Quorum Software (Quorum), a Thoma Bravo portfolio company and a leader in digital transformation for the oil and gas industry, has announced that it has entered into a definitive agreement to acquire Houston-based Coastal Flow Measurement, Inc. (Coastal Flow), a family of energy measurement services and software companies, including its information services and technologies subsidiary, Flow-Cal, Inc. (Flow-Cal). The acquisition expands and strengthens Quorum’s industry-leading oil and gas software and services portfolio with the long-time leader in measurement data management for natural gas and petroleum liquids.
“Flow-Cal technology is the industry standard and their employees, as well as the talented employees of Coastal Flow, are valued additions to our team,” said Gene Austin, Chief Executive Officer of Quorum. “In addition to deep industry knowledge, our organisations share longstanding relationships with customers and partners, and we are eager to explore all of the ways that we can together provide best-in-class products and services to energy industry participants.”
Coastal Flow’s family of companies provides gas and liquids measurement, analytical services and software resources to the energy industry on a global scale. Collectively, Coastal Flow serves oil and gas companies in all segments of the industry including producers, midstream operators, pipeline companies, petrochemical plants, gatherers, refineries, processing plants and utilities.
“With over five decades of service to the oil and gas industry, our relationships with both small independent producers and fully integrated majors within the energy industry are well established,” said the Chairman of the board for Coastal Flow, Steve Whitman. Coastal Flow President and board member, Mark Fillman, adds: “As the energy industry continues to develop the digital oilfield, our employees and customers will recognise the benefits of a Quorum and Coastal Flow combination to effectively deliver an integrated and comprehensive business process automation solution.”
A subsidiary of Coastal Flow, Flow-Cal is a gas and liquid measurement software company with products purpose-built for the hydrocarbon measurement industry. Flow-Cal software provides operational efficiencies by gathering, validating, storing and distributing a company’s volume and energy data.
“For over 20 years, Flow-Cal has built a global brand synonymous with hydrocarbon measurement,” said Mike Squyres, President of Flow-Cal. “By combining our industry-leading measurement products with Quorum’s robust suite of business applications we can offer our customers an integrated solution that enhances operational efficiencies and improves transparency across the industry.”
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.
Credit Suisse Securities (USA) LLC and Macquarie Capital are serving as financial advisors to Quorum, and Kirkland & Ellis LLP is serving as its legal advisor. PPHB Securities, LP is serving as financial advisor to Coastal Flow, and Locke Lord LLP is serving as its legal advisor. Financing for the transaction is being provided by Credit Suisse, Macquarie Capital, PSP Investments Credit USA LLC and Angel Island Capital. Financial details of the acquisition were not disclosed.
Read the article online at: https://www.worldpipelines.com/business-news/27022019/quorum-software-acquires-energy-measurement-companies/
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