We are very happy to announce that Akeo has purchased 50% of the shares in ENL Solutions AS. ENL is a nautical logistics company that aims to integrate blockchain, artificial intelligence, machine learning and financial technology solutions into their existing systems operational in the shipping industry.
“It was an exciting opportunity we just had to seize”, says Akeo CEO, Petter Olsen. When Endre Lekven and ENL Solutions AS contacted us, we saw great potential by combining our knowledge of technology and Endre’s long industry experience. In this way, we can create new, modern solutions together for this industry. These solutions will provide enormous benefits in terms of efficiency and predictability.
After 25 years of experience in shipping, and especially in international freight of rolling cargo, Endre Lekven established ENL Solutions in 2019. The goal was to establish an online platform that collects data from shipping lines, ports and international organizations, and then analyzes and facilitates the use of results. This increases earnings for all players, and at the same time reduces the impact on the environment.
The Roro-shipping segment consists mainly of large shipping companies from Western Europe and the Far East, as well as car manufacturers and manufacturers of heavy machinery and port suppliers. The market is very conservative and information is difficult to access, which means that the entire market operates inefficiently and at high cost.
ENL Solution’s vision is to transform this market by creating transparency and being a facilitator for the increased earnings of all players. Akeo has entered the ownership side, and with its expertise in cutting-edge technology such as blockchain, artificial intelligence and machine learning, it will be a driving force to make ENL Solutions a platform with the potential to change the entire roro market. This market has an annual turnover of approximately NOK 350 billion, where the potential in the current market is up to NOK 250-500 million annually.
Early out with technology
Akeo was out early with blockchain and secure payment systems, and now continues to focus on machine learning and artificial intelligence. The company is currently in great development, even though it was a tough period during the first half of 2020. “We believe the progress is due to the fact that we have been brave and taken many chances to be out early to test and use new technology. We have offered services to other start-up companies at the same time as wanting to inspire established companies to take action to get better digital systems,” says Petter.
Diversity is important
In the past year, Akeo has hired five new employees in the office in Skien, with different backgrounds in order to provide even better services in the future.
“We have been concerned with recruiting people with different professional skills to strengthen our team. We already had skilled employees with a background in project management and innovation. With the new employees with different areas of expertise, we can complement each other and give our customers even better advice and services”, the CEO concludes.
Background and company information:
Akeo’s foundation is the exploration of how technology can be used to create value for companies. Through innovation-led research, industry knowledge and experience, Akeo’s mission is to help others find good solutions, and connect these to a sustainable business model.
Akeo is a global company with over 70 employees with offices in Skien and Jaipur (India). The company specializes in blockchain, artificial intelligence, machine learning and advanced technological solutions. Akeo has succeeded in having a globally dispersed team because they work actively to build excellent culture in the company. They have a flat structure, and work closely together following The SCRUM process (a framework developed to support complex product development). Project managers in Norway regularly participate in physical and digital meetings.
Akeo’s history began in 2009, when Espen Kvelland, a young entrepreneur full of ideas, founded the company. On the trip, he met Manish Gupta, a young and ambitious computer engineer, and the two joined forces to build up Akeo both in Norway and in India.
ENL is a nautical logistics company looking to integrate blockchain, artificial intelligence and machine learning, and financial technology solutions into their existing systems, operating for ro-ro shipping companies in the shipping industry.
The term ‘roro’ refers to vessels where loading and unloading takes place by the cargo self-driving on its own wheels, or being pulled on special trolleys. The term is an abbreviation for ‘roll on / roll off’.
The Norwegian tech company was started in 2019 by Endre Lekven. Endre has extensive experience from the shipping industry’s roro market, and saw an opportunity to streamline current solutions. The company’s goal is to organize roro shipping information and make it universally available to all market participants so that they can increase earnings.