DENVER, April 19, 2011 /PRNewswire/ -- P2 Energy Solutions has signed an agreement to purchase the assets of Canada-based WellPoint Systems Inc., owner of several leading energy product families including BOLO™ Financial Management Software, IDEAS™ International Oil & Gas Venture Management System, Energy Financial Management and several mid-stream solutions. Once completed, the acquisition will create the largest independent technology company providing the broadest portfolio of solutions to the energy industry. The consolidated company will offer a comprehensive range of financial, production, and operations software, land management tools, mid-stream marketing solutions and outsourcing services to more than 1,200 clients in 65 countries, and employs nearly 700 people.
"The acquisition of WellPoint Systems is a further step toward delivering on our vision of becoming a global leader in enterprise solutions for the oil and gas industry," said P2 Energy Solutions President and CEO Bret Bolin. "It extends our international reach, augments our tool kit with additional proven technology products, adds additional talented professionals experienced in energy, and allows us to extend our industry leading product capabilities across the largest global client base for energy technology companies."
Immediate goals for the new P2 Energy Solutions will focus on continuing each company's dedication to customer satisfaction, leveraging each company's leading technology capabilities to extend client value, and accelerating the combined company's global growth opportunities.
WellPoint Systems is a proven leader in the energy industry with more than 430 customers worldwide using their solutions. The company has a history of developing feature rich solutions based on their domain expertise in oil and gas. P2 pursued WellPoint Systems for these reasons, in addition to a strong management team and a legacy of delivering great customer support. When the purchase is completed, 119 of the top 150 US energy companies*, 91 of the top 100 Canadian operators, and nearly 200 international operators will use the P2 solutions.
WellPoint Systems, Inc. President and CEO Rick Slack said, "On behalf of all the employees of WellPoint Systems, we are excited about the potential this opportunity brings to both parties. Two very strong companies are bringing together two great teams with a passionate commitment to quality and customer service. This combined team will be stronger together, enabling us to provide even greater products and services to our customers."
About P2 Energy Solutions
P2 Energy Solutions is the only technology company that provides a comprehensive range of software, geospatial data, land management tools, and outsourcing, to the energy industry. More than 720 top global energy companies use P2 products and services daily to improve decision-making, gain clarity into complex workflow scenarios, and optimize upstream efficiency. P2 serves the entire energy sector -- including hydrocarbon-sourced, as well as alternative-sourced energy, including solar, wind, hydro, and geothermal. With more than 80 years of experience in data and 30 years in software P2 operates from headquarters in Denver, CO, has offices in six locations including Houston, TX, and Dubai, UAE, and employs nearly 700 people. For additional information, visit: www.p2energysolutions.com.
BOLO™ and IDEAS™ are registered trademarks of WellPoint Systems, Inc.
* Oil and Gas Financial Journal, February 2011
SOURCE P2 Energy Solutions