With backing from private equity group Norvestor, Cegal, a Norwegian provider of IT-services to the oil and gas industry has acquired the totality of the share capital of Blueback Reservoir in a (mostly) paper transaction. Blueback Reservoir was founded in 2005 by ex-Technoguide (original developer of Schlumberger’s Petrel) personnel and provides, inter alia, plug-ins to Petrel. Cegal is a Stavanger-based IT services provider specialized in tailor made cloud technology, including managing and delivering large data volumes and software solutions to companies in the oil and gas industry.
Blueback will merge into the Cegal unit which now has over 300 employees in Norway, London, Houston, Calgary and Dubai. The merged company is owned by Norvestor, (52%), employees and board members (48%). Forecast revenues for 2014 are 550 million NOK with a target of 1 billion NOK for 2016 driven by organic growth and further add-on acquisitions.
Norvestor’s specialization is Scandinavian midmarket companies operating in ‘fragmented’ markets with the potential to achieve ‘a leading international position.’ More from Cegal.
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