Pamlico Capital has completed a growth investment in Veson Nautical, whose co-founder and CEO John Veson, COO Sean Riley and other management team members, will maintain significant ownership and manage the growth of the company with support from Pamlico.
Further transaction details have not been disclosed.
Headquartered in Boston, Massachusetts and founded in 2003, Veson Nautical has experienced 13 consecutive years of growth supported by an expanding portfolio of successful client implementations spanning all verticals within commercial maritime.
Veson’s flagship integrated solutions (IMOS and Veslink) form the leading technology platform for buyers and sellers of marine freight, and create a unique community of users through which to collaborate and share mission critical voyage and vessel data. With offices in Boston, London, and Singapore, Veson serves over 8,000 users at more than 200 clients.
“We believe Veson is well positioned for future growth by continuing to provide best-in-class software solutions to maritime organisations around the world,” says John Veson. “Our team is proud of our success to date and is excited to bring in Pamlico as our first institutional equity partner. We plan to leverage their extensive experience investing in the software sector and successful history of supporting founder-owned businesses to accelerate our company’s growth and continue our core mission of propelling maritime commerce.”
“Pamlico seeks to invest in leading vertically-focused software companies, and Veson is no exception,” says Walker Simmons, Pamlico partner. “John and the Veson team have built the leading commercial maritime operations software platform for a loyal base of clients, for whom they are solving increasingly complicated freight trading problems.”
Pamlico partner Eric Wilkins adds: “Our investment will allow Veson to accelerate core product innovation, as well as to expand into other closely related adjacencies. The shipping market is a complicated ecosystem of charterers, ship owners, operators, traders, and freight brokers, and Veson is uniquely positioned to transform the constant flow of maritime data into actionable insights.”
Veson Nautical is the 14th investment in Pamlico Capital III, a fund with USD650 million of committed capital.
Veson was represented by Harris Williams & Co (financial adviser) and Cooley LLP (legal adviser). Pamlico was advised by Alston & Bird LLP (legal adviser).
