Quorum Software continued to strengthened its portfolio with the acquisition on Feb. 18 of EnergyIQ, a Denver-based provider of well master data management software applications. The transaction, terms of which were undisclosed, follows a tremendous year of growth Quorum.
In 2019, the software company made a slew of acquisitions, including its most recent purchase of Fort Worth, Texas-based OGsys, a provider of cloud-based oil and gas accounting software.
Quorum CEO Gene Austin said he expects the company’s latest acquisition will help E&Ps fully capitalize on data to operate leaner and with greater confidence.
“EnergyIQ is the leader in master data management solutions for the oil and gas industry, providing E&P companies a single, accurate view of well data to support business decisions,” Austin said in a statement.
EnergyIQ masters and synchronizes proprietary and public data across all systems of record and stages throughout the lifecycle of a well. The result is a comprehensive picture of a well that expands the usage of data throughout an organization.
Powered by a SaaS-based platform built on industry standards, E&P companies—midsized to large E&P companies alike—have come to rely on EnergyIQ to integrate and share trusted data across their business, according to Steve Cooper, CEO and founder of EnergyIQ.
“As the energy industry continues to realize the tremendous untapped value of its data, our customers and partners will recognize the benefits and capabilities of tying Quorum’s leading applications together through EnergyIQ’s well master data management solution to drive workflow automation that increases efficiency and profitability,” Cooper said in a statement.
Further, introducing EnergyIQ into Quorum products is expected to create a “gold standard record” for operators to make better, faster decisions that improve their overall production operations, according to Palash Misra, director of strategy consulting firm Stax Inc.
“We discovered there was an untapped opportunity enabling midsized upstream operators to organize and categorize their well master data, improve the overall data quality, and drive further operational improvements to their business,” Misra said in the Quorum release.
Quorum is the preferred software provider to over 75% of the largest oil and gas producers in the U.S., according to the company release.
EnergyIQ received financial advice on the transaction from HamptonRock Partners with Holland & Hart LLP as its legal adviser. Kirkland and Ellis LLP provided legal advice to Quorum.
Devon Energy had been actively shopping the Permian Basin assets, and others in the Rockies, the past several months.
Production from Occidental Petroleum's Permian Basin unit rose 57% to 250,000 boe/d in the fourth quarter, boosted by its investments in the basin.
A big crowd turned out for an afternoon honoring industry leaders representing all facets of the energy sector.