AUSTIN, Texas, March 5, 2012 /PRNewswire/ -- Drilling Info and Insight Venture Partners today announced that Insight is leading a $165 million equity investment in Drilling Info, the Austin-based data intelligence provider to the oil and gas industries.
Proceeds from the investment will go toward continued expansion of Drilling Info's SaaS-based data and analytics offerings and to Drilling Info's early investors.
"This is a great opportunity for Drilling Info to accelerate the achievement of our organization's goals while providing rewards to our early investors,'' said Allen Gilmer, Chairman and CEO of Drilling Info. "Insight is perfectly positioned to help us achieve our vision. Our management team, which has deep roots in the energy business, is eager to work with Insight's team to further improve the quality and quantity of offerings for customers."
The partnership with Insight, a New York growth equity and venture capital firm, will enable Drilling Info to speed the creation and delivery of new products and features that provide better value to its members in the upstream oil and gas industry, as well as other sectors that service and invest in the energy business.
Drilling Info serves a wide spectrum of the oil and gas industry, ranging from the largest global enterprises to independent drillers, service providers and investors. The company's Drillinginfo tools provide the most recent research and information, such as land title, leases, well completion and well production data, that allow customers to make well-informed decisions and maximize returns on investment.
With the increase in unconventional exploration by the industry, Drilling Info has seen a surge in global demand for intelligence and benchmark information around best practices. Companies seeking to invest in shale reserves are looking to Drilling Info to provide them with information that helps ensure cost-effective and environmentally safe drilling and extraction processes.
"We are very excited about this investment,'' said Deven Parekh, managing director at Insight. "As the United States continues on a path toward energy independence through both conservation and exploration, Drilling Info's data intelligence tools become even more essential for the oil and gas industries. Insight is convinced that Drilling Info will benefit greatly from the trend toward increased investment in unconventional energy exploration globally. ''
"Drilling Info's core culture will not change,'' Gilmer said. "We remain committed to our customers as well as the oil and gas industry as a whole. We will continue to promote our customers' ability to make better and faster oil and gas decisions as they step up to meet the world's growing needs for more energy.''
Insight is joined in the deal by Battery Ventures and Eastern Advisors Private Fund. Vaquero Capital acted as advisors to Drilling Info during this process.
About Drilling Info
Drilling Info accelerates workflows and business critical decision processes for the oil and gas industry resulting in faster, smarter, safer exploration and production of global resources with our comprehensive array of information, intelligence and analysis platforms. Drilling Info has more than 2,700 accounts globally with more than 20,000 users. Drilling Info members produce more than 90 percent of domestic oil and gas in the United States. The Company is headquartered in Austin, Texas and has offices throughout the U.S oil patch in addition to the UK, Southeast Asia, and South America. For additional information please visit www.info.drillinginfo.com
About Insight Venture Partners
Insight Venture Partners is a leading private equity and venture capital firm focused on the global software, Internet and data-services industries. Founded in 1995, Insight has raised more than $5 billion and made more than 150 investments. Insight has a successful two-team structure: its investment team evaluates thousands of companies globally each year; its Insight Onsite team of consultants works with growth-stage management to provide resources and advice to allow them to achieve long-term success. For more information, visit: www.insightpartners.com.
About Battery Ventures
Since 1983, Battery has been investing in technology and innovation worldwide. The firm has partnerships with entrepreneurs and management teams across technology sectors, geographies and stages of a company's life, from seed, start-up and expansion financing, to growth equity and buyouts. Battery has supported many breakthrough companies around the world. From offices in Boston, Silicon Valley and Israel, Battery manages nearly $4B in committed capital, including its current fund of $750M. For more information, visit www.battery.com.
About Eastern Advisors Private Fund
Eastern Advisors seeks to invest in expansion-stage technology companies that are interested in leveraging Eastern's vast network of corporate executives, successful entrepreneurs and investment professionals to drive sales and facilitate partnerships with the larger business community. Eastern targets rapidly growing companies worldwide within a variety of sectors, including, but not limited to, software, Internet services, e-commerce and digital media. For more information, visit www.easternadvisors.com.
SOURCE Insight Venture Partners