This is an Anchor Products Double Crimp Ratchet Tool Part No. 701030. This crimp tool is not designed, nor intended for, use on heat shrink crimp connectors. This tool is designed to be used with the three-piece insulated crimp terminal like the one you just saw above.
Insulated three-piece connectors are often sold as "marine grade" from 22ga wire to 10ga wire. This tool allows for both the wire crimp and the strain relief sleeve to be crimped, in one motion at the same time, and will not release until the full crimp has been made.
One other key feature, of a decent quality ratchet type crimper, is that you can simply re-calibrate when and if they ever go out of adjustment.