Australia’s RightShip, a compliance software provider for the maritime industry, is searching for a new minority investor with Rothschild advising, two sources familiar with the situation said.

The Melbourne-headquartered company, owned by BHP, Rio Tinto and Cargill, is looking to raise at least USD 50m, one of the sources and a third source said.

The first source said the raising will be in primary capital, while the third source said that the current owners are expected to stay in the business.

Information memoranda (IMs) have been recently distributed to potential investors, including financial sponsors, the first source said.

RightShip delivered around USD 40m- USD 50m in revenue last year, the sources said. The company is profitable and plans to increase its revenue to USD 60m in FY25, the first source added.

RightShip was founded in 2001 as a joint venture between global mining companies BHP Billiton, now known as BHP, and Rio Tinto. The company sold a stake to Cargill in 2006 and the three shareholders control equal stakes in the business, per a release.

The company increases transparency and improves maritime safety and environmental standards by helping customers identify, manage and eliminate risks in the marine supply chain, according to Rio Tinto’s website.

More than 600 customers use the company’s due diligence, environmental and inspections services to manage risk and improve maritime safety standards. It was founded in Melbourne and now has offices in Melbourne, London, Singapore, Houston, Malta, and Hanoi,  as per RightShip’s website.

RightShip, BHP, Cargill, Rio Tinto and Rothschild did not respond to requests for comment.