U.S. private equity firm BV Investment Partners has made an investment in geoLOGIC systems Ltd, a Canadian provider of data and software decision support systems to the upstream oil and gas industry and related industries in North America. No financial terms were disclosed. BV acquired shares held by geoLOGIC’s founders, Joe Harris and Denise Harris. The deal was done in collaboration with President and CEO David Hood, who will retain his interest in the Calgary-based company. As a result of the investment, BV Managing Director Justin Harrison and Principal Justin Garrison have joined geoLOGIC’s board of directors.
geoLOGIC systems ltd. Announces Major Investment by BV Investment Partners
Proprietary Transaction in Partnership with CEO to Expand Global Growth
CALGARY, October 19th, 2015 – geoLOGIC systems today announced that BV Investment Partners (“BV”), a middle-market private equity firm focused on the information and business services and communications sectors, has made a major investment in the Company by acquiring the shares of Company founders Joe and Denise Harris. The transaction was completed in partnership with geoLOGIC’s President and CEO, David Hood, who will retain his entire ownership interest in the Company.
Founded in 1983 and headquartered in Calgary, AB, geoLOGIC creates and supplies data and integrated software solutions to oil and gas exploration and production companies and related industries in North America. The Company is a premier provider of mission critical software and data products that are deeply embedded in client company workflows and support multi-million dollar decision-making at client organizations.
“We are looking forward to operating the Company alongside a strong financial sponsor like BV whose successful experience with information services businesses such as ours will help us further expand our business throughout Canada and beyond,” said David Hood. “I can’t think of a better partner for geoLOGIC. BV has demonstrated a deep understanding of geoLOGIC’s core values and we look forward to working together to further expand our offerings in areas that are important to our customers.”
Justin H. Harrison, Managing Director at BV, said, “geoLOGIC is led by a very strong team in David Hood, and VP of Business Development, Andrea Hood. Since first contacting Mr. Hood over two years ago we have remained impressed by the quality of the organization they have built and the company’s relentless focus on client experience and customer relationships. We look forward to working with them and providing additional investment capital and resources to continue to broaden their customer relationships and execute their future growth strategy.”
geoLOGIC’s customers include oil & gas exploration and production companies, pipeline and midstream companies, service companies (engineering, consulting, reserves auditing, financing, stock and asset brokerages, drilling, oilfield servicing), government and regulatory organizations, and educational institutions. Its key products are geoSCOUT, a decision-support tool, providing comprehensive data for all disciplines within the oil and gas industry, and gDC, geoLOGIC’s comprehensive upstream oil and gas database.
geoLOGIC represents the fifth transaction in Fund VIII, which includes PlascoID, the leading supplier of card-based identification solutions; The Efficient Collaborative Retail Marketing Company, an integrated marketing services and software provider serving consumer product manufacturers and retailers; INetU, a leading provider of complex managed hosting and cloud services to enterprise customers, and; TriCore Solutions, a leading provider of application and infrastructure managed services. Mr. Harrison and Mr. Justin Garrison have joined the geoLOGIC Board of Directors.
geoLOGIC systems ltd. is based in Calgary, Alberta and has been providing high quality, integrated data and software decision support systems to the upstream oil and gas industry in Western Canada and elsewhere for over thirty years. geoLOGIC’s relentless focus on innovation, quality, and service has made geoSCOUT and the geoLOGIC Data Center (gDC) the trusted standard in the Western Canadian Basin. For more information, please visit www.geologic.com.
BV Investment Partners is currently investing its eighth private equity fund. The firm is one of the oldest and most experienced sector-focused private equity firms in North America. Since its founding in 1983, the firm has invested over $2.6 billion in over 80 companies, actively targeting investments in the information and business services and communications industries. For more information, please visit www.bvlp.com.
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