P2 Energy Solutions has acquired ISS Group under an all cash offer of US$0.33 per ISS share. P2 is headquartered in Denver, Colorado.
Based in Perth, ISS has customers ranging from national oil companies, global super majors and a large array of independent operators. It's customer base includes Chevron, BHP Billiton, Woodside, Santos, PTTEP, Rio Tinto, Shell, BG Group, BP, Hess Corporation, Maersk Oil, Petronas and Fortescue Metals.
But the man who started OSS, Shane Attwell, expresses some regret.
In a report that appeared in The West Australian, Atwell remarks: "It's a shame that another high-tech company goes overseas. It's pretty hard to run a high-tech company in this environment, so it would have been great for a company like this which actually produces something, manufactures something, to stay in Australia."
ISS's BabelFish product suite and production operations expertise will round out P2's range of products and services to provide the most complete and integrated production solution for the upstream oil and gas market.
The BabelFish product suite is focused on the production operations domain, with complex event processing, notifications, data analysis and real time visualisations among BabelFish's core strengths.
P2's acquisition of ISS will enable the convergence of business and production operations systems for participants in the upstream oil and gas industry.
As customers strive to maximise the operational efficiency of their producing assets, more effective integration of engineering, operations, and business functions is required.
The BabelFish product suite in combination with P2's applications for finance, accounting, land management and operations will provide exploration and production companies with a single supplier for the solutions they need to run their businesses and maximize profitability.
In addition, ISS works with multinational mining, metals and minerals customers and will bring this domain knowledge and experience to P2.
"Energy companies are seeking a more comprehensive production optimisation solution that can inter-operate with their business and back office functions," said Charles Goodman, P2's President and CEO.
"Commenting on the impact of the proposed acquisition, Richard Pang, ISS CEO, said: "As the industry evolves and the pace of operations quickens, integrated technology solutions are needed in order for customers to make more informed decisions faster and get the most out of their exploration and production investments."
[Image: www.issgroup.com.au]