UK-based Lloyd’s Register (LR), a provider of maritime services and digital solutions, has finalized an agreement to acquire Ocean Technologies Group (OTG), a human capital management and operational software company, from European private equity firm Oakley Capital. This purchase will reportedly allow LR to offer OTG’s solutions to a fleet of over 30,000 vessels.

The acquisition, which will be subject to obtaining customary regulatory approvals and is projected to take place in Q4 of 2024, is said to represent a ‘significant milestone’ both for LR, and OTG—a provider of ‘critical training, compliance, operational and HR software to shipowners, operators and seafarers.’