Newcastle-based Geoteric Acquired by Norwegian Company, Geoteric Holding AS

Norwegian company Geoteric Holding AS has recently acquired Geoteric, an AI seismic interpretation software firm based in Newcastle. The deal was made possible with the support of cornerstone investors Redback AS, Herfo Finans AS, and Møkster Investering AS. Energy Ventures III LP, the largest shareholder of Geoteric, will be exiting the company as part of the fund’s planned realisation of assets.

Nicola Blanshard, the current Chief Executive of Geoteric, will continue to lead the company after the acquisition. The board of Geoteric Holding AS will see the inclusion of new members such as 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 expressed optimism about the future of Geoteric, highlighting the company’s world-leading products, esteemed customer base, and highly skilled employees.

Geoteric is well-known for its Al Seismic Interpretation software, which allows for rapid interpretation of seismic data without compromising on quality or accuracy. This technology has the potential to significantly shorten subsurface project timelines, enabling energy companies to operate more efficiently, add value to their assets, and meet sustainability goals.

Despite challenges faced by the UK’s dealmaking market, the country remains a top destination in Europe for both inbound and domestic M&A investment. Geoteric’s acquisition by Geoteric Holding AS demonstrates the continued attractiveness of the UK market for strategic acquisitions in the technology sector.

FAQ Section:

1. What is Geoteric Holding AS?
Geoteric Holding AS is a Norwegian company that recently acquired Geoteric, an AI seismic interpretation software firm based in Newcastle.

2. Who were the cornerstone investors that supported the acquisition?
The acquisition was made possible with the support of cornerstone investors Redback AS, Herfo Finans AS, and Møkster Investering AS.

3. What will happen to Energy Ventures III LP, the largest shareholder of Geoteric?
Energy Ventures III LP will be exiting the company as part of the fund’s planned realization of assets.

4. Who will lead Geoteric after the acquisition?
Nicola Blanshard, the current Chief Executive of Geoteric, will continue to lead the company after the acquisition.

5. Who are the new members joining the board of Geoteric Holding AS?
The new members joining the board of Geoteric Holding AS are Ådne Grødem, Chief Executive at Herfo Finans AS, Henrik Zetlitz Nessler, Chief Executive at Møkster Investering AS, and Bettina Bachmann of TwoB Consulting GmbH.

6. What does Ådne Grødem say about the future of Geoteric?
Ådne Grødem expressed optimism about the future of Geoteric, highlighting the company’s world-leading products, esteemed customer base, and highly skilled employees.

7. What is Geoteric well-known for?
Geoteric is well-known for its AI Seismic Interpretation software, which allows for rapid interpretation of seismic data without compromising on quality or accuracy.

8. What are the potential benefits of Geoteric’s technology?
Geoteric’s technology has the potential to significantly shorten subsurface project timelines, enabling energy companies to operate more efficiently, add value to their assets, and meet sustainability goals.

9. Despite challenges, why is the UK market still attractive for strategic acquisitions in the technology sector?
The acquisition of Geoteric by Geoteric Holding AS demonstrates the continued attractiveness of the UK market for strategic acquisitions in the technology sector, despite challenges faced by the UK’s dealmaking market.

Definitions:

– Geoteric: An AI seismic interpretation software firm based in Newcastle.
– Geoteric Holding AS: Norwegian company that recently acquired Geoteric.
– AI: Artificial Intelligence, the simulation of human intelligence in machines that are programmed to think and learn like humans.
– M&A: Merger and Acquisition, the process of combining two or more companies into a single entity or purchasing one company by another.
– Seismic data: Data collected from seismic surveys, which use sound waves to create images of the subsurface to locate oil, gas, or mineral deposits.

Suggested related links:
Geoteric Official Website
Herfo Finans AS
Møkster Investering AS