Oceanwide Divests Logistics Products

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Focuses Operations on Global Marine Insurance Software Business

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Oceanwide (http://www.oceanwide.com), a global on-demand software-as-a-service (SaaS) solutions provider, has sold its logistics products division to Descartes Systems Group, in an all-cash transaction, in order to focus on its fast-growing marine insurance software business.

Oceanwide's Genoa Insurance Software platform is a full-featured enterprise software application that provides operational efficiencies for all parties involved in marine insurance by enhancing collaboration, facilitating the sharing of information and eliminating redundant data entry. Genoa has been designed from the ground up to meet the specific requirements of the global marine insurance industry and it is currently used by many of the largest insurers and brokers in the world to automate the issuance of cargo certificates, claims adjustment, premium calculation & booking, policy administration, and document management.

"The sale of our logistics software business has provided the company with a substantial return on its investment in the logistics industry. More importantly, this allows Oceanwide to focus attention on and maximize the potential of our industry-leading marine insurance division. We now have the capital to expand our global footprint and look for complementary acquisitions. Further, removing the distraction of our own logistics software will facilitate the establishment of strategic relationships with other logistics software providers to expand our distribution capabilities, " said Mitchell Wasserman, CEO of Oceanwide.

The Genoa platform has over 30,000 users in over 100 countries that work with policies issued by many of the largest brokers and insurers in the world. Oceanwide supports Genoa with a staff of over 100 insurance and IT specialists working from offices in Montreal, Antwerp, Hong Kong and Bogota.

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Randall Soutter
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