BGF has announced the exit of its minority investment in Petrotechnics, a global leader of software solutions for hazardous industries, following its acquisition by US-based Sphera Solutions Inc.
BGF invested £6m in the Aberdeen-based company in 2013 to support the development of Proscient – the first software enterprise platform for operational excellence in hazardous industries.
The funding was also used for geographical expansion, with the company’s software now being used by more than 80,000 people from some of the biggest businesses in the oil and gas, rail and petrochemical sectors, across 22 countries. Since BGF’s investment, the company has invested over £15m in creating and bringing to market the broadest and most insightful operational excellence software package in the sector.
The company’s growth strategy has been led by the management team BGF backed in 2013, including Phil Murray, Iain Mackay and Alec Harcus, supported by BGF’s Mike Sibson and Richard Pugh, who will step down from the board following the acquisition.
Mike Sibson, an investor at BGF, said: “Petrotechnics has established a worldwide reputation for innovation and progress in the operational excellence sector, and the management team have worked to scale up the business even during the downturn within the broader industry. It has been our pleasure to work with the team and support their ambitions, and we wish the business every success as they enter the next phase of their growth.”
Phil Murray, CEO of Petrotechnics, said: “We are hugely proud of what the team has achieved at Petrotechnics through a focus on innovation, customer service and an acute understanding of the hazardous industries across the globe. The BGF investment was part of the successful launch of Proscient, and we’re looking forward to the next stage of our journey with Sphera.”
Petrotechnics marks BGF’s first exit in the oil and gas industry in Aberdeen. Since 2011, BGF has invested in 12 businesses in Aberdeen and Northern Scotland, including oil and gas pipeline services business STATS Group, family-owned Keenan Recycling, Parklands care home group and energy technology company Frontrow.