In the wake of Deepwater Horizon, I think the marketplace finally understands the complexity and challenges that this process involves.
Denver, CO (PRWEB) September 24, 2010
Altira Group LLC (http://www.altiragroup.com), a Denver-based venture capital firm that has invested $1 billion with partners in over 100 energy transactions since 1996, today announced the sale of its portfolio company, Syntex Management Systems, to IHS.
Syntex (http://www.syntexsolutions.com) is a leader in operational and enterprise risk management (ERM) software and services that enable the identification and reduction of operational risks to consistently enhance the integrity of day-to-day business functionality.
With 900,000 licensed users in more than 100 countries - including five of the world's six major oil and gas players - Syntex empowers global organizations to reduce their exposure to loss through continuous process improvement.
IHS (http://www.ihs.com), which has been in business for more than 50 years and has customers in approximately 180 countries, is a leading provider of information and insight in pivotal areas that shape today's commercial landscape - energy, economics, geopolitical risk, sustainability and supply chain management.
The company offers customers a unique single-source for gathering, aggregating, integrating, analyzing and delivering critical technical information, as well as related analysis and consulting services that help them make critical business decisions, complete critical business processes and improve productivity.
"This acquisition shows the true importance of risk management in the exploration and production of oil and gas today," says Dirk McDermott, Altira's Founder and Managing Partner. "In the wake of Deepwater Horizon, I think the marketplace finally understands the complexity and challenges that this process involves."
Adds Sean Ebert, a Principal at Altira: "We invest across the energy value chain, and optimizing operations via technology has been a key principle for us. It's also clear to us that, as oil and gas companies continue to reach farther into new reserves and deploy ever-complex processes, the need to manage vast and disparate risks has accelerated. Smart technology companies like Syntex, which help in sensing and managing risk, and then linking it to strategic and operational decision making, represent the industry's new frontier. They are a new wave in the energy business."
The acquisition of Syntex follows IHS' 2009 purchase of ESS, a leading compliance management software company.