Quebec City-based Eddyfi/NDT has acquired Calgary-based Dynamic Risk Assessment Systems, a provider of technology-enabled risk management and compliance services and software to the energy sector. No financial terms were disclosed. Eddyfi/NDT, a test and measurement technology company, is backed by Novacap and Caisse de dépôt et placement du Québec.
QUÉBEC, March 31, 2021 /CNW/ – Eddyfi/NDT announced today the acquisition of Calgary-based Dynamic Risk Assessment Systems Inc. (“Dynamic Risk”), a market leader in providing technology-enabled integrity risk management and compliance services and software to the energy sector. The company has 115 employees and additional offices in Houston, USA. Dynamic Risk will remain a separate entity and become Eddyfi/NDT’s fourth platform and business unit.
As a pre-eminent market expert, Eddyfi/NDT believes in the value of focusing on client needs throughout the entire length of the industry value chain, from fault detection and data analysis, all the way to advanced diagnosis and actionable insights, to ensure the greatest possible visibility and confidence when it comes to fully informed decision-making in the shared interests of business, people and the environment.
Martin Theriault, CEO of Eddyfi/NDT, said: “Our NDT technologies are at the cutting-edge of the industry and provide some of the most advanced data in the world. The addition of Dynamic Risk will enable us to expand in the value chain and, when it comes to Pipeline In-Line Inspection, to bridge the gap between data generation and integrity management insights. As the business of NDT becomes a business of data, this acquisition will allow us to support our clients further in the management of their critical assets, providing them with complete visibility on their assets’ conditions, empowering them with all the data needed to make confident decisions and take actions aimed at keeping both people and the environment safe. Furthermore, the addition of Dynamic Risk supports our drive to enhance our inspection NDT modalities and services and grow in energy transition sectors such as natural gas and hydrogen. This will ultimately lead to increased client technical intimacy, which will put us in a better position to understand the industry’s emerging needs and guide our innovation roadmap accordingly.”
At the same time, Dynamic Risk is pleased to have the backing of a large parent group with the strength, scale, and stability to drive significant growth, while enabling a continued focus on the company’s core capabilities, together with rapid execution of its strategy.
Dynamic Risk’s CEO Trevor Macfarlane added: “The past quarter-century has been a tremendous journey for our Company. We have worked with client leaders across North America and around the globe to drive risk-informed decision-making throughout the entire asset lifecycle via the provisioning of accurate and timely data, consulting, and integrity management applications. The combination of a world-class team, solid customer partnerships and the shared commitment of all our stakeholders to a risk optimized approach has provided an exceptional platform for success. Through joining the Eddyfi/NDT team, Dynamic Risk will benefit from a significantly broader and deeper range of complementary technologies, as well as a powerful technology focus and an impressive global footprint. We could not be more excited as we look ahead to leveraging new market opportunities for accelerated growth and continuing our commitment to deliver extraordinary value to our clients.”
Eddyfi/NDT’s acquisition of Dynamic Risk follows a globally competitive process launched by the company in 2020. Glenn Yuen, founder and chair of Dynamic Risk commented: “The process undertaken by our strategic review committee of the board and financial advisors was widely marketed and attracted interest from across the world. In doing so, we found there was no better entity than Eddyfi/NDT to deliver the best future platform for Dynamic Risk. I want to thank our board of directors who have been such great stewards of our business over the past number of years. And, I want to thank the staff of Dynamic Risk, who have developed and commercialized a unique set of expertise, services, and software that are making a true impact in keeping pipelines, workers and our environment safe.”
The transaction was partly financed by a bank syndicate led by National Bank of Canada. Investissement Québec also provided financing for the transaction. RBC Capital Markets is acting as exclusive financial advisor to Dynamic Risk. McCarthy Tétrault acted as lead legal advisor to Eddyfi/NDT and Dentons as the legal advisor for Dynamic Risk.
Eddyfi/NDT is a fast-growing, innovative, and private industrial technology group focused on advanced diagnostic technologies to monitor the world’s infrastructure health. The Group serves asset owners, large engineering firms, and service companies globally in markets such as Aerospace, Civil Infrastructure, Energy, Mining, Power Generation, and Rail. Eddyfi/NDT believes that advancing science and technology via sensors, hardware, robotics, and software makes the world more productive and safer for people, business and nature. The company employs over 1,200 people throughout 25 offices worldwide and serves clients in more than 110 countries. www.eddyfi-ndt.com