The transaction is subject to various conditions, due diligence and the like, and to the completion of the Paradigm/CogniSeis deal. The value of the total transaction is $3M cash (subject to accounting adjustments) and future royalties. SeisX was originally developed in Calgary by Photon Systems Ltd. and has been marketed worldwide for 7 years. SeisX works on 2D, 3D, multiple 3D and well data, all within the same project and provides data management, 3D auto-picking, and mapping and display tools. SeisX is available on both UNIX and Windows NT based platforms.
Revenues to double
Ron Newman, President and Chief Executive Officer stated "We believe the acquisition of SeisX technology could double our revenues for 1997/98 fiscal year and significantly increase GMA's overall profitability. We are excited about integrating the 2D/3D interpretation technology of SeisX with GMA's existing modeling systems." GMA's revenue for the year ending September 1996 were 3.57$ million. GMA has been in acquisition mode since the beginning of the year when Newman stated their intention to "actively pursue several acquisition opportunities/strategic alliances which GMA believes will complement its existing suite of products and strengthen our marketing and product development initiatives."
GMA claims an existing client base of over 500 companies with a total of 3300 software licenses in more than 43 countries.
GMA was founded in 1982 by Newman and GR Davidson. In 1989 the Company opened an office in Houston and another in London two years later. Since 1991 GMA is wholly owned by Ron Newman. GMA's first product was STRAT, a stratigraphic modeling application, and the product line has since grown to include a full suite of CAEX tools and services. Originally developed on the PC-based DOS platform, the newer line of software allows the programs to be run under both Windows and workstation-based UNIX. This new GMAplus suite includes modules such as LogM, WavX, 3D Seismic Interpretation, 2D Seismic Interpretation, Struct, and Avo. Currently, GMA is developing a petrophysical module in conjunction with a private Alberta corporation which is 50% owned by GMA. These new petrophysical products (MWLA and Petrosolv) will be marketed exclusively by GMA worldwide.
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