Quorum Software, a portfolio company of Silver Lake Partners and Silver Lake Kraftwerk, has agreed to acquire Entero Corporation, a Calgary based provider of energy software solutions for the upstream and midstream sectors. Financial terms were not disclosed.
The combined company will maintain a joint presence in Calgary and Houston, in addition to Quorum’s locations in Dallas, College Station and Tampa. Steve Remmington, co-founder & CEO, and Dave Romanzin, VP of E1 Product Development, will take on advisory roles during the portfolio integration. Mike Lake, Entero’s COO and former CEO of Mosaic, will become President off Quorum Entero MOSAIC.
In 2014, Silver Lake through two of its funds, Silver Lake Partners and Silver Lake Kraftwerk, acquired Houston, Texas based Quorum from Carlyle Group and Riverstone Holdings for US $310 million. Carlyle and Riverstone previously acquired the company in 2010.
photo credit: Entero Corporation
Quorum to Acquire Canadian Software Company Entero to Become Dominant Upstream & Midstream Oil & Gas Provider in North America
Expands Portfolio to Cover More of the Energy Value Chain Than Any Other Oil & Gas Software Provider
CALGARY, April 05, 2018 – Quorum Software, the leader in digital transformation for the oil and gas industry, announced today that it has entered into a definitive agreement to acquire Calgary-based Entero Corporation, a trusted leader in energy software solutions for the upstream and midstream sectors. With over 125 customers throughout North America, Entero furthers Quorum’s mission to invest in customer-oriented innovation and expand its comprehensive product portfolio to cover the energy value chain, from engineering to accounting and finance in upstream and across the full range of midstream processes through to distribution. This acquisition expands Quorum’s 15-plus year presence and leadership in the Canadian Midstream segment by adding geo-specific and Upstream expertise and products, augmenting products such as myQuorum Land Canada.
Quorum, a portfolio company of Silver Lake Partners and Silver Lake Kraftwerk, did not disclose deal terms or any financial details.
“With Entero’s history of innovation and world-class customer base we are excited to add Entero to our team and significantly grow our Canadian presence. We also plan to double down on the recent MOSAIC™ success in the U.S., as it and the myQuorum Upstream suite are highly complementary,” said Perry Turbes, President and CEO of Quorum. “Quorum’s modern energy software suite, combined with the functionality of MOSAIC and Entero ONE, now form the industry’s most comprehensive upstream and midstream management software portfolio. Through innovation, integration and breadth of coverage, we constantly strive to eliminate the barriers that prevent customer growth and profitability. Today, no other software vendor delivers our scope of capabilities across both upstream and midstream planning, accounting, finance, operations, transportation and logistics. These solutions are delivering the modern energy workplace through timely insight, accuracy and efficiency.”
“Quorum’s proven leadership in the energy space makes it clear that they are the right company to leverage our technology and people. The combined company will provide customers with richer product options and deliver on our promise to help customers connect volume to value,” said Mike Lake, President of Quorum Entero MOSAIC. “By joining forces with Quorum, we have the opportunity to bring together the most comprehensive product portfolio that tracks asset performance from plan to end of life. It’s a powerful combination, and we’re looking forward to bringing these two strong teams together.”
Quorum’s acquisition of Entero expands the myQuorum™ product portfolio in the following areas:
- Reserves Management, Budget and Planning, Capital Management, and Petroleum Economics:Combining the Canadian leader in Reserves & Economics and the U.S. leader in Upstream solutions creates significant opportunity to the North American market to unseat legacy providers with next-generation capabilities.
- MOSAIC is the leading Canadian Economics and Reserves solution with 60% market share.
- Quorum is the leading U.S. Upstream solution with 85% of the largest E&P operators.
- Liquids Logistics and Scheduling: Combining the natural gas marketing & operations (Quorum) leader with the liquids marketing & operations (Entero) leader creates a unique, fully-integrated multi-commodity marketing and multi-modal operational solution for gas, NGLs, and crude.
- E1 customers manage operations through 95 percent of the major North American fractionation sites.
- Together, Quorum and Entero account for the majority of the top-20 midstream operators in Canada and the U.S.
For a view into the combined portfolio of Entero and Quorum, visit www.quorumsoftware.com/Quorum-Acquires-Entero. The combined company will maintain a joint presence in Calgary and Houston, in addition to Quorum’s locations in Dallas, College Station and Tampa. Steve Remmington and Dave Romanzin will take on advisory roles during the portfolio integration. For more information about Quorum’s complete platform of integrated solutions, visit www.quorumsoftware.com.
For media inquiries in the U.S., contact Edelman Houston at 713-377-6438, Genevieve.Shoemaker@edelman.com.
For media inquiries in Canada, contact Edelman Calgary at 403-471-1284, Kelsey.Marklund@edelman.com.
About Quorum Software
Quorum Software offers an industry-leading portfolio of finance, operations and accounting software that empowers energy companies of all sizes to conquer their most complex business challenges. From the field to the back office, defying complexity is coded in our DNA and our software. This unmatched experience is why Quorum is the choice of eight of the largest public energy companies worldwide, 75 percent of LNG exporters throughout North America and 80 percent of all natural gas processed in the United States. Designed for digital transformation, the myQuorum software platform delivers open standards, mobile-first design and cloud technologies to empower innovation at the speed of thought. At Quorum, we’re helping visionary leaders transform their business, and the energy industry, for a digital world. For more information, visit www.quorumsoftware.com.
About Entero Corporation
Over 125 companies rely on Entero to provide clarity and efficiency in their critical business functions. With two product portfolios, Entero helps energy companies effectively plan, evaluate, and manage their upstream and midstream business. Entero ONE is a focused solution for companies dealing with NGLs, gas, crude, biofuels and refined products. The system supports all full cycle functions associated with the entire hydrocarbon supply chain, including production, processing, trading, logistics and accounting. Entero MOSAIC is the industry’s only unified platform for petroleum economics, decline analysis, and reserves management. It is used by engineering, reserves, budgeting, capital planning and A&D groups to evaluate both corporate portfolios and individual reserve assets. Learn more at www.entero.com.