Pentonet Acquires On-Waves business in the maritime sector
Pentonet, a telecommunications services and product supplier in the maritime industry Friday announced that it has acquired the Commercial Fleet services, customer accounts, assets, and business from On-Waves hf, the maritime services arm of Siminn hf in Iceland. Specifically, the acquisition is for services provided to Commercial ships and pre-paid services to the crew of these vessels.
This acquisition further extends Pentonet’s current service fleet as well as adding enhanced services and product offerings to the existing On-Waves serviced vessels. As part of this acquisition Mr Kristinn Ingi Larusson, the former CEO of On-Waves will take up a position on the Pentonet Board bringing his long experience to bear to help drive the business forward. Mr. Lárusson stated “I am delighted to see this transaction complete, as it will benefit all parties both in the short and long term. The additional services that Pentonet have in their product portfolio will be of real benefit to the On-Waves customers “.
Darryn Trowell, CEO & Founder of Pentonet added. “The cooperation between On-Waves and Pentonet has been ongoing for a year or more and now is the right time to bring things together on a formal basis so that we may offer extended services and functionality to the former On-Waves customers”. Looking ahead the former On-Waves customer base will be fully integrated within the Pentonet served fleet and will be provided with a variety of standard Pentonet services that will improve upon or maintain their current service levels and commercial agreements.
Commenting on the acquisition, Trevor Whitworth said “realising that the On-Waves owners, Siminn, wanted to focus on their non-maritime business activities, we knew that not only could we provide their customers with continuity of their existing services, but also newer services that Pentonet have, and are developing as in the world of maritime digitilisation. We really see this as a beneficial situation for all the stakeholders, including Siminn/On-Waves, Pentonet and importantly our customers”