It was also interesting that Microsoft had to get on the pitch and explain the “contractual relationship,” said Runshaug. “The values they have put around themselves are totally frivolous. CEO Hans Runshaug has followed SalmonBusiness’ coverage of this case complex closely. The underwater camera company Aquabyte, which is funded by US venture capital, is also mentioned in the overview. Read more: Small start-up CageEye aims to control the feeding in 46 per-cent of Norway’s salmon cages – in four years.“If they can implement several of these plans, then I take off my hat to them and I hope at least hope that this adds value to the industry, both in the short and longer term,” said Breivik. We understand in this way that it can be exciting for others to build us up in such a context, but this has not been either requested nor clarified with us in any context.” We have patented technology in important salmon farming markets in the world and have developed a proven salmon farming method installed in hundreds of cages along the coast. “Stingray has traded for NOK 350 million (EUR 32 million) since its commercialisation in 2014/2015 and has driven the last two years with profits greater than CageEye’s total revenue from 2013 to 2019. We almost have to laugh a little bit at the whole thing,” he told SalmonBusiness. What we can say, however, is that this is outrageous if a company with less annual sales in 2019 than what Stingray has on average every 14 days (through both 20) gives the impression that they can or will buy us up. Now there are probably several companies that have been dragged into this document unaware of both intent and plans at Bluegrove, but we are not going to speculate on that. “We know that many people are interested in our technology, both in Norway and internationally, which we consider to be a confirmation that we are developing the company and the Stingray system in a good way, but then it is only big players who knock on the door. Read more: By 2023, CageEye projects €54 million in sales from shrimp feeding, but last year they didn’t turnover a cent.ed) got in touch,” said Stingray Chief John A. We at Stingray were not aware that we were listed in such a prospectus or any business plan or similar until iLaks (SalmonBusiness’ sister site. “We understand that some other supplier companies in the industry have become involved in incomprehensible transactions. Bringing additional technologies to the CageEye platform will provide better tools and increased value for the salmon farmer,” the company wrote, illustrating possible acquisition targets with an overview of company logos: Source: BluegroveĪmong the companies mentioned is the laser specialist Stingray. “A number of small third-party suppliers of new technologies are now present in the market – none of which are based on hydroacoustics. The solutions can be used independently, but also show synergy as they offer all products, technology or data to contribute to the same goal.” While each agreement must have its own strategic logic, the most important criterion is that target companies match our strategy for optimising sustainable aquaculture. Bluegrove is positioned to buy industry partners and bring them on to the Bluegrove platform. “Our technology platform, culture and business model is built for scale. Read more: Start-up company claims it engaged DNB Markets for €39 million fundraising.The company’s business plan, which SalmonBusiness has gained access to, gives an insight into which acquisition targets are sought. A significant part of the money is being earmarked for new acquisitions. Transaction-driven start-up CageEye is chasing EUR 39 million in new financing. Players such as Aquabyte, Stingray, Fluctus, JT Electric and Optoscale are among the acquisition targets on CageEye/Bluegrove’s short list.
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