WorldCatch, an online destination for the seafood industry will soon be practicing what it preaches. This comes as the Seattle-based company has signed a letter of intent to acquire American Gem Seafoods, Inc., a seafood marketing company with annual sales of approximately $100 million.
“The seafood industry is optimistic about the future role of technology and is looking for proven solutions,” says Jim Hilger, CEO of WorldCatch. “The acquisition of American Gem will give WorldCatch the opportunity to demonstrate to the industry how technology applications can enable business to be conducted more quickly and efficiently with less risk than through traditional means.”
Under the terms of the transaction, WorldCatch will acquire certain assets, assume trade liabilities, and absorb American Gem’s operations.
American Gem’s parent company will take an ownership position in WorldCatch and will join the Board of Directors following the completion of the acquisition. The combined company will operate as WorldCatch and will continue to be headquartered in Seattle.
As it becomes a “digital seafood company” WorldCatch hopes to identify areas of inefficiency in the standard seafood business model and develop technology solutions that ultimately may be leveraged by companies across the industry.
But don’t expect the company to abandon ship when it comes to its online marketplace. WorldCatch says that it will remain committed to its online marketplace and the daily publication of The Wave, the global seafood industry’s most widely read daily newsletter, with a subscriber base of over 12,000 people.