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VAKT Looks to 2025 as a Year of Expansion

2024 proved to be a good year for VAKT. In February of last year, it announced Tasja Botha as its new CEO who, at that time, told ComTech that “the strategy remains the same; to onboard new customers and increase the volume of data exchanged on the VAKT network. 2023 saw great progress in this regard, we integrated new customers and trade volumes increased substantially. 2024 is looking even better, we will have even more users  by the end of the year, and will have broken into new markets.”

During the course of the year, VAKT announced several new customers  and saw volumes continue to rise such that by late summer, Ms. Botha told us that “we have achieved 70% adoption in the NW European barge market. We have proven that we can handle the barge market and give our user’s a good ROI with our three software products.” 

While 2024 was a year of growth, consolidation and increasing adoption, it also laid the seeds of VAKT’s plans for expansion. It is now moving forward with Proof of Concepts with customers and is set for a big push into the  and Global vessels . As Ms. Botha told us late last year, “Using vSure in the US oil pipeline side of the market can help eliminate paper contracts, and simplify validation and confirmation there too” she said. It is also extending into vessel markets. Again, there it is also running POCs with existing customers and targeting the “market using GT&Cs plus recaps and a small side letter for full legal confirmation,” she had told us.

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An initial catch up with VAKT earlier this week confirmed these activities as product manager, Dale Becker, told me that with the European barge business having momentum, now was the time to look to expand and that 2025 would be about focusing on achieving that expansion. It would also continue to outline its’ value to its’ customers and the industry through the quantification of business benefits it had started to discuss late last year.

In fact, a visit to its website shows that VAKT is now promoting its achievements and business benefits front and central. For example, it states that customers save an average of $4.07million USD per $100 billion in turnover by eliminating trade disputes and save 20 minutes per contract in efficiency gains. It is the quantification of benefits such as these combined with support from its customer base that is allowing VAKT to gain significant traction and growth.

 

 

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