Key Takeaways
- • Diversis Capital took majority ownership of Tideworks Technology from Carrix on 1 October, according to Container Management, leaving the two leading independent terminal operating system (TOS) vendors under private-equity ownership.
- • Kaleris, owner of the N4 system, reports more than 350 live sites, and Tideworks says it serves more than 130 facilities; both figures are vendor-reported.
- • Cargotec sold Navis to Accel-KKR in March 2021 at an enterprise value of €380m (US$450m), about 3.6 times 2020 sales of €107m (US$126m), per Container Management's calculation.
- • Carrix has not disclosed the price Diversis paid for Tideworks, which had been its technology division since 1999.
Summary
Diversis Capital acquired majority ownership of Tideworks Technology from terminal operator Carrix on 1 October, according to Container Management. The transaction leaves the two terminal operating system (TOS) vendors with the largest published install bases under private-equity control. Both sellers were non-software owners: Carrix is a terminal operator, and the Navis business was previously owned by crane maker Cargotec.
Cargotec agreed to sell Navis to Accel-KKR in March 2021 at an enterprise value of €380m (US$450m). Navis reported 2020 sales of €107m (US$126m) according to Cargotec, implying a multiple of roughly 3.6 times sales, a figure Container Management calculated. Carrix has not disclosed the Diversis purchase price for Tideworks, which had served as its technology division since 1999.
On scale, Kaleris reports that its N4 system runs at more than 350 live sites, while Tideworks says it serves more than 130 facilities. Both figures are vendor claims. Carrix chief executive Uffe Ostergaard said it was important "to find a partner with deep software experience to work closely with the Tideworks leadership team." Kevin Ma, co-founder and managing partner of Diversis, described Tideworks as "a true market leader with a mission-critical product, a loyal and growing customer base, and a highly talented management team."
The article also cites an operational example of TOS dependence: after ICTSI's Durban terminal moved to a separate N4 instance in August, South African freight associations reported a 26% drop in weekly throughput 11 days later.
Cargotec agreed to sell Navis to Accel-KKR in March 2021 at an enterprise value of €380m (US$450m). Navis reported 2020 sales of €107m (US$126m) according to Cargotec, implying a multiple of roughly 3.6 times sales, a figure Container Management calculated. Carrix has not disclosed the Diversis purchase price for Tideworks, which had served as its technology division since 1999.
On scale, Kaleris reports that its N4 system runs at more than 350 live sites, while Tideworks says it serves more than 130 facilities. Both figures are vendor claims. Carrix chief executive Uffe Ostergaard said it was important "to find a partner with deep software experience to work closely with the Tideworks leadership team." Kevin Ma, co-founder and managing partner of Diversis, described Tideworks as "a true market leader with a mission-critical product, a loyal and growing customer base, and a highly talented management team."
The article also cites an operational example of TOS dependence: after ICTSI's Durban terminal moved to a separate N4 instance in August, South African freight associations reported a 26% drop in weekly throughput 11 days later.
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