SaaS innovators strengthen their advanced analytics, intelligence and technology offerings to the energy industry
AUSTIN, Texas, Feb. 12, 2020 /PRNewswire/ -- Enverus, a leading energy SaaS and data analytics company, announces today that it has acquired RS Energy Group (RSEG), an innovative technology firm focused in the upstream oil & gas industry. The acquisition combines the companies' complementary strengths to accelerate technology, machine learning and advanced analytics across the energy market.
For more than 20 years, each company has independently established a reputation for providing unique value to its customers. Backed by Genstar Capital, Enverus' leading technology enables operators, investors and oilfield service companies to make better, faster decisions and delivers unmatched, in-field business automation software and capabilities. Since Warburg Pincus partnered with RSEG in 2015, the traditionally research-focused firm has grown nearly six-fold into a technology and data science-driven organization that allows investors and corporate executives to operationalize analytics and increase transparency at enterprise scale. Together, Enverus and RSEG will transform the way energy companies and investors perform technical workflows, automate business processes and ultimately deliver shareholder value.
"This is about accelerating innovation through high-powered technology and is another active step for Enverus in breaking down silos by building workflows across engineering, geology, land, operations, and so much more. Our aligned vision, client-centric focus, and a relentless commitment to innovation will help our customers solve their most complex challenges. These values will never change," said Jeff Hughes, CEO and President of Enverus.
As co-CEO and Presidents of RSEG, Jim Jarrell and Manuj Nikhanj share Hughes' excitement in the potential value being created for customers. Going forward, Jarrell and Nikhanj will join Enverus as co-Presidents overseeing Enverus' Oil & Gas Analytics Division.
"Combining forces with Enverus carries an enormous opportunity for both companies and their clients. We have built extremely successful businesses and share a deeply embedded culture focused on client success. That is in our DNA. Timing of this transaction is amazing as the energy industry is in the first innings of its digital transformation. Our shared vision and combined resources allow us to ramp up the delivery and innovation of solutions to the industry's toughest challenges. It's full speed ahead and we are focused on the future together," says Jarrell.
"In today's energy environment, it's no longer an option to ignore the power of data and analytics. Companies that are leveraging cutting-edge advanced analytics and technologies are building sustainable, long-term strategies. With Enverus, we will be creating a single solution that is vertically integrated from the technical teams to the board room. Together we will continue to fast-track the industry's digital transformation," explains Nikhanj.
"This is a monumental milestone for both companies, and a significant opportunity to demonstrate even greater value for our clients. What's most exciting is how this combination brings together the best people and technology available in the industry," adds Hughes. "The most important assets in a software company are the people not the products. With this combined team our future has never looked brighter."
Clients of both Enverus and RSEG will immediately derive value with access to new data sets and unique insights. Enverus and RSEG encourage existing clients to contact their account manager for any additional questions.
Goldman Sachs served as the exclusive financial advisor to Enverus. Credit Suisse and Jefferies served as financial advisors to RSEG and Warburg Pincus. Kirkland & Ellis, LLP served as legal counsel for RSEG. Simpson Thacher, Weil, Gotshal & Manges LLP, Ropes & Gray LLP, and Irell & Manella LLP served as legal counsel for Enverus.
About Enverus Enverus is the leading data, software, and insights company focused on the energy industry. Through its SaaS platform, Enverus provides innovative technologies and predictive/prescriptive analytics, empowering customers to navigate the future. Enverus' solutions deliver value across upstream, midstream and downstream sectors, enabling the industry to be more collaborative, efficient and competitive. With more than 1,000 employees across the globe, the Company's solutions are sold to more than 6,000 customers across 50 countries. Enverus is a portfolio company of Genstar Capital and brings together the technology of Drillinginfo, PLS, 1Derrick, MineralSoft, Midland Map Co., MarketView, DataGenic Group, PRT, Oildex, Cortex, Red Dog Systems and RigData as one company. Creating the future of energy together. Learn more at enverus.com.
About RS Energy Group RS Energy Group (RSEG) is a leading SaaS firm delivering technology, augmented analytics and technology solutions that empowers operators, investors, midstream and service companies to make more agile, trusted decisions. Clients engage with RSEG's high-quality data and analytics in a single-solution platform to quickly benchmark the competitive landscape, uncover M&A opportunities globally, optimize operations and more confidently allocate capital. RSEG has over 300 employees and has offices in Calgary, Houston, New York and Philadelphia. Learn more at rseg.com.