Enverus agreed on Feb. 12 to acquire rival RS Energy Group in a transaction merging the leading SaaS innovators in the energy industry.

The companies, both backed by private equity firms, didn’t disclose the terms of the transaction. However, a report by Bloomberg in early January gave the deal a roughly $1 billion valuation citing people who asked not to be identified.

For more than 20 years, each Enverus and RS Energy has independently established a reputation for innovation through their offerings of analytics, intelligence and technology, which Jeff Hughes, CEO and president of Enverus, expects the combination will bolster. 

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