Monjasa Sells Controlling Stake in Consultancy RelateIT

The firm has sold the 70% stake to Nordic software developer Twoday. File Image / Pixabay

Global marine fuel supplier and trading firm Monjasa has sold its majority stake in consultancy RelateIT.

The firm has sold the 70% stake to Nordic software developer Twoday, a company spokesman told Ship & Bunker on Thursday.

"The majority proceeds will thus go into the Monjasa Holding P&L and affect the result of the year positively," the representative said.

Monjasa's annual report for 2022 lists RelateIT as having 166 consultants in its workforce.

"In a changing time and in a fully-fledged industry, RelateIT's circle of owners has raised the issue of, who can best help to continue the company's visions and ensure the best possible future for our employees, customers and partners," RelateIT said in a press release on Thursday.

"We are proud of our DNA, culture, values and business, and we have made every effort to find the owner to help us on our journey.

"As part of twoday, we have the opportunity to offer our customers an even wider range of IT solutions than before."

The sale will allow Monjasa to focus on its maritime core business and shipping's energy transition, Monjasa said in a LinkedIn post.

"RelateIT has formed part of the Monjasa Group since 2014 and carries a special story of entrepreneurship, the firm said.

"The company evolved from the initial idea of serving primarily as an internal IT-organisation with expertise in supporting the Monjasa Group ERP-system.

"However, from employing a handful of colleagues, RelateIT, has become a major player within the IT industry in Denmark with close to 200 employees working across six office locations in Denmark and Dubai.

"It has been a remarkable journey with RelateIT, and we are proud of what we have achieved together.

"Now the next journey awaits, and we are looking forward to witnessing it. Still as trusted partners – and RelateIT will always hold a special place in our hearts."