Maritime analytics firm Windward, helmed by former BP chief Lord Browne of Madingley, has joined the growing exodus from London’s AIM market through a £216 million acquisition by US private equity-backed Octopus UK Bidco.
The deal, valuing shares at 215p each, represents a substantial 47 per cent premium to Monday’s closing price and stands 39 per cent above the company’s December 2021 flotation price. The announcement prompted shares to surge 42.5 per cent to 208p on Christmas Eve.
Tel Aviv-based Windward, which specialises in AI-powered maritime intelligence, is set to be acquired by Octopus UK Bidco, a subsidiary of FTV VIII, the growth fund managed by San Francisco’s FTV Capital. The company’s innovative technology serves critical functions in sanctions compliance and assists governments in combating smuggling and human trafficking.
The firm boasts an impressive client roster including oil majors BP and Shell, alongside port authorities, banks, insurers, and governmental bodies such as the US homeland security and defence departments. Despite being registered in Israel, Windward maintains its headquarters in the UK, with additional operations across the US, Ukraine, and India, employing approximately 170 permanent staff.
Recent financial performance has shown promise, with first-half revenue climbing 37 per cent to $17.6 million, while EBITDA losses narrowed significantly by 66 per cent to $1.3 million. Lord Browne, holding a 0.4 per cent stake, endorsed the sale as a strategic move to unlock further growth potential.
The transaction, expected to complete by the end of the first quarter of 2025, has secured backing from directors and managers representing 15.84 per cent of issued share capital, with total support reaching 63.39 per cent. This departure marks another significant loss for London’s AIM market, which has seen over 90 companies withdraw in the past year.
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