Seismic Firm CGG Sells GeoSoftware Business
French seismic data firm CGG has signed a deal with Topicus and Vela Software, for the sale of CGG’s GeoSoftware business.
According to the description on CGG's website, GeoSoftware product suite, among other things, helps oil and gas operators unlock the maximum hydrocarbon potential from their reservoir assets with advanced seismic interpretation features.
"Being a perpetual owner of businesses, Topicus and Vela look forward to maintaining the standard of excellence that CGG has instilled in the Company’s solutions," said Gabor Czegledy, CEO of Vela’s Energy Portfolio and Han Knooren, Group CEO of the TSS operating group within Topicus.
"We are excited to welcome GeoSoftware and its employees, for the long term, into our portfolio. The GeoSoftware business will be owned jointly by Topicus and Vela, with Topicus owning 60% and Vela 40%.”
Sophie Zurquiyah, CEO, CGG, said: “GeoSoftware has a leading position in its market niche. We believe that Topicus and Vela, being software-focused companies with a permanent hold philosophy, will be a great home for the business and its employees.
"We expect that together they will further invest and develop the GeoSoftware product suite, allowing the Company to grow its offerings and continue its success.”
The closing of this transaction remains subject to mutually agreed closing conditions. No financial details have been disclosed.