Pencarrow and Accel-KKR backed Seequent closes acquisition of Geosoft

CPE Media News (12/21/2018) – Seequent, a portfolio company of Pencarrow Private Equity and Accel-KKR, has closed its previously announced acquisition of Geosoft Inc., a Toronto based geoscience software company. Seequent announced its agreement on November 12, 2018. Financial terms were not disclosed.

Founded in 1986 by Colin Reeves and Ian MacLeod, Geosoft has 125 employees with a network of offices around the globe. Geosoft will operate as a distinct business unit within Seequent, which has its global headquarters in Christchurch, New Zealand. Seequent will continue to drive R&D from New Zealand and Canada.

Geosoft is Seequent’s second Canadian acquisition. In June 2016, Seequent, formerly ARANZ Geo Limited, acquired Calgary based 3point Science.

Backed by Pencarrow Private Equity since 2014, Seequent secured additional growth equity from Accel-KKR in September 2018.

photo credit: Geosoft

News Release

SEEQUENT COMPLETES ACQUISITION OF GEOSOFT CREATING UNPARALLELED GEOLOGICAL MODELLING AND GEOSCIENCE SOFTWARE OFFERING

Seequent, a world leader in visual data science software, today announced it has completed the acquisition of Geosoft, a Canadian geoscience software company. The acquisition accelerates Seequent’s growth in mining, civil engineering, energy, government and environmental sectors by bringing together its Leapfrog 3D geological modelling software suite with Geosoft’s subsurface geoscience and exploration technology.

Shaun Maloney, Chief Executive of Seequent, says: “We wanted to bring the Leapfrog and Geosoft solutions together to provide our collective customers with subsurface technology that works seamlessly across the life cycle of their projects. Our goal is to better equip our global customers as they work to address some of the world’s biggest earth, environment, civil, mining and energy challenges.”

With the acquisition of Geosoft, Seequent now has a strong market position in subsurface geoscience and modelling software solutions with offices in 20 locations, serving customers in over 100 countries. Toronto-headquartered Geosoft, with a network of offices around the globe, will operate as a distinct business unit within Seequent, which has its global headquarters in Christchurch, New Zealand. Seequent will continue to drive R&D from New Zealand and Canada.

“Over the past month, we’ve had a fantastic opportunity to talk with hundreds of Leapfrog and Geosoft customers who have attended Seequent’s annual innovation roadshow, Lyceum, which focuses on industry challenges and future trends and opportunities,” says Maloney.

“The feedback about our announcement to acquire Geosoft has been extremely positive. Customers see enhanced value with a greater range of solutions- and it’s also viewed as a very positive move by the wider geoscience community, as together we can deliver even more innovation.”

Seequent is known worldwide for its Leapfrog® 3D geological modelling solutions. First introduced to the mining and minerals industry close to 15 years ago, Leapfrog® helps uncover valuable insights from geological data and enables geologists and executives alike to confidently make critical time-sensitive investment and environmental decisions.  The company has since launched Leapfrog versions for the geothermal and energy industries and civil engineering and environmental industries, as well as other visualisation and collaboration technologies.

Geosoft’s Oasis montaj® technology platform is an industry standard within the geosciences, supporting advanced analysis and understanding of the Earth’s subsurface and subsea environments. The company’s Target for ArcGIS software is the market-leading geological application for Esri, delivering essential workflows for geoscience and GIS professionals working on the ArcGIS platform. With its release of VOXI Earth Modelling, Geosoft pioneered the use of high performance geocomputing and 3D geophysical inversion modelling in the cloud.

Seequent was advised on the transaction by Murray & Co (financial) and DLA Piper (legal).  Geosoft was advised by DCF Capital Partners (financial) and Gowling WLG (legal).

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