Geologic Systems, a Calgary-based data provider to the oil and gas industry in Western Canada, has acquired SubsurfaceIO. No financial terms were disclosed. SSIO is a Houston-based digital technology provider of oil & gas cloud-based mapping and analytics solutions. Geologic is a portfolio company of BV Investment Partners.
CALGARY, December 8, 2020 –geoLOGIC systems ltd. (geoLOGIC) today announced the acquisition of SubsurfaceIO (SSIO), a digital technology provider of oil & gas cloud-based mapping & analytics solutions that connect and integrate public & proprietary data, enabling data access and workflows for users across different disciplines, domains, and teams.
Based in Houston, Texas, SSIO’s modern and intuitive platform eliminates the requirement for continual data handling, cleaning, and loading processes through its unique data-agnostic micro-services architecture. When deployed and integrated with geoLOGIC’s trusted surface and subsurface data, users will be able to visualize, analyze and manipulate this wealth of information with the ease of use afforded by an advanced cloud-based technology.
SSIO is recognized for being one of the early providers that comply with the Open Group Open Subsurface Data Universe™ (OSDU) standards, helping to define and support the cross-industry data standards for operators’ use across the world. The SSIO team brings a deep understanding of the United States oil and gas public & proprietary data, geoscience domain expertise, and the advanced application of emerging oil and gas digital technologies.
“SubsurfaceIO’s vision to maximize the potential of public & proprietary data through an intuitive SaaS platform aligns closely with the market needs,” said David Hood, geoLOGIC’s CEO. “Our customers are facing increasing pressure to improve returns, effectiveness, and speed to market with fewer people who are being asked to do more. Increased digitization can facilitate these trends by improving decision-making across the enterprise. Prior to this announcement, customers had to choose between widely available analytics or data quality; now they can have both by gaining broad access to the highest quality data that most are already using for their technical decisions.”
“Joining the geoLOGIC team accelerates our founding mission to unlock the full value of subsurface data, making it more accessible and usable across domains and asset teams,” said Henry “Ted” Kernan, SubsurfaceIO’s Founder and CEO. “The tools and software geoLOGIC pioneered in the Canadian market have long been a model for what could be done with data in the United States, and combining SSIO’s technology with geoLOGIC’s market leadership will bring exciting development and functionality in the months and years to come.”
About geoLOGIC systems ltd.
geoLOGIC systems ltd. is based in Calgary, Alberta, Canada and has been providing high-quality, integrated data and analytics to the upstream oil and gas industry in Western Canada and elsewhere for almost 40 years. geoLOGIC’s relentless focus on innovation, quality, and service has made it the trusted standard in the upstream Canadian industry. Customers include oil & gas exploration and production companies; pipeline and midstream companies; service companies (engineering, consulting, reserves auditing, drilling, and oilfield servicing); the financial sector (financing, investment banking, and stock and asset brokerages); government and regulatory organizations, and educational institutions. Key products include geoSCOUT, a decision-support tool providing high quality data for all disciplines within the oil and gas industry, and gDC, geoLOGIC’s comprehensive upstream oil and gas database.
SubsurfaceIO (SSIO) is based in Houston, Texas. Founded in 2017 with the launch of WellLogData.com, the company was born from first-hand experience of the frustration oil & gas professionals face in viewing, interpreting, and using subsurface data.
With the rapid advancement of cloud infrastructure, SSIO began offering enterprise installations of its technology, providing a solution that oil and gas companies had long sought: the ability to automate the collecting, organizing, and cleaning of their data, and access it all in a modern and intuitive web-based interface. Benefits include robust user entitlements, data integrity, and increased speed and confidence in analysis. With operators facing ever-increasing and diverse datasets from a variety of sources while using an array of analytical and interpretation software, the need to connect data sources is even more pressing as operators seek to do more with less.