Mon, 19 Feb 2024 | BUSINESS SALE
Foster Findlay Associates (FFA) Limited, a Newcastle-based AI seismic interpretation software firm trading as Geoteric, has been acquired by newly-formed Norwegian company Geoteric Holding AS. Redback AS, Herfo Finans AS and Møkster Investering AS acted as cornerstone investors on the deal.
FFA’s largest shareholder was Energy Ventures III LP, which has supported the company’s investment and commercialisation phase. The fund’s planned realisation of its assets will see Energy Ventures exit FFA.
Following the deal, Nicola Blanshard will continue as the company’s Chief Executive, while Geoteric Chairman Jan Grimnes will be joined by new board members Ådne Grødem (Chief Executive at Herfo Finans AS), Henrik Zetlitz Nessler (Chief Executive at Møkster Investering AS) and Bettina Bachmann, of TwoB Consulting GmbH.
Ådne Grødem commented: “The company has the winning combination of world leading products, a blue-chip customer base and highly skilled employees. We see significant growth potential for Geoteric and its unique Al Seismic Interpretation software, and expect that with its track record of product innovation, it will continue to lead the industry."
Nicola Blanshard added: "Geoteric Al Seismic Interpretation enables rapid interpretation of seismic data without compromising on quality or accuracy; dramatically shortening subsurface project timelines allowing energy companies to add value as they fast track assets, operate more sustainably and achieve net zero targets.”
"In our opinion, the new investor group has both the skills and experience to support us in our growth strategy and enable us to take an even larger role in the subsurface market."
Despite the well-publicised problems facing the UK's dealmaking market, it remains the top destination in Europe for inbound and domestic M&A investment
Founded in 2014, London-based IOTIC developed a novel platform (the “Platform”) to help organisations securely share and connect data across systems and teams. At its core is the Company’s proprietary “Digital Twin” technology, which creates virtual...
The company specialises in technology-driven solutions, working collaboratively with clients to facilitate organisational improvements through structured, service-based frameworks. The business delivers comprehensive solutions pertaining to change de...
This Digital & Software business located in Reigate is now on the market. It has an excellent client base due to its fantastic reputation for service, which has built up since its launch in 2018. Only selling due to personal reasons, the current owne...
Please choose your settings for this site below. For more information please read our Cookie Policy
These cookies are necessary for our website to function properly and provide you with access to all features.
These are analytics cookies that help us to improve the way our website works.
These are used to improve the functional performance of the website and make it easier for you to use.