AQUACULTURE INDUSTRY SUPPLIER ACQUIRES SENSOR AND SERVICE COMPANY

Aquaculture industry supplier acquires sensor and service company. Bluefront-owned Seaqloud, which delivers software and sensor technology to the seafood industry, acquires Norwegian company Sematek and strengthens its offering within sensors for the fish farming and maritime industries. 

The acquisition of Sematek – Senter for materialteknologi AS – is Seaqloud’s third in two years. First was the software company Naviaq, followed by Meox’s “Guardian” environmental monitoring products and software.

Seaqloud offers sensors and software that provide an overview of the fish’s environmental conditions, both above and below the surface. Additionally, the company provides solutions that give an overview of equipment, operations and logistics. The solutions standardise, safeguard and make the fish farming industry’s work processes more efficient.

“The combination of Seaqloud’s sensor technology and software makes it easier to comply with requirements for on-site environmental monitoring. By integrating Sematek’s sensor products in Seaqloud’s portfolio, we will be able to further improve fish farmers’ operational reliability through gaining a better understanding of their maintenance needs,” says Frode Næss, who took on the role as managing director of Seaqloud earlier this year.

 Leak detection and load cells

Sematek’s two main products are sensors for leak detection in floating structures such as feed barges and closed cages, as well as load cells that measure and record stresses on mooring components of floating installations. The sensors continuously monitor and store data, which contributes towards extended operational lifespan and reduces the risk of both structural failure and escapes.

In addition, Sematek supplies wave breakers and performs service and maintenance tasks on equipment delivered to cages, feed barges, and other floating structures made of steel, composite, and other materials.

“Integrating our sensor products into a dedicated software and sensor technology company like Seaqloud is a solid technological and industrial match that will enable us to offer even more comprehensive operational solutions for the aquaculture industry,” says Tore Birkeland, managing director at Sematek.

Geographical expansion

Sematek is based in Bergen, Norway. The company will shortly move into new and larger premises that will be better suited as maintenance hub for equipment and components.

Seaqloud is headquartered in Trondheim, Norway, with further offices in Alta, Namsos and Tromsø. The company’s service centre is in Alta.

“Seaqloud’s geographical stronghold has until now been from Trøndelag to Finnmark county. The acquisition of Sematek gives us a presence in Vestlandet country, which is also a very important fish farming region. The acquisition is geographically complementary, which is beneficial for both Sematek and Seaqloud”, adds Frode Næss.

For all practical purposes, Sematek will be integrated with the Seaqloud team but will continue to operate as a separate limited company. All Sematek’s employees will remain with the company.

Acquires 100 percent

Seaqloud will own 100 percent of the shares in Sematek once all transactions have been completed. Seaqloud acquires the shares from the company’s founders and employees. The parties have agreed to not disclose the financial details of the transaction.

In 2024, Sematek had operating revenues of NOK 13.2 million, an increase of 44 percent from the prior year. The operating profit increased tenfold in the same period, from NOK 0.2 to 2.0 million.

“A re-focusing operation of Sematek’s product and service offering was carried out in 2023 and 2024. We began to see the results of this in 2024. However, the potential is much greater, and we believe the combination with Seaqloud will help realise some of this,” says Johan Kostveit, investment manager in Bluefront and board member of Seaqloud and Sematek.

Seafood investors Bluefront Equity is the biggest shareholder of Seaqloud, which is one of the seafood industry’s bigger SaaS (Software-as-a-Service) players.