US technology investment group Accel-KKR has purchased leading electronic navigational software supplier to the shipping industry Navtor from Norwegian private investment firm Smedvig.
Navtor, which was set up in 2011 with Smedvig taking an 83.5% stake to propel its early-stage development, said it had received majority growth investment from Silicon Valley-based Accel-KKR, but did not disclose the price.
Accel-KKR, which has more than $9bn in capital commitments, focuses on middle-market software and IT-enabled businesses by providing capital services, including buyouts.
