MetService announced today that it has acquired a 49% share in leading New Zealand oceanographic consultancy, MetOcean Solutions Ltd.
MetService chief executive Peter Lennox said, “Our international brand MetraWeather is already delivering New Zealand’s meteorological expertise globally to the media and energy industries. This investment boosts that export potential.”
MetOcean focuses on customised oceanographic forecasting and consultancy, specialised expertise that MetService does not have but that complements its own R&D capabilities.
The New Zealand Meteorological Service of New Zealand Ltd (MetService) supplies weather intelligence, automated prediction technology and weather data visualisation solutions to industry, media and retail businesses around the world. With international offices in Sydney, Reading and Hong Kong, MetService’s client network spans two-thirds of the globe and accounts for annual revenues in excess of NZ$40 million.
“Joining forces with MetOcean helps us accelerate our development in the energy sector, and springboards us into the rapidly-growing marine sector – a potential market of over $10M – with established products and world-class expertise,” said Mr Lennox.
The NZ$3 million MetOcean deal follows on the heels of several significant contract wins for MetraWeather. Last month the company has renewed its weather presentation services contract, worth over NZ$2 million, with global broadcaster BBC.
The company’s expansion into Asia also saw it nominated as a finalist in this year’s HSBC NZCTA China Business Awards. Significant Asian deals include the renewal of its contract with Phoenix TV, the world’s largest Mandarin language broadcaster, and a new installation of its Weatherscape XT graphics system at Hong Kong’s TVB.
Peter Lennox attributes this success to the way MetService approaches its product development. “We aren’t graphics people who tried their hand at weather; we’re weather experts who know what’s needed from the graphics.”
MetOcean chief executive Peter McComb sees working with MetService as a natural fit for the company, which has offices in New Plymouth and Raglan.
“Our positioning is all about empowering people to make sound decisions based on rigorous science,” said Dr. McComb. “MetService’s ‘powerful weather intelligence’ positioning and international sales & marketing expertise create the perfect avenue for us to access global markets.
“This investment shows MetService’s confidence in the quality and growth potential of our business.”
The similarities between the two companies will allow MetService to expand its research capability for product development, and enable MetOcean to grow international revenues while keeping its IP in New Zealand. The new management partnership is committed to maintaining the strong and vibrant R&D environment that is the engine room of MetOcean’s success.