MarineMax ( NYSE: HZO ) announced the formation of a new business that will invest in and grow technology-related products and services.
The company said newly-formed New Wave Innovations will include Boatyard, which was previously acquired and recently recognized as a top innovative company. The new business will also include Boatzon, which is now fully owned by MarineMax ( HZO ) after it nabbed the 75% interest in Boatzon that it did not already own. For its part, Boatzon is described as the first 100% online boat and marine retailer providing secure direct marketplace services.
MarineMax ( HZO ) sees the formation of New Wave Innovations as an "incredible opportunity" for the company to partner with entrepreneurial technology companies seeking the resources and expertise to accelerate the growth of their businesses.
Read why Seeking Alpha contributor Enterprising Investors is very bullish on HZO.
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MarineMax looks to ramp up tech investments