Bargain Deals
Newcastle-based energy tech company Geoteric has been acquired by a Norwegian consortium.
The acquirer of Foster Findlay Associates Limited, trading as Geoteric, is Geoteric Holding AS, a new company backed by a Nordic investment group including Redback AS, Herfo Finans AS and Møkster.
Nicolas Blanchard will remain CEO of the company, which provides AI seismic analysis software for the oil and gas industry. The board of directors will include Geoteric Chairman Jan Grimnes, as well as On Donne Grodem, CEO of Helfo Finance AS, Henrik Zetlits-Nösler, CEO of Mokstar Investing AS, and Bettina Bachmann of TwoB Consulting GmbH.
FFA’s largest shareholder was Energy Ventures III LP, which supported Geoteric’s investment and commercialization phase. EV will now exit the company.
“In our opinion, the new investor group has both the skills and experience that will support our growth strategy and enable us to play an even larger role in the underground market,” Blanchard said.
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With origins in the medical imaging industry, Geoteric has been a leader in analyzing seismic data for the past 30 years and was the first to bring a commercial AI interpretation solution to market in 2019.
The company also has offices in London, Houston, Kuala Lumpur and Perth and currently employs 47 people.
Grodem added: “We have a winning combination of world-leading products, a blue-chip customer base and highly skilled employees.
“We see great growth potential for Geoteric and its proprietary AI seismic analysis software, and with the company’s track record of product innovation, we expect it to continue to lead the industry.”
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