BLUEFRONT EQUITY ACQUIRES PISCADA’S AQUACULTURE BUSINESS

Bluefront Equity acquires Piscada’s aquaculture business. Seafood investor Bluefront Equity (Bluefront) has agreed to acquire the aquaculture business of Trondheim-based software company Piscada, which delivers software for process control and analytics to the fish farming industry. 

“We believe that digitising core processes and enabling biology and economics to work in tandem is the key to a more efficient and sustainable seafood industry. That is also why we acquire Piscada’s aquaculture business,” says Kjetil Haga, partner and CEO at Bluefront.

Complete overview

Piscada has developed a software platform that manages, analyses, optimises and controls feeding operations. The company has also developed a cloud-based solution for decision support, management and monitoring of various aquaculture applications. Piscada is a platform that integrates innovative technologies, thereby enabling customers to unleash the full technology potential in their day-to-day operations.

The starting point for Piscada’s aquaculture business is an advanced software that automates, plans and executes feeding operations in both ocean-based net pens and land-based aquaculture facilities. This solution has evolved into a software platform that provides a valuable complete overview of daily operations and enables control of feeding intensity, winch adjustments, camera positioning and integration with new, innovative solutions.

“We provide fish farmers with a holistic visual overview of feeding parameters in all fish cages. We also integrate data about weather and environmental conditions, which is supplied by our new sister company Seaqloud. By connecting sensors, we can also analyse where in the cage the fish is swimming in order to optimise the feeding process. Those of us in Piscada who work with the fish farming industry look forward to becoming part of a fully-fledged aquaculture team in Bluefront,” says Steinar Fossen, who heads up Piscada’s aquaculture division and becomes the managing director of the business that Bluefront now acquires.

Piscada’s aquaculture operation consists of 7-8 people and is headquartered in Trondheim, Norway. The business generated revenue of approximately NOK 22 million last year and delivered a positive operating result. Mowi, Lerøy and Grieg Seafood are among the company’s customers.

“Piscada has developed its aquaculture platform to become a competitive and profitable solution that is utilised by highly attractive customers. Bluefront is the right owner to elevate our aquaculture platform to another level. We are very pleased with the process we have gone through together with Bluefront, and we know that both the product and the employees are in safe hands. Piscada will now refine and further develop our real estate platform and take this to new heights,” says Torgeir Pedersen, managing director of Piscada AS.

Wholly owned by Bluefront

In the transaction, the aquaculture business is carved out of Piscada and subsequently divested to Bluefront’s second fund, Bluefront Capital II, which will own 100 percent of the aquaculture business following completion of all transactions, but before employees become shareholders. The parties have agreed to not disclose the financial details of the transaction.

“Piscada’s software is impressive, and we see immense potential in increasing the amount of data feeds that are integrated in the system. This will provide fish farmers with a more holistic overview of their cages, which translates to enhanced control of feeding operations and strengthened decision support. We believe this will make the system even more attractive and contribute to increased use at more locations,” says Johan Kostveit, investment manager at Bluefront.

Piscada is Bluefront’s fifth investment in companies that delivers software solutions to the aquaculture industry. Bluefront has previously invested in software players Seaqloud, Naviaq, Spillfree Analytics, and Horizon Software (formerly FiiZK Digital), which all delivers specialised digital solutions to various part of the seafood value chain.

Bluefront’s overarching mission is to transform the seafood supply chain into becoming more sustainable, accessible, and responsibly managed. The firm invests in companies developing innovative products, services, software, and technology that promote sustainability throughout the seafood value chain, with a particular focus on improving ocean health, promoting fish welfare, and enhancing resource efficiency.