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Drillinginfo Completes Cortex Acquisition, Fifth under Genstar OwnershipSAN FRANCISCO, Feb. 21, 2019 /PRNewswire/ -- Genstar Capital, a leading private equity firm focused on investments in targeted segments of the software, industrial technology, healthcare, and financial services industries, announced that its portfolio company Drilling Info Holdings, Inc, has closed on the acquisition of Cortex, its fifth add-on acquisition since Genstar invested in Drillinginfo in July 2018. Drillinginfo is the leading SaaS and data analytics company serving the energy industry. These acquisitions, combined with strong organic growth, strengthen Drillinginfo's position as a global leader in delivering end to end software and intelligence for energy market participants. The acquisition of Cortex, a Network-as-a-Service company that enables automation of accounts payable and receivable (AP and AR) processes for the oil and gas industry, comes five months after the acquisition Oildex, the largest oil & gas business automation software firm in North America, transforming the way the industry connects, collaborates, and automates data exchanges in energy. In December 2018, Drillinginfo acquired MineralSoft, a software platform designed to make managing mineral, royalty, and non-operated working interests easier and more profitable; and earlier acquired 1Derrick and PLS's research and database business, two highly visible companies in the oil and gas industry that offer market research solutions for sourcing, valuing, and analyzing asset and corporate transactions. The investment last year by Genstar is allowing Drillinginfo to build on its deep roots as the dominant provider of decision support software for the energy sector. The acquisitions both strengthen the areas in which Drillinginfo is best known and broaden its offerings across the energy value chain to include business automation and commodity data solutions. Eli Weiss, Managing Director of Genstar, said, "When we acquired Drillinginfo last year we said we would build the business nd drive growth in part by expanding service offerings through selective acquisitions to enhance its workflow, analytics and data solutions. Our goal is to create the leading software service in the energy ecosystem and we are well on the way. These five acquisitions have greatly broadened the company's suite of solutions and will deliver new software and more integrated operational intelligence to Drillinginfo's customers across the entire energy spectrum. We are still in the early innings of a technology revolution in the energy industry and as a result of these and other initiatives, there is increasing separation between Drillinginfo and the competition." Jeff Hughes, President and CEO of Drillinginfo, said, "We are excited to have these impactful acquisitions and the experienced management teams join Drillinginfo to help transform the company, offer new capabilities to our customers and help tap entirely new market opportunities. As an example, MineralSoft enables customers to effectively manage oil and gas non-operated interests and for the first time allows us to enter this enormous asset class with an integrated software platform." Genstar and the Drillinginfo team continue to pursue a robust pipeline of strategic acquisition targets that represent an opportunity to put additional capital behind the company's strong management team and help develop innovative and transformative solutions to save time, improve efficiency and ultimately drive better, faster decisions in the energy industry. About Drillinginfo About Genstar Capital Contact: Chris Tofalli View original content to download multimedia:http://www.prnewswire.com/news-releases/drillinginfo-completes-cortex-acquisition-fifth-under-genstar-ownership-300799340.html SOURCE Genstar Capital |