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Thomas Miller will be taking part in a US$5 million investment round and providing senior management support to ShipServ, the US-based e-commerce venture. The funding will be used for continued global expansion and product development.
ShipServ launched the first web-based XML applications for marine procurement in July 2000, enabling shipowners to buy spare parts and supplies over the internet (www.shipserv.com). The process links ships, owners and suppliers for seamless quoting and ordering.
ShipServ operates through a 24-hour, seven-day a week call centre based in Wilmington, North Carolina. It is headquartered in San Francisco, with offices in Rotterdam, Copenhagen, Piraeus and Singapore. The service is currently being used by companies covering 300 merchant vessels, a number which is growing rapidly.
The investment round is being led by Ionian Ventures, backed by Fenway Partners, CNF Ventures and Thomas Miller. Other investors include Temasek Holdings, a group within the Singaporean Government; Jan Leschly, a board member of American Express, A.P. Moller, Ventro and Viacom/CBS; and senior executives from Sybase, Amazon.com, CMGI/@Ventures, ArtsAlliance, Niku Corporation and Boston Consulting Group.
To support its investment, Thomas Miller is seconding senior managers Mark Holford and Neil Firth to work on strategic alliances, finance and product development.
As the world’s leading manager of marine and transportation mutuals, Thomas Miller has strong relationships with owners of 50% of the world’s merchant fleet. It has become a recognised innovator in the use of IT in insurance, transport and shipping - particularly through its participation in the early development of Bolero.net, the e-commerce solution for trade and transport documentation.
Thomas Miller regards its relationship with ShipServ as a strategic partnership, reinforcing ShipServ’s neutral position between buyers and sellers. The relationship is consistent with Miller’s policy of stimulating and supporting the introduction of high quality products to its customer base. Other recent undertakings include Dex, the hull insurance joint venture with Swiss Re and Trenwick, and TRI-MEX International which provides tracking and monitoring services.
Peter Donnellan, Thomas Miller chief executive, explained:
“We have been impressed by what ShipServ has achieved in the short time since its launch and look forward to supporting them in the next exciting phase of their development. There is a strong cultural fit with Thomas Miller, especially through their commitment to excellent customer service during this challenging period while the industry comes to terms with the e-commerce environment.”
Paul Ostergaard, founder and CEO of ShipServ, added:
“Thomas Miller is the perfect partner for us, underlining our neutrality and enabling us to share their deep understanding of e-commerce and the transport industry. They will help us to ensure that ShipServ earns an equivalent standing. ”
For further information:
Mark Holford, Thomas Miller
Tel. +44 (0) 20 7204 2350/ 07802 222 451
Paul Ostergaard, ShipServ
Tel: +45 20266208
Issued by:
Martin Rowland, Dunelm Public Relations Ltd
Tel. +44 (0) 20 7480 0600
Fax: +44 (0) 20 7480 0606
e-mail: info@dunelmpr.co.uk
Website: www.dunelmpr.co.uk
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