Acquisition of Chartworld
Teledyne announced on January 3, 2023 the acquisition of Cyprus-based ChartWorld. The California-based group has taken control of the subscription-based charting services company under financial terms that remain confidential. ChartWorld's professional marine customers, who subscribe to its software, receive regular approved electronic charts, as well as technical support. Additional routing, fleet and risk management services are also offered. Its subsidiary SevenCs also develops software to display marine charts in other OEM environments.
Teledyne opens up to mapping
Teledyne is best known in the yachting world as the owner of the Raymarine marine electronics brand, which the group acquired in 2021, as well as Flir, a thermal camera specialist. For Robert Mehrabian, CEO of Teledyne, this is an interesting step technologically and commercially: "ChartWorld's navigation software and hardware tools fill a gap in Teledyne Marine and Raymarine products and technologies. In addition, this acquisition adds capabilities to our software and recurring revenue, while expanding our customer base, particularly in commercial Solas and merchant fleet owners."
While the two most widely used maps in the boating industry were owned by its competitors, Navico's C-Map and Garmin's Navionics, Raymarine could see new opportunities as a result of this transaction.
