GTT Acquires Danelec for €194 Million to Become Global Leader in Maritime Vessel Performance and Data Solutions
Paris, France – May 2025: GTT (Gaztransport & Technigaz), a global leader in LNG containment systems and digital maritime innovation, has entered into a definitive agreement to acquire Danelec, a Denmark-based provider of advanced vessel performance and data management technologies, from European investment fund Verdane.
Strategic Acquisition Valued at €194 Million
The transaction, valued at €194 million (US$220 million), significantly accelerates GTT’s expansion into maritime digital solutions. With the acquisition, GTT’s installed digital base grows to over 17,000 vessels, positioning the company as a market leader in two fast-growing verticals:
- Vessel Performance Management
- Voyage Data Recorder (VDR) Systems
“This strategic acquisition makes GTT the global leader in vessel performance management and strengthens our role in the vital VDR market,” said Philippe Berterottière, Chairman and CEO of GTT. “Danelec’s deep technical expertise, strong recurring revenue base, and international footprint are an ideal complement to GTT’s digital ambitions.”
About Danelec: A Pioneer in Maritime Digitalization
Founded in 1995 and headquartered in Farum, Denmark, Danelec is recognized for its advanced digital maritime systems that enhance operational efficiency, safety, and sustainability. Danelec’s hardware and software solutions, including IMO-compliant Voyage Data Recorders, are deployed on over 15,500 vessels globally. The company operates with 168 employees and a worldwide technician network spanning 700+ field engineers.
Financial Snapshot & Strategic Fit
For the fiscal year ended June 30, 2024, Danelec reported:
- Revenue: DKK 330 million (~US$50 million)
- Recurring Revenue Share: ~33%
- Adjusted EBITDA Margin: 25%
Danelec’s solid SaaS-like recurring income, long-term VDR maintenance contracts, and integrated service model are expected to deliver immediate earnings accretion for GTT from H2 2025.
Transforming Maritime Intelligence
The acquisition aligns with GTT’s broader strategy to become a digital backbone of the maritime industry. As global shipping transitions toward decarbonization and data-driven operations, this move strengthens GTT’s value proposition to shipowners, OEMs, and regulators seeking real-time analytics, environmental compliance, and safety enhancements.
“Danelec’s track record of maritime innovation and our shared vision for safer, smarter shipping makes this union a natural fit,” said Berterottière.
Closing Timeline
The acquisition is expected to close by early Q3 2025, subject to regulatory approvals and customary closing conditions.
About GTT
GTT is a technology and engineering company specializing in cryogenic membrane containment systems for LNG transport and storage, as well as digital solutions for the maritime and energy sectors. Listed on Euronext Paris, the company is at the forefront of integrating digitalization into maritime decarbonization goals.