Hook, Line, and Acquisition: Danelec Acquired by GTT

Introduction

The past decade has seen a surge in new ventures and investments in the maritime digitalisation space, particularly in data analytics and performance optimisation technologies. However, as the sector continues to mature, consolidation has become a key strategy, driven by the need to scale for profit generation and the increasing demand of the industry for end-to-end solutions. One recent example is Gaztransport & Technigaz SA (GTT) acquisition of Danelec, announced last week, valued at approximately €194 million. This deal is expected to close in the second half of 2025 and brings Danelec, which develops equipment and software for data collection and analysis, into GTT’s expanding digital portfolio. For GTT, the acquisition is the latest in a series of moves over the past few years aimed at expanding its digital service offerings.

Danelec had also been previously active with M&A activity, acquiring Norway-based Kyma in 2021, as well as the VDR business of Finnish MacGregor, and US based Nautilus Labs in 2023. These acquisitions enabled Danelec to broaden its technical capabilities, particularly in ship performance optimisation.

Beyond GTT and Danelec, the sector has seen a wave of consolidation across digital players. In 2024 alone, several notable consolidations took place: Kpler acquired Spire Maritime in November, Lloyd’s Register reached an agreement to acquire Ocean Technologies Group (OTG) in September 2024, and Sedna merged with Nordic IT also in November. Moving into cybersecurity, Port-IT and Diverto joined Marlink Group in 2024 resulting in the creation of Marlink Cyber earlier this year, and CyberOwl was acquired by classification society DNV in September 2024.

Another notable example is the merger between ZeroNorth and Alpha Ori Technologies (AOT), which was announced in October 2023. The two companies have since operated under the ZeroNorth group. Interestingly, Copenhagen-based ZeroNorth secured €20 million in debt financing from CIBC Innovation Banking to fuel its growth strategy.

These developments underscore a key point regarding where the maritime technology sector: fewer, larger players offering more integrated services.

Danelec

Founded in 1995 and headquartered in Denmark, Danelec develops hardware and software solutions for maritime safety and vessel performance monitoring. The company is well known for its VDR’s, often referred to as maritime “black boxes.” In addition, to its core VDR products, Danelec also provides digital platforms and IoT solutions for real-time vessel analytics.

As of the May 2025, Danelec serves over 15,500 vessels globally and holds approximately 15 per cent of the global market share in VDRs. The company employs 168 people and maintains a technical network of over 700 service partners.

In the 2023/2024 financial year, Danelec reported DKK 330.3 million in revenue (approximately €44 million), with a growth of 10.8 per cent from the previous financial year.

Across the years, Danelec expanded its capabilities through a series of acquisitions. In 2021, it acquired Norwegian company Kyma A.S, a specialist in digital ship performance monitoring. At the time Kyma had a base of 5,000 vessels and had supplied equipment to over 400 shipyards and shipping companies. This acquisition added shaft power meters and real-time engine performance tracking to Danelec’s offerings.

In 2023, Danelec acquired MacGregor’s VDR business, including the Maritime Data Engine (MDE) software. This move further increased its installed VDR base and extended its technical capabilities.

Also in late 2023, Danelec acquired Nautilus Labs, a US based maritime analytics company founded in 2016. Nautilus offers a cloud-based platform for fleet performance management, utilising predictive analytics and real-time data to optimise fuel efficient, reduce emissions, and improve voyage planning. The acquisition brought together Danelec’s onboard data capture systems with Nautilus’s software analytics to create a more comprehensive performance solution.

Danelec’s offerings are centred on the company’s ability to collect and process both high and low frequency vessel data. High frequency data is captured through hardware such as Danelec VDR, Kyma Power Meter, and other sensors such as flow meters and shaft power meters. Data feeds into onboard software including Danelec Edge, which acts as a data platform, Danelec Collect for automated capture, and Danelec Onboard Insights for operational analysis. These systems run onboard, and stream processed data into Danelec’s database.

Onshore, this data feeds into software tools including Fleet Insights and Voyage Insights, which enable vessel operators to monitor ship and fleet performance. Safety focused services also provide operational awareness based on recorded safety data.

Danelec reflects the broader shift of traditionally hardware focused companies towards combined hardware and software offerings, driven by growing demand for unified data collection and analysis.

Gaztransport & Technigaz SA (GTT)

Headquartered in Saint-Rémy-lès-Chevreuse, France, GTT was established in 1944 through the merger of Gaztransport and Technigaz. GTT’s core business involves designing and licensing cryogenic membrane technologies used in LNG carriers, floating storage units, and onshore storage tanks. The company has developed several proprietary technologies, including Mark II and NO96 systems, which are widely adopted in the LNG industry.

In recent years, GTT has expanded into digital services and vessel performance management. In March 2023, GTT announced the creation of Ascenz Marorka combining two subsidiaries: Ascenz, acquired in 2017, and Marorka, acquired in 2020. Ascenz Marorka provides digital solutions for vessel performance optimisation, fuel consumption monitoring, and regulatory compliance.

Furthering its digital capabilities, GTT acquired Vessel Performance Solutions (VPS) in February 2024. VPS, a Danish company specialising in vessel performance management, offers the VESPER platform. At the time of acquisition this platform was utilised by approximately 1,200 vessels.

GTT has stated that the acquisition of Danelec positions the company as a global leader in vessel performance management. While this claim requires further verification by Valour Consultancy, it’s notable that Ascenz Marorka held a strong position in our report “The Future of Smart Shipping 2024”, ranking highly among data analytic companies based on 2023 market shares. This ranking was attributed to Ascenz Marorka’s high average revenue per user (ARPU), particularly due to its strong presence in the offshore energy sector.

Conclusion

While the maritime digital ecosystem continues to evolve, segments such as performance optimisation, have clearly progressed beyond the early adoption phase and are increasingly being taken up by the early majority. Of course, the industry response is not homogenous, but a growing number of ship owners and operators are turning to end-to-end providers due to the benefits of a unified digital ecosystem.

At the same time, the landscape is consolidating. What was once a fragmented market, with a significant number of startups is beginning to coalesce around larger players that focus on delivering scalable solutions. GTT’s acquisitions, including Ascenz, Marorka, VPS, and now Danelec, reflect this shift. These moves are not just about expanding capabilities but also about achieving economies of scale and creating a one-stop shop for maritime digital services. In an increasingly competitive environments this scale is crucial, and GTT is positioning itself accordingly as integration becomes a defining industry dynamic.

Valour Consultancy is currently building out its portfolio of syndicated market intelligence reports focusing on the maritime digitalisation industry. For further information, please click here.

Introduction

Danelec

Gaztransport & Technigaz SA (GTT)

Conclusion

WHAT OUR CLIENTS SAY

“Valour Consultancy’s research and analysis pertaining to in-flight connectivity adoption is excellent. It helps us understand how the market is expected to grow in the future, and predict whether airlines will aim to launch IFC services on its fleet.”

“The new report on aircraft seating and in-seat power systems provides a very comprehensive market and industry landscape information – the first of its kind containing that level of detail.”

“The Future of Aircraft Seating and In-Seat Power report came at a pivotal time for us as we look to the future of our in-flight offering. It has helped shape our internal strategies and highlighted areas we need to dig into more deeply. Valour has become a trusted resource and partner.”

“The Future of Aircraft Seating and In-Seat Power report came at a pivotal time for us as we look to the future of our in-flight offering. It has helped shape our internal strategies and highlighted areas we need to dig into more deeply. Valour has become a trusted resource and partner.”

“Valour’s maritime connectivity report provides the most comprehensive, detailed understanding of the market, with clear independent insights into the market trends and inhibitors. We use this report as the bible for our business strategy and marketing on what is happening in the industry.”

“Valour Consultancy’s report on The Future of Body Worn Cameras and Systems is well written, detailed and an excellent insight into the key markets. The analysis of the global law enforcement market was extensive and provided us with valuable industry information of this evolving market.”

“In a global market as dynamic as in-flight connectivity, Valour has established itself as a reliable source of market intelligence and insightful analysis. The team is responsive to requests and clearly engaged in improving an already impressive product.”

“The team around Valour Consultancy equips us with the value-added intelligence needed to make well-informed business decisions in a very dynamic market. The passion and knowledge of the team make it a real pleasure to work with them.”

“Astronics is using Valour Consultancy’s 2016 in-flight connectivity report extensively. We’ve found it highly useful in our long-range planning and it has aided in our market research.”

“The Valour Consultancy report on in-flight connectivity provides very detailed insights on the market and it constitutes a very useful tool for the marketing and strategy team at SITAONAIR. The Valour Consultancy team is also very friendly and we enjoy our working relationship with them.”

“Valour Consultancy has provided an incredibly thorough perspective on the in-flight connectivity space, offering insight into drivers of the current and future state of the quickly growing category.”

Hook, Line, and Acquisition: Danelec Acquired by GTT

Introduction

Danelec

Gaztransport & Technigaz SA (GTT)

Conclusion

Related Posts

“Valour Consultancy’s research and analysis pertaining to in-flight connectivity adoption is excellent. It helps us understand how the market is expected to grow in the future, and predict whether airlines will aim to launch IFC services on its fleet.”

“The new report on aircraft seating and in-seat power systems provides a very comprehensive market and industry landscape information – the first of its kind containing that level of detail.”

“The Future of Aircraft Seating and In-Seat Power report came at a pivotal time for us as we look to the future of our in-flight offering. It has helped shape our internal strategies and highlighted areas we need to dig into more deeply. Valour has become a trusted resource and partner.”

“The Future of Aircraft Seating and In-Seat Power report came at a pivotal time for us as we look to the future of our in-flight offering. It has helped shape our internal strategies and highlighted areas we need to dig into more deeply. Valour has become a trusted resource and partner.”

“Valour’s maritime connectivity report provides the most comprehensive, detailed understanding of the market, with clear independent insights into the market trends and inhibitors. We use this report as the bible for our business strategy and marketing on what is happening in the industry.”

“Valour Consultancy’s report on The Future of Body Worn Cameras and Systems is well written, detailed and an excellent insight into the key markets. The analysis of the global law enforcement market was extensive and provided us with valuable industry information of this evolving market.”

“In a global market as dynamic as in-flight connectivity, Valour has established itself as a reliable source of market intelligence and insightful analysis. The team is responsive to requests and clearly engaged in improving an already impressive product.”

“The team around Valour Consultancy equips us with the value-added intelligence needed to make well-informed business decisions in a very dynamic market. The passion and knowledge of the team make it a real pleasure to work with them.”

“Astronics is using Valour Consultancy’s 2016 in-flight connectivity report extensively. We’ve found it highly useful in our long-range planning and it has aided in our market research.”

“The Valour Consultancy report on in-flight connectivity provides very detailed insights on the market and it constitutes a very useful tool for the marketing and strategy team at SITAONAIR. The Valour Consultancy team is also very friendly and we enjoy our working relationship with them.”

“Valour Consultancy has provided an incredibly thorough perspective on the in-flight connectivity space, offering insight into drivers of the current and future state of the quickly growing category.”