- The acquisition of ExproSoft would augment Peloton’s client’s ability to monitor their operation data while enhancing the decision making and paving way for new opportunities in the global market.
- Financial terms of the deal have not been disclosed yet.
Amidst the ongoing COVID-19 pandemic which has been disrupting businesses worldwide, companies are relentlessly striving to come up with strategies to consolidate their footprint in the overall industry. In one such instance, Peloton, a company that deals with developing drilling and well data software to improve oil and gas operations- has reportedly announced taking over ExproSoft. For the uninitiated, ExproSoft is a Norway based global leader in well integrity management, data modeling software.
It has been reported that the Peloton platform invigorates the oil and gas digital transformation via automation, mobility, and data incorporation by offering fully combined well data lifecycle, land data management solutions, and production data lifecycle. Moreover, speculations have it that over 500 oil and gas clients across the globe rely on this software to equip their shareholders with the tools and data necessary to simplify, manage, and optimize their operations.
A source close to Peloton stated that the acquisition of ExproSoft would augment the former’s client’s ability to compute their operational data, optimize opportunities, and enhance decision making, thus expanding its reach globally.
Commenting on the acquisition, the CEO of Peloton- Glen Gary cited that through this transaction, the company is looking forward to further developing ExproSoft by including the company’s combined technology to increase productivity and reducing costs for the clients.
As per credible reports, ExproSoft, in October 2016, announced acquiring a supplier of RAM analysis software, Miriam. The acquisition was meant to strengthen and complement ExproSoft’s robust software portfolio while further increasing the capabilities of the company to support oil and gas operation with increasing the well uptime and reducing maintenance and intervention cost.
Source credit: https://markets.businessinsider.com/news/stocks/peloton-acquires-exprosoft-1029166459