[Edito'rs note: Updated at 7:57 a.m. CDT June 20.]
Quorum Software said June 19 it had acquired Archeio Technologies, a provider of a new generation of well file software based in the Dallas-Fort Worth metroplex.
Backed by private-equity firm Thoma Bravo LLC, Quorum has been building up its portfolio, most recently acquiring Coastal Flow Measurement Inc. The company’s acquisition of Coastal Flow, which included a Quorum competitor, closed in March.
Financial details of Quorum’s acquisitions were not disclosed.
Quorum CEO Gene Austin said Archeio, based in Irving, Texas, provides a variety of opportunities for the company to expand its offerings.
“We want to make it easier to find the information locked in land, accounting or well files, whether that person is searching from the field or the office, is a partner or interest owner, or is performing diligence,” Austin said in a statement on June 19.
Rex Womble, the co-founder and CEO for Archeio, noted the challenges the oil and gas industry currently faces by the vast amounts of data it generates, much of which he said is unclassified and often not digitized.
“By joining the Quorum team, we can better help the industry progress in modernizing the back-office and build out innovative solutions that speed A&D processes as well as simplify the relationship with external partners,” Womble said in a statement.
Founded in 2014, Archeio helps operators efficiently access, classify, and organize unstructured data and documents through services, automation and its cloud-based information management platform. The company’s software is currently used to manage information for thousands of well and land assets across North America.
In the company’s release, Quorum described Archeio as a leading provider of oil and gas document classification and smart search technology. The company expects the addition of Archeio’s cloud-based document management tool, built to make oil and gas operations more secure, agile and compliant, will strengthen its upstream software and services.
Based in Houston, Quorum currently is the “preferred software provider” to over 75% of the largest oil and gas producers in the U.S., according to the company’s release. Additionally, Quorum’s technology powers 80,000 miles of pipeline and accounts for 80% of all natural gas processed in the U.S.
In an interview with Hart Energy earlier this year, Austin said Quorum is always open to acquisition opportunities that would add value to its product and services mix.
“It’s fairly rare for a CEO to be onboard less than three months and make an acquisition, so I would say that’s a sign of definite interest in finding really good quality organizations to join us,” he said in late February. Austin had only been named to lead Quorum in December 2018.
Kirkland & Ellis LLP was legal adviser to Quorum for its Archeio acquisition. Meanwhile, Bell Nunnally was legal adviser to Archeio for the deal.
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