Carrick Capital Partners has provided $20 million in Series A funding to Seven Lakes Technologies, a Westlake Village, California-based provider of software and solutions for the oil and gas exploration and production sector. Union Square Advisors LLC was financial advisor to Seven Lakes Technologies in the transaction. In addition to the funding, Jim Madden and Steve Unterberger of Carrick Capital Partners have been added to Seven Lakes Technologies’ board of directors.
Los Angeles, CA – March 3, 2015 Seven Lakes Technologies, leading developer of innovative enterprise software and solutions for the Oil & Gas Exploration & Production sector, today announced that it has completed a $20 million Series A round of financing with Carrick Capital Partners, an investment firm focused on technology-enabled services businesses including SaaS, Software, BPO and Transaction Processing. The financing will support Seven Lakes’ accelerating growth, its go-to-market strategy and drive further innovation to deliver next-generation software products to the Oil & Energy industry.
Founded in 2009, Seven Lakes Technologies provides plug-and-play software that helps Oil & Gas companies optimize operations through Analytics and Business Process Management products, seamlessly integrating data from disparate legacy systems. Seven Lakes’ products leverage the latest innovations in Cloud Technologies, Big Data Analytics, and Enterprise Mobility for business applications such as – Drilling & Rig Scheduling, iPad-based Field Data Capture, Well Lifecycle Process and Master Data Management. Seven Lakes has an established and growing footprint within several leading Independent and Mid-Major Operators.
“Seven Lakes Technologies’ reputation for pushing the envelope with technological innovations for the Oil and Gas industry gave us the opportunity to choose from many interested partners,” said Shiva Rajagopalan, CEO of Seven Lakes Technologies. “We quickly became convinced that Carrick will provide the support Seven Lakes needs to break new ground and we are excited to team with them to drive further growth and establish our industry leadership.”
“We identified a significant opportunity for software and services companies serving the North American energy market to improve production and operating costs. After examining numerous companies we confirmed the superiority of Seven Lakes’ approach and how well suited they are to a partnership with Carrick,” said Jim Madden, Co-founder and Managing Director of Carrick Capital Partners. “We are very pleased to welcome Seven Lakes to our portfolio. We are confident Carrick will add considerable value, leveraging our experience building and investing in software companies across targeted verticals,” he added.
Jim Madden and Steve Unterberger, Carrick Capital Partners Managing Director of Operations, will join Seven Lakes Technologies’ Board of Directors.
Union Square Advisors, LLC served as the exclusive financial advisor to Seven Lakes Technologies in connection with this transaction. The terms of the deal were not disclosed.
About Seven Lakes Technologies
Seven Lakes Technologies is a vertically focused analytics & technology solutions firm offering products and services for the Upstream (E&P) Oil and Gas sector; focused on improving business drivers and enhancing execution of customer business strategies. Seven Lakes offers innovative product suites focused around Drilling & Completions, Production & Operations, Accounting and Data Management & Analytics. Seven Lakes Technologies is headquartered in Westlake Village, CA with offices in Houston, TX and Bangalore, India. For more information, please visit www.sevenlakes.com
About Carrick Capital Partners
Carrick Capital Partners is an investment firm that utilizes ABV (Approach to Building Value) to operationally scale fast growing businesses that provide technology-enabled services. Carrick adds value by taking a concentrated approach and dedicating significant resources post-investment. Carrick helps scale great companies that deliver significant returns for investors, stimulating economic growth and positively impacting the industry landscape. Working directly with CEOs and entrepreneurs, Carrick fulfills a vital need for investment and growth expertise. For more information, please visit www.carrickcapitalpartners.com
About Union Square Advisors
Union Square Advisors LLC is a leading technology-focused investment bank that offers strategic mergers & acquisitions advice and execution, as well as agented private capital financing services. Founded in 2007, with offices in San Francisco and New York, Union Square Advisors works with leading public and private technology companies, venture capital and private equity firms across the technology landscape with a primary focus on Software, Software-Enabled Services, IT infrastructure and Internet / Digital Media. For more information on Union Square Advisors, please visit www.usadvisors.com