Quorum Software said June 19 it had acquired Archeio Technologies, a Dallas-based provider of a new generation of well file software.
Backed by private-equity firm Thoma Bravo, Quorum has been building up its portfolio, most recently acquiring Coastal Flow Measurement Inc. The company’s acquisition of Coastal Flow, which included a Quorum competitor, closed in March.
Financial details of Quorum’s acquisitions were not disclosed.
Founded in 2014, Archeio helps operators efficiently access, classify, and organize unstructured data and documents through services, automation and its cloud-based information management platform. The company’s software is currently used to manage information for thousands of well and land assets across North America.
Quorum CEO Gene Austin said Archeio provides a variety of opportunities for the company to expand its offerings.
“We want to make it easier to find the information locked in land, accounting or well files, whether that person is searching from the field or the office, is a partner or interest owner, or is performing diligence,” Austin said in a statement on June 19.
Quorum described Archeio as a leading provider of oil and gas document classification and smart search technology. The company expects the addition of Archeio’s cloud-based document management tool built to make oil and gas operations more secure, agile and compliant will strengthen its software and services.
Based in Houston, Quorum currently is the preferred software provider to over 75% of the largest oil and gas producers in the U.S., according to the company’s release. Additionally, Quorum’s technology powers 80,000 miles of pipeline and accounts for 80% of all natural gas processed in the U.S.
Kirkland & Ellis LLP was legal adviser to Quorum for the transaction. Bell Nunnally was legal adviser to Archeio.
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