Interica is pleased to announce the completion of a management buy-out (MBO) of the data management and software business from the Reservoir Group of companies. The transaction, which is effective as of the 5th of February 2013, was led by the present management, financed by a leading group of experienced investors. Interica was created in 2012 by the fusion of InfoAsset and Enigma because of the greater potential this would bring for both businesses. The combined Interica business now has a refreshed range of products which will allow it to build its position in its chosen markets.
This MBO occurred for the mutual benefit of both Reservoir Group and Interica, and followed a change of strategic intent within Reservoir Group which concluded that bespoke software and digital data management no longer aligned with its strategy to be specialists in down-hole tools, technologies and associated sub-surface services The management and new investors in Interica remain committed to the continued growth of Interica and to the expansion and delivery of the unique combination of E&P data management products and services for which Interica has become known. The change of control will not cause any interruption to service delivery and Interica looks forward to continuing to serve its valued customers. Both Interica and Reservoir Group recognise that this MBO offers the best opportunity for the continued growth of Interica and both parties will continue to utilise each other’s services.
Simon Kendall, the Chief Executive of Interica said
“Management is delighted to welcome a new investor base and associated non-executive directors into Interica. With the support of the vendors we have executed this buy-out to deliver on our growth plans in expanding the scope and reach of the business for the benefit of our extensive client base.”
Pascal Bartette, CEO of Reservoir Group, commenting on the MBO said
“We are delighted that Interica is to emerge as a strong independent player able to offer new opportunities to existing staff and management. Reservoir is committed to remain supportive and looks forward to its continuing relationship with Simon Kendall and the able team he is leading”