Quorum Software (Quorum), a Thoma Bravo portfolio company involved in digital transformation for the oil and gas industry, has announced that it has acquired Dallas-based Archeio Technologies, a provider of oil and gas document classification and smart search technology. The acquisition expands and strengthens Quorum’s software and services with a cloud-based document management tool built to make oil and gas operations more secure, agile and compliant.
“This is a natural fit into our portfolio and gives us a variety of opportunities to expand how we help our customers. The combination of Archeio and Quorum will increase the efficiency of workflows across our upstream solutions,” said Gene Austin, Chief Executive Officer of Quorum. “We want to make it easier to find the information locked in land, accounting or well files, whether that person is searching from the field or the office, is a partner or interest owner, or is performing diligence.”
Founded in 2014, Archeio Technologies enhances Quorum’s solutions in the areas of oil and gas document management, data classification and enterprise search. Purpose-built for oil and gas, Archeio helps operators streamline transactions and back-office business processes. Using a proven taxonomy through intelligent text recognition, automation and metadata tagging, Archeio has experienced strong customer growth from large, publicly-traded companies and independent operators looking to solve the unstructured data challenge.
“The oil and gas industry is challenged to manage a complex system that generates vast amounts of data, much of which is unclassified and often not digitised,” said Rex Womble, the Co-Founder and CEO for Archeio. “By joining the Quorum team, we can better help the industry progress in modernising the back-office and build out innovative solutions that speed A&D processes as well as simplify the relationship with external partners.”
Quorum provides integrated solutions for its customers’ core processing demands across the upstream, midstream and downstream segments of the oil and gas value chain. The company’s portfolio of innovative software addresses a broad spectrum of energy companies’ needs, from operations to accounting, plant management and financial forecasting. Quorum is the preferred software provider to over 75% of the largest oil and gas producers in the US, and its technology powers 80 000 miles of pipeline and accounts for 80% of all natural gas processed in the US.
Kirkland & Ellis LLP was legal advisor to Quorum. Bell Nunnally was legal advisor to Archeio. Financial details of the acquisition were not disclosed.
Read the article online at: https://www.worldpipelines.com/business-news/20062019/quorum-software-acquires-archeio-technologies/