S&P Global acquires firm to bolster capability to track commodity shipments
SINGAPORE (Reuters) - S&P Global Commodity Insights said on Monday it has acquired UK-based technology firm Tradenet and its live vessel-tracking platform Market Intelligence Network (MINT) to bolster its capability to track and analyse commodity shipments.
Demand for ship-tracking data has grown in the commodities sector in recent years, leading to the creation of new data analytics businesses such as Kpler, Vortexa and Refinitiv that compete with S&P Global.
"The acquisition adds powerful new capabilities to our cargo, vessel tracking and freight analytics portfolio and further strengthens our shipping offering," Rahul Kapoor, vice president and global head of shipping analytics & research at S&P Global Commodity Insights, said in a statement.
MINT, a live vessel-tracking platform, has been sold exclusively through S&P Global for years, the company added.
S&P Global did not say how much the acquisition cost.
(Reporting by Matthew Chye; Editing by Hugh Lawson)