Done deals

Mocana, GE Ventures, Hunter/Badger, Dwellop, Hexagon, MSC Software, Flotek, National Oilwell Varco, Bruel & Kjaer Vibro, Setpoint.

San Francisco based Mocana has raised $11 million in new funding to develop its security solutions for industrial control systems and the internet of things. GE Ventures participated in the funding round which brings the total amount raised to $93.6 million. Grand View Research predicts the IoT market will be worth $933.62 billion (note the precision!) by 2025. Mocana is an EdgeX Foundry (see this month’s lead) founding member.

Hunter Group (formerly: Badger Explorer ASA) is to acquire Dwellop AS, in a 185 NOK million cash and paper deal. Dwellop develops low cost products and technologies for enhanced oil recovery. Hunter/Badger is still working on its autonomous robotic drilling system, first announced in 2008.

In an $834 million deal, Intergraph parent company Hexagon has acquired MSC Software developer of computer-aided engineering and simulation software.

Flotek Industries has sold its drilling and production technologies segments. Drilling was acquired by National Oilwell Varco for a ‘final consideration’ of $17 million, subject to normal working capital adjustments. Production was sold to an undisclosed buyer for $2.9 million. The deal has reduced Flotek’s pro-forma debt from $50 million to approximately $27 million.

Brüel & Kjær Vibro has completed the acquisition of US-based vibration technology platform Setpoint. Setpoint’s PI-system based condition monitoring technology is used to optimize operation of oil and gas rotating and reciprocating assets.

This article originally appeared in Oil IT Journal 2017 Issue # 5.

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