BOSTON, Oct. 19, 2015 /PRNewswire/ -- BV Investment Partners ("BV"), a middle-market private equity firm focused on the information and business services and communications sectors, today announced a major investment in geoLOGIC systems ltd. by acquiring the shares of Company founders Joe and Denise Harris. The transaction was completed in partnership with the geoLOGIC's President and CEO, David Hood, who will retain his entire ownership interest in the Company.
Founded in 1983 and headquartered in Calgary, AB, geoLOGIC creates and supplies data and integrated software solutions to oil and gas exploration and production companies and related industries in North America. The Company is a premier provider of mission critical software and data products that are deeply embedded in client company workflows and support multi-million dollar decision-making at client organizations.
Justin H. Harrison, Managing Director at BV, said, "geoLOGIC is led by a very strong team in David Hood, and VP of Business Development, Andrea Hood. Since first contacting Mr. Hood over two years ago we have remained impressed by the quality of the organization they have built and the company's relentless focus on client experience and customer relationships. We look forward to working with them and providing additional investment capital and resources to continue to broaden their customer relationships and execute their future growth strategy."
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.
Justin Garrison, Principal at BV, said, "We believe geoLOGIC's growth within its existing customer base and gain in market share is attributed to the unmatched quality of both its product and customer service. geoLOGIC's 'need to have' data is used by its customers to inform critical operating decisions. The Company has demonstrated consistent service and performance through every oil price environment since 1999, and we believe the company's future growth prospects are very attractive."
geoLOGIC represents the fifth transaction in Fund VIII, which includes PlascoID, the leading supplier of card-based identification solutions; The Efficient Collaborative Retail Marketing Company, an integrated marketing services and software provider serving consumer product manufacturers and retailers; INetU, a leading provider of complex managed hosting and cloud services to enterprise customers, and; TriCore Solutions, a leading provider of application and infrastructure managed services. Messrs. Harrison and Garrison have joined the geoLOGIC Board of Directors, and Mr. Justin Schlegel, an Associate at BV, is a member of the deal team.
"We are looking forward to operating the Company alongside a strong financial sponsor like BV whose successful experience with information services businesses such as ours will help us further expand our business throughout Canada and beyond," said David Hood. "I can't think of a better partner for geoLOGIC. BV has demonstrated a deep understanding of geoLOGIC's core values and we look forward to working together to further expand our offerings in areas that are important to our customers."
Ropes and Gray served as legal counsel and MHT Midspan acted as financial advisor to BV in the transaction.
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 $2.6 billion in over 80 companies, actively targeting investments in the information and business services and communications industries. For more information, please visit www.bvlp.com.
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 geoSCOUT and the geoLOGIC Data Center (gDC) the trusted standard in the Western Canadian Basin. For more information, please visit www.geologic.com.
Chris Tofalli Public Relations, LLC
SOURCE BV Investment Partners