MetService announced on Tuesday that it has acquired a 49% share in leading New Zealand oceanographic consultancy, MetOcean Solutions Ltd, which has offices in Raglan and New Plymouth.
MetService chief executive Peter Lennox said, “Our international brand MetraWeather is already delivering New Zealand’s meteorological expertise globally to the media and energy industries. This investment boosts that export potential.”
MetOcean focuses on customised oceanographic forecasting and consultancy, specialised expertise that MetService does not have but that complements its own R&D capabilities.
“Joining forces with MetOcean helps us accelerate our development in the energy sector, and springboards us into the rapidly-growing marine sector – a potential market of over $10M – with established products and world-class expertise,” said Mr Lennox.
MetOcean chief executive Peter McComb sees working with MetService as a natural fit for the company.
“Our positioning is all about empowering people to make sound decisions based on rigorous science,” said Dr. McComb. “MetService’s ‘powerful weather intelligence’ positioning and international sales & marketing expertise create the perfect avenue for us to access global markets.
“This investment shows MetService’s confidence in the quality and growth potential of our business.”
The similarities between the two companies will allow MetService to expand its research capability for product development, and enable MetOcean to grow international revenues while keeping its IP in New Zealand. The new management partnership is committed to maintaining the strong and vibrant R&D environment that is the engine room of MetOcean’s success.