Cloud-based oil and gas software provider Quorum Software has acquired well master data management software applications provider EnergyIQ.
With the acquisition, Quorum Software will be able to expand and strengthen its oil and gas software and services portfolio with EnergyIQ, which provides well lifecycle data management for upstream exploration and production (E&P) companies.
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EnergyIQ’s master data management solutions offer valuable insights from integrated data to enable E&P firms to operate in an efficient manner.
The company’s solutions are powered by a software-as-a-service (SaaS) based platform and meet the data complexities and demands of similar mid-sized to big E&P companies.
Quorum Software CEO Gene Austin said: “In addition to deep domain expertise, our organisations share longstanding customer and partner relationships that we are eager to explore. Our best-in-class products and services are highly complementary, and, together, we can help E&Ps fully capitalise on their data to operate leaner and with greater confidence.”
EnergyIQ synchronises proprietary and public well data, a key data type used throughout the life of an asset. This data enables easy decision making through a business intelligence layer, which delivers insights to smoothly manage operations.
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By GlobalDataEnergyIQ founder and CEO Steve Cooper said: “With the explosion of business-critical data, E&P companies rely on EnergyIQ to integrate and share trusted data across their business.
“As the energy industry continues to realise the tremendous untapped value of its data, our customers and partners will recognise 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.”
The companies did not disclose the financial terms of the deal.
Earlier this month, private equity investment firm PetroCap selected Quorum Software to optimise operations of its upstream portfolio.
