Peloton has entered into an agreement on Feb. 23 to acquire Cevian Technologies, a cloud-based software company that specializes in real-time data acquisition, visualization, and reporting tools for the completions industry.

“We look forward to further developing FracNet and integrating our combined technology to increase productivity and reduce cost for our clients,” Glen Gray, CEO of Peloton, said.

Cevian's flagship product, FracNet, is a real-time fracturing data visualization and cloud storage platform, that makes any fracturing treatment data accessible in a standard, structured format during and after the job.

As the energy industry embraces digitalization and cloud technology, the opportunity to align Cevian's FracNet software and services with Peloton's Platform solutions, including well data lifecycle and production data lifecycle, will enhance companies' ability to analyze fracturing data, improve decision-making and optimize opportunities.

“The addition of FracNet to the Peloton Platform brings real-time quality precision and standardization to the completions space, something long enjoyed by the drilling sector,” Jocelyn McMinn, co-founder and managing director of Cevian Technologies, said.