Seismic Micro Technology (SMT) is to acquire Veritas’ reservoir engineering software (RC)2 and HOT fmillion of or an undisclosed cash amount and a percentage of future revenues over a four year period. SMT will acquire the software developed and marketed by Veritas units (RC)2 and Heinemann Oil Technology along with related trademarks.
SMT will assume maintenance and support obligations for the software and grant Veritas and its subsidiaries a royalty-free license to continue use of all SMT software including the software being sold.
SMT was founded in 1984 and provides PC-based interpretation and analysis tools. Veritas’ reservoir modeling will make a significant addition to SMT’s software line-up which currently has a geology and geophysics focus.
Likewise, Veritas’ continued leverage of (RC)2 software—and the addition of a service offering built around the SMT suite—make for a credible extension of the company’s exploration services offering.
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