GMT Communications Partners has made a new commitment from its third fund, taking it through the three quarters deployed mark.
Maritime training software business Seagull has been backed in a deal said to be worth in the region of €50 million.
GMT’s third and current fund, GMT Communications Partners III closed in July 2007. The firm has completed seven investments to date in this fund: Asiakastieto in July 2006, Melita in July 2007, Primesight in October 2007, Bigpoint in August 2008, Karnov Group in April 2011 and MeetingZone in July 2011.
Founded in 1996 by chairman Oscar Johansen, Seagull provides a library of training and on-board courses for regulatory, compliance and improved seafarer knowledge.
The deal sees GMT join with Johansen and Seagull managing director Oscar Jahansen to acquire the shareholdings of certain of Seagull’s existing shareholders. Seagull says this will allow it to increase product development and its sales and marketing efforts.
Johansen comments, ‘We are delighted to have found an investor with the skills, experience and financial resources to help us take Seagull to the next stage of its growth.
‘GMT’s access to international networks, expertise and support in the coming years will allow us to continue to develop our market-leading technology platform and focus on our commitment to service excellence.’
Natalie Tydeman, partner at GMT, will now join the board of Seagull. She adds, ‘We have together developed an exciting plan to extend investment in training content and customer support, and to continue to grow the business within shipping and other specialist sectors.’
