IHS is to acquire Seismic Micro-Technology (SMT) from its current owners (inter alia Technology Crossover Ventures and JMI Equity) for $500 million cash. The deal adds SMT’s geoscience workstation technology to IHS’ portfolio1 of upstream data services and software.
Jerre Stead, IHS chairman and chief executive officer said, ‘The acquisition extends our geoscience software and data products offering to energy customers, our largest end-market. SMT users will have seamless access to IHS’ oil and gas information and insight products. We plan to move to a fully integrated data and software platform for collaborative decision-making.’
Founded by Tom Smith in 1984, Houston-based SMT developed one of the first geoscience workstations running on Microsoft Windows. Today the company claims 3,000 customers in some 100 countries. Simmons & Company International acted as financial advisor to SMT. More from www.oilit.com/links/1107_28.
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