Velentium and ADV Integrity announce sale of oil and gas division

“Since Velentium’s inception in 2012, the medical device design, development, and manufacturing part of our company has grown exponentially. While the oil and gas side of Velentium has historically been healthy and attractive, our strategic plan calls for us to further shift our attention to medical devices. As we make this pivot, we wanted to do right by our oil and gas clients and felt that they would be better served by an organisation dedicated to their needs,” said Dan Purvis, CEO of Velentium. “Chris Alexander has built a solid oil and gas services company with ADV Integrity, and will be able to provide a positive long-term path forward for our oil and gas-sector clients.”

“We’re excited about the addition of [Oasis Testing Co-Founder and Velentium Solutions Senior Program Manager] Demetri White and the assets of Velentium Solutions,” said Dr. Chris Alexander, President and Founder of ADV Integrity, Inc. “Our company is now better positioned to serve the needs of the upstream industry. We can combine the strengths of our existing full-scale test and materials labs, along with the capabilities of our materials and analysis groups, to support a larger client base.”

“We also deeply appreciate the Velentium leadership, including Co-Founders Dan Purvis and Tim Carroll, for their approach to the transaction,” Alexander added. “They ensured that it was a win-win for both companies, as well as for the industries we serve.”

Velentium’s oil and gas sector had been a part of the company since its inception. The oil and gas practice primarily focused on high-pressure high-temperature (HPHT) test systems and automated monitoring for oil and gas, hydraulics, and pneumatics applications. Velentium previously acquired Oasis Testing in 2020, incorporating its expertise and assets into its existing oil and gas operations, dubbed Velentium Solutions. Velentium Solutions was able to develop HPHT test systems and services that actively serve the largest oilfield service companies in the world. Its test engineers pioneered new methods of remote sensing, reporting real-time intelligence, and conducting enhanced data analytics with the potential to revolutionise what has largely been ‘black-box’, high-risk test activities.

“We are truly proud of everything our oil and gas solutions team accomplished, and we're excited to see how ADV Integrity takes this ground-breaking work and builds on it into the future,” Purvis added. “With the sale of our oil and gas division, Velentium is narrowing its focus on our current and future medtech clients. Our wholehearted desire is to help them bring more innovative products to the market than ever before,” Purvis explained. “It also provides further clarity for operational focus and future capital investment.”

Velentium’s oil and gas division represented approximately 5% of the company’s overall business.

Read the article online at: https://www.worldpipelines.com/business-news/03022023/velentium-and-adv-integrity-announce-sale-of-oil-and-gas-division/