Done deals

Emerson’s software combines with AspenTech. BCG Digital backs MISC Berhad, Solution Seeker. BP backs Ryd. Cegal, SYSCO merge. Data Gumbo series B funding. New Energy Capital Ventures fund. Hexagon buys Koch’s Infor unit and Atlas’ Jovix. Zeev leads Imubit fundraising. Ivanti acquires WIIO’s IIoT platform and RiskSense. News Corp bags OPIS. PetroFunders launch. OneNexus to P&A aging wells. Schlumberger acquires IDS.

Emerson is to acquire a 55% stake in a new AspenTech company, created by the merger of AspenTech and Emerson’s industrial software businesses (Open Systems International and the Paradigm/Roxar geological software). AspenTech shareholders will receive some $6.0 billion in cash, putting an enterprise value of some $11bn on the new company. OSI, a provider of ‘open’ automation process control software, was acquired by Emerson last year for $1.6 billion in an all cash transaction. Paradigm was acquired in 2017 for $510 million. More on the transaction from AspenTech.

BCG Digital Ventures, the ‘innovation arm’ of Boston Consulting Group has teamed with energy-related marine services provider MISC Berhad on three ventures set to ‘disrupt’ the maritime solutions space with ‘deep tech’. The startups, that have just emerged from ‘stealth mode’, are to apply digital and deep tech, such as AI, ML, and IIoT, to create ‘massive operational efficiencies’ across the shipping value chain. BCG has also taken a stake in Solution Seeker, a developer of AI solutions for upstream oil and gas. More from BCG.

BP Ventures has invested €10 million in Ryd, an EU in-car digital payments solution for services such as fuel purchases, EV charging and car washing. The Ryd box, an OBD2 connector, ‘turns every car into a smart car’. Ryd was developed by Munich-based ThinxNet.

Cegal and Sysco are to merge, creating a ‘global tech company for the energy sector’. For Cegal, the move heralds a shift from its traditional oil and gas industry focus to a ‘transformed’ sector moving towards renewable energy, where Sysco has a focus on hydropower and grid companies. The merged company will provide software and data integration and analysis services. More from Cegal.

Data Gumbo has closed a $7.7 million series B funding round, financed by repeat investors Equinor Ventures, Saudi Aramco Energy Ventures and L37. The monies will be used to scale-up Data Gumbo’s GumboNet and GumboNet ESG ‘blockchain-based’ payments networks. Data Gumbo is also to establish a presence in the Middle East. More from Data Gumbo.

Energy Capital Ventures has launched a new fund to support ‘ESG imperatives’ and ‘digital advancement’ of the natural gas industry. The fund will focus on early-stage ESG investments in decarbonization, renewable natural gas, hydrogen and other clean energy solutions, along with transformative digital capabilities for natural gas local distribution companies. Some $45M in capital commitments has been received from five publicly-traded natural gas and diversified utilities.

Hexagon has completed its acquisition of Infor’s EAM business. Infor EAM is used to track assets, digitize maintenance operations and enable customers reach optimum operational efficiency. Hexagon paid $792 million in cash and issued 132.6 million series B shares to Infor, a Koch Industries unit. Hexagon has also acquired the Jovix material tracking solution from Atlas RFID Solutions. Jovix is a cloud-based, IoT-enabled, mobile, configurable workflow platform that provides status and location of materials throughout the EPC lifecycle. More from Hexagon.

Imubit, a provider of artificial intelligence process optimization for refiners and chemical operators, has raised $50 million to bring its closed-loop neural networks to ‘every process manufacturing plant around the globe’. Zeev Ventures led Imubit’s latest $30 million growth round alongside Insight Partners and existing investors Spider Capital and UpWest.

Ivanti Wavelink has acquired an industrial internet of things platform from WIIO Group, one of Ivanti Wavelink’s technology partners based in Paris, France. The WIIO platform will enable customers to get a 360 degree view of their IIoT equipment, proactively identify and remediate issues, and build scalable applications that drive operational efficiency. More from Ivanti and WIIO. Ivanti has also acquired RiskSense, a provider of risk-based patch management vulnerability assessment and prioritization.

Rupert Maxwell’s News Corp is to acquire the Oil Price Information Service (OPIS) and related assets from S&P Global and IHS Markit in a $1.150 billion cash deal. OPIS will become part of News Corp’s Dow Jones Professional Information Business which includes Dow Jones Risk & Compliance, Dow Jones Newswires and Factiva.

PetroFunders has launched a ‘fintech-powered’ platform for oil and gas investors along with a ‘royalty interest fund’ designed to provide income from oil and gas royalties. Minimum investment on the platform is $10,000. Investors can track investment performance and view associated tax documents through a dashboard. FWIW, the website is a ‘funding portal’ registered with the Securities and Exchange Commission and a member of FINRA, the Financial Industry Regulatory Authority. Read the fine print.

Tony Sanchez, founder of Sanchez Energy has launched OneNexus Environmental to ‘remedy the trillion-dollar aging oil and gas well infrastructure problem’. OneNexus plans to offers clients an ‘universal life insurance policy’ for oil and gas wells. When production ends, an operator can transfer asset title to OneNexus which assumes the financial and operational responsibility for plugging and abandoning the well and performing environmental remediation. The company leverages ‘data science, predictive analytics, risk mitigation and cutting-edge plugging and remediation technologies’ to the P&A problem. All of which is to be financed by a ‘fintech model’. More from OneNexux.

Schlumberger has acquired Independent Data Services. As a Schlumberger company, IDS will be offered both as a standalone solution and as an integrated cloud-native solution, to offer customers end-to-end digital drilling solutions enhanced with AI and machine learning. More from Schlumberger.

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