London – December 18, 2018 – Ikon Science Limited, a leader in GeoPrediction technology, today announced it has wholly acquired Perigon Solutions, specialists in wellbore data management and visualisation solutions. Great Hill Partners made a majority investment in Ikon Science in October 2018 accelerating their expansion plans.
Ikon Science is building a global business developing scalable solutions for interpreting and understanding subsurface information, serving a market which is looking for faster effective decision making using integrated subsurface data and solutions.
Perigon Solutions is a leader in the knowledge management of subsurface wellbore data, with a business model that has clear market, revenue and cost synergies with Ikon Science. The acquisition of Perigon Solutions brings Ikon Science deep expertise in the data and knowledge management space.
“By unlocking our customers’ legacy rock physics and reservoir work, they will immediately gain the ability to derive new quantitative data-driven insights from past projects, analogues and global teams,” commented Mark Bashforth Ikon Science CEO. “You only have to consider Ikon’s vast suite of regional studies, proprietary projects and existing interpreted data to realise that our internal knowledge management database will be unrivalled in the industry.” Chris Gaffney, Managing Partner of Great Hill Partners, added “This combination enables Ikon Science to build on its history of innovation and provide its customers a key to unlock the value in their data.”
“Our customers, teams, and technologies gain immediate benefits from Ikon Science’s global reach and RokDoc client base,” said Stuart Thomson, CTO of Perigon Solutions. “We are eager to leverage Ikon Science’s experience in interpreting data and inroads into machine learning and AI to deliver richer, even more intelligent solutions.”
About Ikon Science
Ikon Science was founded in 2001 to develop quantitative subsurface software technology and solutions that increase the value of oil and gas reserves while reducing drilling costs and operational uncertainty. Through its RokDoc software platform and integrated data and solutions, Ikon Science brings the expertise and innovation required to build knowledge and confidence in sub-surface decision-making, predicting safer, cheaper and more efficient exploration, reservoir optimisation and drilling. For more information, visit www.ikonscience.com.
About Great Hill Partners
Great Hill Partners is a Boston-based private equity firm that has raised over $5 billion in commitments since inception to finance the acquisition, recapitalization, or expansion of growth companies in a wide range of sectors in business-to-business and business-to-consumer industries including software, financial and healthcare technology, digital media, eCommerce, and internet infrastructure. Great Hill targets investments of $25 million to $200 million. For more information, visit www.greathillpartners.com.
