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SpecTec

Published Date

  • Headquarters: Limassol, Cyprus
  • Acquisition Date: September 2016
  • Vertical Market: Marine
  • www.spectec.net

Background

Founded in 1985, SpecTec is an international vendor of marine and remote asset management solutions. The company develops, delivers, and supports innovative software solutions and services that enable maritime businesses to manage their assets more safely and efficiently.

Through its flagship product AMOS, SpecTec has established itself as the market leader in asset management software. SpecTec is a global company, with 20 offices in 11 countries worldwide. With more than 1,200 customers across the globe, SpecTec is recognized as a leading maritime software provider.

My advice for business owners looking to join Volaris is to be willing to be open to new experiences and to learn and grow. A lot of things that would take 10 years elsewhere, you can learn and do here much faster. If you’re open to the learning experience, this is a great place for you.

— Chris Wildsmith, CEO, SpecTec

The Decision to Sell

As specialized acquirers of software businesses, Volaris identified SpecTec as a high value acquisition target and approached them. By that point, the business had been restructured several times over its history, beginning in 1996 and leading up to the company’s purchase by a consortium of investors. The company’s investors, while they proved to be good owners of the business, lacked the domain knowledge required to run a vertical market software company. Volaris was able to structure a transaction that would allow SpecTec’s leadership to continue operating the company autonomously while the company’s respective investors were granted the liquidity they desired.

I think SpecTec shows that businesses that are very diverse and from different backgrounds can still back up all the Volaris principles. It shows it’s not just one type of business that the Volaris model works for. I’ve worked for two Volaris businesses now, and I think this is an important proof point that the Volaris model works. It shows that we’re doing the right thing.

— Chris Wildsmith, CEO, SpecTec

Post-Acquisition Success

After joining Volaris, SpecTec began to benefit from the sharing of best practices provided by Volaris and its businesses.

In 2016, Chris Wildsmith became SpecTec’s CEO. Chris had previously been the CEO of Kinetic, a fellow Volaris company in the higher education vertical. Chris was instrumental in bringing Kinetic into Volaris and expanding its operations from its base in England to North America and Australia. In fact, Chris was approached by Volaris to lead SpecTec because of his experience running a global business. Although Kinetic and SpecTec belong to two different verticals—higher education and marine, respectively—the fact that both companies are part of Volaris Group allowed for a smooth and efficient transition process.

For Chris, joining SpecTec has been a great learning experience. The company has undergone a series of positive changes, including its division into 4 business units and a change in its management structure. In its day-to-day business, SpecTec benefits from the measures, shared practices, and stability provided by Volaris. The fact that Volaris is a financially strong and dedicated, long-term acquirer has been a source of security for SpecTec’s employees and customers.

As SpecTec looks to its future, the company is set to continue improving its business practices with a particular focus on bringing exceptional value to its customers. Moving forward, SpecTec will continue to strengthen its global business while benefitting from the resources provided by Volaris and its network of businesses.