Seismic Micro-Technology (SMT) which now claims to be ‘the global industry leader for Windows-based geophysical and geological interpretation software,’ has received a cash injection from Technology Crossover Ventures (TCV) and JMI Equity (JMI). The investment is SMT’s first institutional funding to date and will be used to enhance product development and expand international operations. SMT founder Tom Smith’s family will retain a ‘substantial’ stake in the company. SMT’s Kingdom software portfolio spans geophysical and geological interpretation, solid modeling and reservoir simulation.
Tom Smith, SMT founder and CEO said, ‘As the software needs of the upstream oil exploration and production industry evolve, we are committed to retaining our leadership position. TCV and JMI are experienced growth investors who understand our business and will help build on our legacy of success. This investment allows us to accelerate our international growth strategy and develop our E&P software products.’
TCV partner Jake Reynolds added, ‘This market continues to offer significant opportunities for innovative, best-in-class technology.’ Reynolds and other TCV/JMI partners are to join the SMT board.
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