This acquisition includes the products and the team behind them, so clients using Canadian Discovery's Well Completions & Frac Database will continue to receive the same high-quality data and service they have come to expect.
"geoLOGIC is excited to integrate such an important data set with its existing product offerings," said geoLOGIC CEO David Hood. "Fracking has been the key technology that has driven the spectacular growth of North American hydrocarbon production and geoLOGIC now owns the only comprehensive Canadian fracking data set in existence. We have big plans to build on the data and interpretation tools to provide even more value for our customers."
CDL CEO Kaush Rakhit said, "CDL is extremely proud to have developed the Well Completions & Frac Database over the past seven years. I want to thank our clients for their support in helping us build the largest digital completions and frac data set in Western Canada. We are excited to see its continued development and growth with geoLOGIC."
Justin Garrison, Principal of BV Investment Partners, a middle-market private equity firm focused on the business services and information technology services sectors, said, "We are pleased to support geoLOGIC's management with this significant acquisition that complements the company's existing software, data, and analytic tools. CDL's Well Completions & Frac data base is critical to high value decision making and operating efficiencies to its broad customer base which includes Canadian oil and gas producers, service companies, banks, and research houses." BV invested in geoLOGIC from its Fund VIII in 2015.
BV Investment Partners is currently investing its eighth private equity fund. The firm is one of the oldest and most experienced sector-focused private equity firms in North America. Since its founding in 1983, the firm has invested over $2.9 billion in 88 companies, actively targeting investments in the business services and IT services sectors. For more information, please visit www.bvlp.com.
About geoLOGIC systems
geoLOGIC systems ltd. is based in Calgary, Alberta and has been providing high-quality, integrated data and software decision support systems to the upstream oil and gas industry in Western Canada and elsewhere for over thirty years. geoLOGIC's relentless focus on innovation, quality, and service has made it the trusted standard in the Western Canadian Sedimentary Basin.
geoLOGIC's customers include oil & gas exploration and production companies, pipeline and midstream companies, service companies (engineering, consulting, reserves auditing, financing, stock and asset brokerages, drilling, oilfield servicing), government and regulatory organizations, and educational institutions. Its key products are geoSCOUT, a decision-support tool providing comprehensive data for all disciplines within the oil and gas industry, and gDC, geoLOGIC's comprehensive upstream oil and gas database.
For more information, please visit www.geologic.com or email info@geoLOGIC.com.
About Canadian Discovery
Canadian Discovery Ltd. (CDL) is an independent, global energy information service company headquartered in Calgary, Alberta, Canada. For 30 years, CDL has continuously evolved to deliver oil & gas data, analytics and expertise via online applications and supporting consultancy services. Geoscientists, engineers, investors and executives at hundreds of organizations worldwide currently leverage CDL's insights to maximize results.
The company's industry-leading products include Discovery Digest in Canada, UK and Norway, as well as Digest Spark, Technical Studies and consulting services. CDL is a known innovator in specialized data and information services—current projects include Estimated Ultimate Recovery (EUR) calculations, Analytics reporting and the Catalyst web application.
Canadian Discovery will continue to serve as a trusted geoscience leader. As part of the sale agreement, CDL will retain access to the Well Completions & Frac Database and continue to focus on its industry-leading information products, specialized data offerings, and consulting.
For more information, please visit www.canadiandiscovery.com or email firstname.lastname@example.org.
Contact: Chris Tofalli
Chris Tofalli Public Relations, LLC
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/bv-investment-partners-backed-geologic-systems-ltd-acquires-well-completions--frac-database-from-canadian-discovery-ltd-300384647.html
SOURCE BV Investment Partners