAP last five days prior to signing and subject to a two-year lock-up period. The cash-based consideration will be covered by Nekkar’s cash balance, which stood at NOK 197 million at 31 March 2024.

In 2027, Nekkar will acquire the remaining 33 percent of outstanding shares in Globetech. The consideration will be settled in cash based on a multiple of achieved EBITDA in 2027.

The transaction is expected to be completed during the third quarter of 2024.

Please find enclosed a slide deck that introduces Globetech and summarizes the key points of the acquisition.