He is the new leader of Maritech North America

We are happy to announce Will Greenwood
as our new Managing Director!

A strong global team

A career in seafood tech wasn’t always a stop along the path of Will Greenwood’s career.

Luckily for us, he changed his plans in 2017, when he joined Team Maritech in Halifax after 18 years in the field of automotive ERP. Since then, he has been working closely with Canadian and US seafood companies as a Senior ERP Consultant.

“I am thrilled to be chosen for this new role,” says Greenwood, taking over as Managing Director after interim resource Kjell Jørgensen.

“We have a strong global team, highly innovative solutions, and a unique opportunity. I believe that Maritech has huge potential in North America, as we are the only company in the world that is offering a complete cloud platform tailored for seafood processes. The first implementations started 1.5 years ago, and we have seen an extremely positive trend.

A major advantage is that our software is adaptable to all kinds of seafood companies, from large to small the software can be tailored to the customer no matter what their size. Different modules are specific to the different kinds of companies throughout the seafood value chain, such as traders, fishermen, processors, and aquaculture companies. Everything is built according to best-of-breed methodology, in Microsoft Azure, and the users can now easily access their systems anytime, anywhere.”

Transforming the industry

Greenwood says that being a part of Maritech feels like home. “I can honestly say that I am looking forward to going to work every day. And our team is amazing. We get up in the morning to make a difference, innovating together with our customers. Our ambition is to revolutionize the seafood industry,” he continues.

“The experience from our recent cloud software implementations, such as for Eastbound Seafood, and Grieg Seafood in both Norway and Canada, proves that we are very well-positioned to lead the digital transition of the entire seafood value chain.

It is great to see how our new solutions are welcomed in the market, new companies are contacting us now to see how we can help them work more efficiently, generate more revenue, and be more sustainable.”

Will Greenwood, Maritech Halifax

Growth mode

Since launching Maritech Cloud in 2019, Maritech has been investing heavily in scaling as one united, global tech company.

“North America is one of Maritech´s core markets, and we have big ambitions for the years ahead of us. We really enjoy being in such a growth mode, fuelled by strong owners who are willing to invest in our success.

To give a few examples; since 2018, our Product & Technology team has spent more than 125 000 hours developing seafood-specific solutions in Maritech Cloud. And last year, Maritech hired 26 new employees – so far this year, the number is 24. Two of the most recent are new consultants in Halifax and Seattle, and I believe that we are now 16 nationalities in 5 countries.”

Team Maritech Halifax

Next up are several additional hires here in Nova Scotia, and we are also looking for more new talent across all of North America. We need new colleagues in several kinds of roles; developers, consultants, sales representatives, to give a few examples. So do not hesitate to contact us if you are interested in joining our team, in the leading and fastest growing seafood software company in the world. We would love to hear from you!”

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Sailing, running and family

Will and his wife Sarah live in Halifax with their three children. All fond of outdoors and physical activities, it’s no surprise that you’ll likely find Will and the rest of the Greenwood family sharing laughs on the soccer pitch or a baseball diamond. They also love to travel and take advantage anytime it’s possible to explore somewhere new. As Will is a passionate athlete, he prefers to fills the rest of his free time with running and sailing. After having completed the Fredericton marathon this past year, he has now focused most of his attention on sailing – both in terms of competitions and pleasure rides.

Coming to work every day is easy when you love what you do, and Greenwood says he is lucky to have found that in Maritech.

“Innovating together, collaborating in cross-functional teams, and celebrating other people’s success. It is highly motivating. What Maritech stands for, I fully support and truly what I love most about the company,” Greenwood finished with a smile.  

Well Will, we are lucky to have found you too. We are so honored to have you fill this role!  

Welcome to Maritech,
Brim and Hnyfill! 

In early June, The Icelandic Fisheries Exhibition (IceFish) finally opened its doors to the public again. 

It was great to be back! And a perfect occasion to sign our two new customers, Brim Seafood and Hnyfill.

Brim testing Maritech Eye

Brim Seafood is one of the largest seafood companies in Iceland, specializing in wild-caught Atlantic Cod, Deep Sea and Golden Redfish, Greenland Halibut, Saithe, Mackerel, and Haddock. The initial phase of our new Brim partnership is a Maritech Eye™ test project, where the main goal is to increase the efficiency of Brim´s production and processing.

“We have been in dialogue with Brim for a while now, and they have been very positive right from the beginning. They are a leader in innovation and responsible fishing and have positioned themselves as an influencer in the Icelandic seafood industry,” says Konrad Olavsson, Maritech Iceland.

A natural next step

“Exploring the capabilities of Maritech Eye™ is a natural next step on this path, as they are now the first Icelandic company to start testing hyperspectral imaging for objective quality documentation and species sorting,” Olavsson continues.

“As Maritech Eye™ is the only solution of its kind in the world, that can actually document the inside of whole, round whitefish, this gives our customers  a new competitive advantage in the global market – in addition to the efficiency gains, reduced waste, and other benefits such as the reduced amount of repetitive, manual tasks.”

Image: Konrad Olavsson, Maritech Iceland, and Gisli Kristjansson, Brim Seafood

 

Brim Seafood testing Maritech Eye

Hnyfill + Maritech

A new Maritech Cloud customer was also signed at Icefish – Hnyfill will now be the first Icelandic company using Maritech Purchase & Sales for all their seafood trading processes.  Hnyfill is a fish processor located in Akureyri in north Iceland. They have been operating for nearly 30 years and are moving into further digitalization of their processes together with Maritech.

“I’m not sure if it’s coincidence or fate that the meaning behind the word Hnyfill is ‘to pioneer,’ which is exactly what our relationship with them will do,” Olavsson smiles.

“We are looking forward to getting them up and running and aim to build a strong partnership for the future.”

Connected in Boston

The connection between Maritech and Hnyfill was established at Seafood Processing North America in Boston in March earlier this year.

“At the show we met the owners of Hnyfill and other processing and sales offices in Iceland. They showed us great interest since they have the need to digitalize their companies – preferably with the same IT partner to be able to cooperate and transfer information with more ease. Choosing Maritech as their trading software partner might just be the first step in our cooperation.”

Image: Konrad og Einar Örn Aðalsteinsson, Hnyfill

Hnýfill chose seafood trading software Maritech Purchase & Sales

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Strong strategic growth in 2021

We are pleased to share our financial results for 2021, revealing strong growth in profitability, SaaS, and strategic revenue.

60 % SaaS growth

In 2021, we continued our investments in innovation, international expansion, and our cloud-based platform, Maritech Cloud, in addition to strengthening the organization for further growth. Focus on profitability and professionalization of the organization led to a positive EBITDA of NOK 15 MNOK for the year, increasing from 1 MNOK in 2020 (Group).

The Maritech Group operating revenue for 2021 was NOK 154 million (148), a growth of 4%. The modest revenue growth is primarily related to a decision to reduce non-strategic revenue. The growth in strategic revenue was significant with an increase of NOK 14 million in ARR (Annual Recurring Revenue) from last year, equivalent to a 21% growth which is mainly driven by growth in SaaS (Software as a Service, recurring revenue) of 60 %.

Extensive potential

“A year to be proud of. This is what first comes to my mind when looking back on 2021,” says Odd Arne Kristengård, CEO. “The year we turned -18 MNOK into black numbers – and the year our cloud software and Maritech Eye™ got a foothold in the global seafood industry. Important milestones for us and our investors, that everyone in Maritech has worked very hard to reach.

“And – we have only just started unleashing our growth potential. The global seafood industry is stronger than ever, and so is the global demand for healthy, sustainable food. Through our cloud platform, we can help our customers add value in new ways.

An example is the recently launched Maritech Processing, integrated with our Maritech Purchase & Sales solution. For the first time, traders can now book production orders directly into the processing system; easy, efficient, and more sustainable – reducing waste.

Odd Arne Kristengård, CEO

Maritech CEO, Odd Arne Kristengård

New data platform

I would also like to mention the ongoing development of our data platform, which currently includes more than 37 000 measurement points and 1 150 million data values. Our data model is unique, structuring data from aquaculture and wild catch through the value chain to the market.”

“We also see substantial potential for further growth within the transport and logistics segment, where we are recognized as the leader in Norway and have 90 % of the Norwegian export of temperature-controlled goods running through our systems.

Onwards, we are now all set to ensure growth with strong margins, capitalizing on our investments while continuing innovating and starting new initiatives. Our unique competence makes us the company in the world best equipped to deliver on the digital seafood value chain.”

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Full cloud adoption by 2025

“We are now ahead of our plan when it comes to margins,” says Thomas Brevik, CFO.  “Regarding revenue, we are behind, but when we adjust for the loss of non-strategic revenue and covid related issues on lack of hardware components, we are on plan, or maybe even slightly ahead, on our strategic revenue. We will continue our global expansion, and we will continue to capitalize on past investments through our strategy for 2021-2025.

From 2022 to 2023 our focus will be cloud conversion and international growth, and we will lift our remaining products and modules to the cloud. From 2023 to 2025 we target to reach full SaaS and Cloud adoption through a full-range cloud offering, offered through standardized and optimized SaaS and recurring service models. We will become truly international as one global Maritech and be fully able to capitalize on our integrated offering across the seafood value chain.”

Read our new annual report here.

Thomas Brevik, Maritech CFO

Salmon Evolution chose Maritech

Land-based farmer Salmon Evolution use our cloud software to handle all processes related to their seafood sales and inventory management.

A natural choice

In 2022, Salmon Evolution implemented Maritech Purchase & Sales, our leading cloud solution tailored for all processes related to seafood sales – inventory, invoicing, claims and more.

“Maritech was a natural choice for us,” says Odd Frode Roaldsnes, CCO in Salmon Evolution. “We are cooperating closely with Vikenco, who will handle all packing and processing of our land-based salmon, and we target seamless integrations between our systems and their production, packing, and processing solutions. We believe in digitalization, and sharing the Maritech platform with Vikenco, will enable an efficient dataflow that will give us valuable insights about our high-quality land-based salmon, and how we continuously can improve product quality, and our Sales departments efficiency when we connect new trading- and documentation tools. ”

“We believe that modern, secure, and user-friendly cloud solutions are essential to running our sales processes as smoothly as possible. As Maritech´s cloud platform is built specifically for the seafood value chain, and hosted in Microsoft Azure, we get the process support we need, combined with Microsoft scalable, state-of-the-art infrastructure and functionality. We know Maritech well, as a solid and competent partner and advisor.”

About Salmon Evolution

Salmon Evolution is a land-based salmon farmer, listed on the Oslo Stock Exchange, established in 2017 to pursue salmon farming on land. The company´s first facility is under construction on the Norwegian west coast at Indre Harøy in Møre og Romsdal county. Salmon Evolution´s strategic location ensures that they can adopt the most suitable technology for farming fish on land, with unmatched access to fresh seawater, aquaculture competence, 100 % renewable energy, and an established infrastructure.

The first construction phase will provide an annual roundweight capacity of 9 000 tonnes of fish, rising to 36 000 tonnes on completion. The global expansion plan envisages a total output of about 70 000 annual tonnes. Phase 1 is scheduled to be completed in the fourth quarter of 2022.

In 2021, Salmon Evolution formed a close partnership with Dongwon South Korea’s Dongwon Industries, one of the world’s leading seafood companies, to build a fish farm on land in South Korea.

Land-based farmer Salmon Evolution chose cloud-based trading software from Maritech

Extremely professional

“Salmon Evolution is a highly innovative company with a forward-leaning team, and we are very happy to have been chosen as one of their partners,” says Klas Vangen, VP Sales, Maritech.

“They are extremely professional and easy to cooperate with, always focusing on finding optimal solutions. We share the same ambitions of being world-leading and unique within our segments while creating considerable value for our customers and owners. We are looking forward to our further cooperation and are proud that we get to take part in the Salmon Evolution journey.”

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Closing the lobster traceability gap

Atlantic Lobster comes from one of the most sustainable fisheries in the world. But can the seafood processors and seafood exporters of this remarkable product actually prove it?

Complex traceability for frozen and processed lobster

The Atlantic lobster industry has made great strides in recent decades in establishing itself as one of the most environmentally sound and sustainable fisheries out there, with many undergoing the stringent requirements of MSC certification. Indeed, the value of Canadian lobster exports topped $3.2 billion last year — the highest ever and more than $700 million higher than pre-pandemic levels, according to new trade data.

For live lobsters, the traceability chain is fairly direct. For frozen and processed lobster products, however, which account for over 60% of the overall export value, traceability is far more complex. This complexity necessitates the use of advanced seafood traceability software and seafood processing software to ensure accuracy and compliance.

When the Canadian Lobster Council first introduced its Lobster Traceability Pilot Project in January, 2015, it identified a number of challenges facing the Atlantic Canada lobster industry in implementing seafood traceability systems. These systems are needed to verify, both for consumers and for regulatory purposes, that the lobster being sold is indeed what the label says it is. Moreover, adherence to FDA seafood labeling requirements and general seafood labeling requirements is crucial for maintaining market trust and regulatory compliance.

The challenges include:

  • Relatively high number of suppliers and consequently high number of data entries, which can be managed more efficiently with fish processing software.
  • A single finished product can contain lobster from multiple suppliers, making fish traceability essential.
  • Need to extend a batch (lot) production over several days, which can be streamlined with seafood processing solutions.
  • Tracking of lobster throughout complex production processes, from harvest to export, requiring robust seafood distribution software.
  • Tracking lobsters in holding pond, a task that can be facilitated by seafood traceability software.

 

 

The seafood logistics involved in the export process also add layers of complexity. Assessment and management of seafood safety and quality are critical to ensuring that the products meet international standards. The importance of a trace register for seafood cannot be overstated, as it helps in maintaining a transparent supply chain and supports the overall fishery export process.

The advancements in seafood processing solutions have thus become indispensable tools for the industry, enabling better management of seafood export logistics and adherence to regulatory standards.

Broader opportunity for lobster operations

Past attempts to adopt digital seafood traceability systems throughout the lobster value chain have been both significantly expensive and cumbersome to put into operation, with long and inflexible implementation cycles and costly customizations. Maritech’s cloud based seafood ERP software are changing all that and now include new modifications tailored for the lobster industry. The new seafood software is drawing broad attention from seafood producers, exporters, and processors of all sizes and within all segments – large global corporations as well as smaller companies.

The launch of our cloud based seafood ERP software, has really meant that sophisticated digital systems that would once have been out of reach for small operators are now readily available with absolutely no huge up-front capital costs and complex IT implementation cycles. This advancement supports better seafood traceability, ensuring compliance with seafood labeling requirements and FDA seafood labeling requirements. The availability of such solutions is transforming the seafood logistics involved in lobster processing and export, making it easier for businesses to manage the assessment and management of seafood safety and quality.

A new era of lobster business

There is no doubt that for many companies, new cloud based seafood software with digital traceability systems can lead to a considerable increase in efficiency and profitability. As well as other positive effects, such as improved sustainability, easier reporting, and reduced manual workloads.

Now it is easier than ever for companies to get started. At Maritech, we have many examples on successful seafood digitalisation projects, one of our small Maritech Purchase and Sales software customers, who is based in New Jersey, was fully set up and running our software to manage international seafood sales operations within the space of a week. In addition to our core Purchase and Sales, we provide integrations to our own solutions with labeling and packing systems, our new cloud based Transport Management System for logistics and transport companies, quality tracking, claims, and IoT.

This kind of flexibility is revolutionizing the way lobster companies can now do business, making it easier to comply with FDA seafood labeling requirements and general seafood labeling requirements, while enhancing seafood traceability and improving the assessment and management of seafood safety and quality.

Webinar: Get to know Maritech Eye™!

Meet us on the 31st to learn about the benefits of hyperspectral machine vision in seafood quality inspection.

 

For the first time ever, it is now possible to automate objective quality analysis of red and white fish at industrial speed.

Sign up for our webinar on March 31st at 10:30 Eastern (EDT), to see how you can earn more, strengthen your brand, and get a greener seafood production!

With higher precision and far higher speed than a person, Maritech Eye™ can document the quality inside your fish. The solution is the only one of its kind in the world, scanning through the skin of white fish and analyzing + documenting blood spots in red fish fillets. And – enabling the grader to sort in industrial speed, while documenting the quality of each unique fish. Maritech Eye™ scans the fish early in the production process, enabling a more sustainable production due to reduced waste and improved resource productivity. Premium quality can be allocated for price premium products, while the rest of the fish can be used optimally in other product segments.

PS. If the timing doesn’t work well for you, sign up anyway! We will send you a link to the recording.

Looking forward to meeting you!

 

Sign up here!

 

Eastbound Seafood chooses Maritech

We are happy to share the news that Eastbound Seafood chooses Maritech to boost efficient and timely delivery and traceability of their high-quality seafood products.

An integrated value chain

We are delighted to welcome Eastbound Seafood as the newest member of the Maritech DigitalSeafoodTM Purchase & Sales family, using our premiere cloud-based software suite for its sales operations across Canada, the USA, and Asia.

DGS Purchase & Sales is tailored to manage seafood sales by ensuring a full company overview, with stringent tracking and control operative throughout the value chain. Developed based on industry best practices, the solution is the core tool in our cloud based DigitalSeafood™ platform in Microsoft Azure.

“Our company has worked closely with local seafood producers and built a network of connections and markets across Canada and internationally. In adopting Maritech’s cloud-based tools, we can further ensure visibility and collaboration throughout our entire supply chain, digitally integrating buying, selling, documentation, and regulatory tasks to ensure the best customer experience possible,” says Jeff Legge, Owner Eastbound Seafood.

About Eastbound Seafood

Eastbound Seafood supplies fresh and frozen seafood to retailers and markets, the food service industry, and seafood companies across Canada, the USA, and Asia.

Based in Dartmouth, NS, the company sources seafood worldwide and has built a reputation for quality products and service.

Eastbound Seafoods chooses Maritech DGS Purchase & Sales

Ensuring traceability

“We, our partners, and our suppliers, are committed to responsible stewardship of our valuable and finite ocean resources,” says Legge.

“Investing in technology is a decisive factor in helping us achieve our goals of reducing our environmental footprint and ensuring traceability of our seafood products while better delivering responsive, hands-on customer service. We are pleased to partner with Maritech, who share our vision of seafood’s sustainable future.”

Kristjan Kristjansson,Maritech North America
Kristjan Kristjansson, Maritech North America. Credit: Cooked Photography

 

“Our cloud-based solutions mean that Eastbound Seafood can offer even faster and more deeply integrated collaboration with its partners to ensure smooth and rapid delivery of products backed by seamless documentation,” observes Kristjan Kristjansson, Sales Manager, Maritech NA.

“We are proud to be a partner in Eastbound Seafood’s commitment to industry innovation while preserving and fostering relationships in the very best tradition of the seafood industry.”

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New research: Fish Trading Optimization 

In the joint innovation project FishTraOpt, Maritech, Lerøy Seafood Group, Møreforskning and Molde University College are researching how suppliers of farmed fish can use Machine Learning to optimize their sales and demand forecast and allocation plan.

AI-based decision support

Since 2020, Maritech has been cooperating closely with Møreforskning, Molde University College and Lerøy Seafood Group in the Norwegian Research Council founded project FishTraOpt, developing supply and demand planning tools utilizing AI (Artificial Intelligence) and Maritech’s Analytics BI (Business Intelligence) software for faster and more efficient distribution of fish. The goal is to provide valuable decision support for aquaculture companies when planning and allocating fish to sales orders.

“Aquaculture companies harvest large volumes of fish that vary in grades based on size and quality, and other factors such as Global Gap or other environmental or quality certifications,” says Oddvar Husby, VP Data Science in Maritech.

“The production, allocation and logistics processes are characterized by a high degree of complexity and uncertainty. Fish are sold prior to the fish being harvested. This means that the actual size and quality of the harvest available to sell is not known exactly. The products that will be available to be allocated to sales, are initially based on projected forecasts until the actual harvest details are known.”

Oddvar Husby - VP Data Science Maritech
Oddvar Husby – VP Data Science Maritech

Complex processes

“In addition to the potential variation in volume and quality of the harvested fish itself, which are supplied from multiple fish farms and regions, there are also multiple customers with a variety of sales agreements, all of whom may have different quality, volume, product form, and contractual requirements that must be met. Logistical shipping and product allocation planning decisions must be made very quickly as the product is fresh and any unforeseen delays can result in quality degradation.

As there is never a perfect match between supply and demand, it is not always possible to deliver to customers exactly what has been sold. Once the harvest figures are known, sales quantity and prices must often be rapidly renegotiated, and the shipping planned for, in a very short time period.”

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A new trading algorithm

“In the FishTraOpt project, we are developing an algorithm for aquaculture suppliers,” Husby says.

“This algorithm considers factors like fish size distribution, fish certification requirements, customer priority ordering, customer flexibility, contractual obligations, sales prices, and transport logistics, and matches available fish to sales demand. It will be included in new software tools for decision support, which will be available for traders of farmed fish.

Today, both matching of supply and demand and selection of transportation alternatives are done manually, which takes a lot of time and can lead to suboptimal solutions. Based on this research, we will soon be able to solve complex optimization problems for which no automated solution procedures currently exist,” Husby concludes.

Higher margins, optimized decisions

Using Machine Learning to propose an optimal sales and demand forecast and allocation plan, suppliers of farmed fish will achieve:

  • Higher margins
  • Increased Revenue
  • Increased efficiency
  • Better and faster decisions
  • Improved ability to adapt to changes
  • Reduced workload for planners and salespeople

New research: Fish Trading Optimization 

In the joint innovation project FishTraOpt, Maritech, Lerøy Seafood Group, Møreforskning and Molde University College are researching how suppliers of farmed fish can use Machine Learning to optimize their sales and demand forecast and allocation plan.

 

Since May 2021, Konrad has been leading Maritech Iceland, located at Iceland Ocean Cluster in Reykjavik.

For many, he is well-known as an experienced veteran of the seafood industry, as well as a (former) professional handball player, as an Olympian, and at the national team level.

 

Short response time

“We already have established a strong presence and have received a lot of attention here in Iceland. We experience that many Icelandic seafood companies now are ready to take their next step with regards to digitalization, and are now in close dialogue with most of the seafood industry,” he says. .

“Many people have known about Maritech for decades, and the general response is they find it very positive that we are now really investing here. And when we are geographically present, we have a short response time and can quickly assist if something should occur. This is crucial, especially in land-based farming.”

Konrad Olavsson, Maritech's Sales & Service Manager in Reykjavik

“Icelandic seafood companies were at the forefront of early digitalization and have a tradition of being far ahead of the curve. At the same time, it is now several years since many of the early solutions were adopted. There is now a lot to gain from updating digital infrastructure and adopting new technology and cloud solutions. Today, there are also fewer and larger companies than before – with more locations, spread around Iceland and internationally. This means that one must operate in a different way. We find that many now want to take the next step in digitalization and use modern cloud solutions to operate even more profitably and efficiently in an international context.”

 

Aquaculture infrastructure

There are great benefits with integrated systems that can provide seamless operations and communications across the entire business spectrum – internally within the company and with other players in the value chain.

“When it comes to farming, the situation is different from the fishery companies, since the industry is so young here in Iceland. As the number of salmon farmers grows rapidly, and they are also steadily increasing in size, a lot of work is now being done to put in place all the infrastructure, processes, and technology needed to support the industry. Massive international investments are being made, especially from Norway. This gives Maritech a unique opportunity to be a total supplier of digital infrastructure to the Icelandic aquaculture industry, for example with IoT and systems for buying and selling seafood.”

 

Backed by a global team

The Maritech Iceland team is about to grow, and we are now looking for software specialists and technical specialists.

“We look forward to this,” says Konrad, “And we can promise that these are exciting roles. Here you get to take part in a journey where both we and our customers are developing and have high ambitions. I can really recommend working at Maritech. It’s a great culture and group of people – now we’ve become almost 120 people in 6 countries. We collaborate a lot across the borders, so you always have a solid team behind you with a wide range of expertise and experience.

Give us a nudge if you are curious, or you know someone who can fit in with us. We are primarily looking for someone who has experience with seafood processes, but that is not an absolute requirement.”

Konrad also encourages others who are interested to get in touch.

“There is a need for more people and maybe in the long term we can establish a developer team up here as well,” he concludes. “That would be nice!”

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