RPS Group has a acquired the UK-based information management consultancy, Paras Ltd. in a cash and paper deal worth up to £6.4 million. Consideration paid at completion was £4.7 million, comprising £3.5 million cash and 513,095 new RPS shares at a price of £2.34 per share with a total value of £1.2 million. Subject to certain operational conditions being met, further payments are scheduled over the next three years. In the year ended 31 October 2007, Paras had revenues of £3.0 million and £1 million profit before tax. Paras’ clients include BP, ConocoPhillips and BG Group.
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Seismic acquisition and data processing specialist Geokinetics has raised $30 million from Avista Capital Partners which now holds approximately 38% of the company’s voting stock. Proceeds from the sale will be used to fund the Geokinetics capital expenditure budget, recently increased from $64.7 million to $80.0 million, for working capital required to support the Company’s growth initiatives and for general corporate purposes.
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Fleming Family & Partners’ Private Equity (FPE) has bought into Ikon Science’s capital base and is now its largest shareholder. FPE plans to make further capital resources available to Ikon in order to fund the expansion of its business and has placed Henry Sallitt, an FPE director, as non executive Ikon director. UK investment bank KBC Peel Hunt acted as intermediary in the deal.
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Ingrain has secured its second round of funding totaling $15 million from international investors and Stanford University. The funds will go to advancing the deployment of Ingrain’s digital rock property measurement technology (Oil ITJ July 2008) and for continued international expansion into Canada, South America and the Middle East.
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Siemens has acquired Innotec GmbH of Schwelm, Germany. Innotech is an international vendor of digital engineering software and services for the process industry. Innotec will integrate Siemen’s Industry Automation unit.
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Well engineering consultancy Leading Edge Advantage (LEA) has been acquired by Aberdeen-based Senergy—the company’s third acquisition this year. LEA adds advanced drilling techniques expertise to Senergy’s wellbore and well performance consulting.
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