Drilling data management specialist Pason is to acquire Verdazo Analytics (formerly Visage), a privately owned, Calgary-based discovery analytics software house. Founded in 2006, Verdazo’s solution helps energy producers ‘optimize production and operations and increase profitability.’
Verdazo’s management team will continue to operate the day-to-day business as a wholly-owned Pason subsidiary and will enter into non-compete agreements. The cash and paper deal includes a 50% payment deferred over three years. Verdazo’s solution will combine with Pason’s drilling information ecosystem. Verdazo will also benefit from Pason’s brand and US market footprint.
Verdazo president Bertrand Groulx said, ‘Joining Pason gives us greater market reach and access to decades of drilling data and experience. So far we’ve provided analytics on financial, public and production data. Now we have access to Pason’s world class drilling data expertise.’
Pason also announced that it has sold the operating assets of its 3PS sensor unit to McCoy Global, booking a ‘non-cash impairment charge’ on intangible assets in Q4 2016. More from Pason.
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