Leader in Digital Transformation for Oil and Gas Enhances Software and Services Portfolio with Acquisition of the Industry Leader in Well Master Data Management
Littleton, CO – (February 18, 2020) – Quorum Software (Quorum), the leader in digital transformation for the oil and gas industry, today announced it acquired Denver-based EnergyIQ, a leading provider of well master data management software applications. The acquisition expands and strengthens Quorum’s industry-leading oil and gas software and services portfolio with the leader in well lifecycle data management for upstream exploration and production (E&P) companies.
EnergyIQ’s master data management solutions enable E&P companies to operate more efficiently by providing valuable insights from integrated data. Powered by a SaaS-based platform built on industry standards, EnergyIQ’s solutions have been proven to meet the data complexities and scalability demands of midsized to large E&P companies alike.
EnergyIQ is the leader in master data management solutions for the oil and gas industry, providing E&P companies a single, accurate view of well data to support business decisions, said Gene Austin, chief executive officer of Quorum. In addition to deep domain expertise, our organizations share longstanding customer and partner relationships that we are eager to explore. Our best-in-class products and services are highly complementary, and, together, we can help E&Ps fully capitalize on their data to operate leaner and with greater confidence.
We discovered there was an untapped opportunity enabling midsized upstream operators to organize and categorize their well master data, improve the overall data quality, and drive further operational improvements to their business, said Palash Misra, Director, Stax Inc., a strategy consulting firm. Introducing EnergyIQ into the Quorum ecosystem of products enhances Quorum’s value proposition by providing a complete and reliable record for internal and external well master data. By having a gold standard record, operators are now able to make better, faster decisions about their production activity, mitigate risk, and improve their overall production operations.
EnergyIQ masters and synchronizes proprietary and public data across all systems of record and stages throughout the lifecycle of a well. Data quality and workflow automation are central to the EnergyIQ platform, which creates a comprehensive picture of a well that expands the usage of data throughout an organization, providing value to users across all departments by de-risking decision making through information. This data is available for decision making via a business intelligence layer that delivers insights to manage operations in increasingly sophisticated ways.
With the explosion of business-critical data, E&P companies rely on EnergyIQ to integrate and share trusted data across their business, said Steve Cooper, CEO and founder of EnergyIQ. As the energy industry continues to realize the tremendous untapped value of its data, our customers and partners will recognize the benefits and capabilities of tying Quorum’s leading applications together through EnergyIQ’s well master data management solution to drive workflow automation that increases efficiency and profitability.
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 percent of the largest oil and gas producers in the United States, and its technology powers 80,000 miles of pipeline and accounts for 80% of all natural gas processed in the U.S.
HamptonRock Partners served as financial advisor and Holland & Hart LLP served as legal advisor to EnergyIQ. Kirkland and Ellis LLP served as legal advisor to Quorum. Financial details of the acquisition were not disclosed.
About Quorum Software
Quorum Software offers an industry-leading portfolio of finance, operations and accounting solutions that empower our customers to streamline operations that drive growth and profitability across the energy value chain. From supermajors to startups, from the wellhead to the city gate, energy businesses rely on Quorum. Designed for digital transformation, the myQuorum software platform delivers open standards, mobile-first design and cloud technologies to drive innovation. We’re helping visionary leaders transform their companies into modern energy workplaces. For more information, visit www.quorumsoftware.com.
EnergyIQ creates information certainty in an uncertain E&P world. For over a decade, leading oil and gas operators have relied on EnergyIQ to help them effectively and efficiently manage, grow and adapt to change in the cyclical energy market. EnergyIQ Solutions help customers improve organizational efficiency, productivity and effectiveness based on trusted data, automated workflows and advanced analytics. EnergyIQ’s Solutions maximize the value of information, grow trust and confidence in decision making, and lowers the cost of enterprise information. The company serves clients around the world from offices in Houston, Calgary and Littleton, Colorado. Learn more at www.energyiq.info.