A maritime data company that moved its headquarters to Chattanooga six years ago to take advantage of the city's high-speed internet links is merging with a London-based maritime intelligence provider.
International Maritime Security Associates (IMSA), a maritime technology company started nearly a decade ago in Fort Lauderdale which went on to win the top CHATech award in Chattanooga five years ago, is combining with Dryad Global. The combined company will provide real-time maritime security, analysis and risk data to clients at their desks on land or in the bridge at sea.
Corey Ranslem, CEO of IMSA Global, will serve as CEO of the combined company, which will be known as Dryad Global.
"This merger gives clients a maritime risk and security tech offering that is unparalleled in the provision of data, AI and human-intelligence maritime security reporting, intelligence, security analysis and alerts," Ranslem said in a statement about the merger. "Dryad Global will emerge as a partner of choice for large-scale insurance providers, logistics companies and international nations."
The combined company will be headquartered in London but will have an office in South Florida and will maintain the global intelligence, operations and development center in Chattanooga.
"This is an extremely exciting time for us; the merger will benefit our clients enormously in the coming months and years," Phil Diacon, the chief operating officer for the combined company, said in a statement released this week. "This integration is a show-stopping proposition for our customers, investors, shareholders and employees."
IMSA launched its software platform, known as Automated Risk Management Solutions (ARMS), in 2018. Ranslem said the ARMS product line will be the primary line for the company and is offered through three primary product lines - ARMS Shipboard, ARMS Fleet Manager and ARMS Cybersecurity.
The merger of the two companies is expected to be completed by the end of the summer, Ranslem said.
The business is targeted at about 55,000 cargo vessels, nearly 7,000 large yachts and about 250 cruise ships that operate around the world.
- Compiled by Dave Flessner