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."
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