Peloton Moves To Buy Real-Time Completions Software Company
The deal fills a gap in the software developer's production line that is focused on drilling, production, and land management applications.
Oilfield software developer Peloton said on Wednesday it has reached an agreement to acquire Cevian Technologies for an undisclosed sum.
Cevian’s completions-focused platform, FracNet, will fill a gap in Peloton’s product line that includes drilling, production, and land management software. Peloton has more than 600 oil and gas clients worldwide, making it one of the industry’s largest software providers.
FracNet is described by the two Calgary-based firms as a cloud-based program that standardizes and visualizes fracturing-treatment data. Cevian says the software has been used for the real-time and post-job analysis of more than 10,000 fracture stages.
“We look forward to further developing FracNet and integrating our combined technology to increase productivity and reduce cost for our clients,” Glen Gray, CEO of Peloton, said in the announcement.
Companies like Cevian have carved out a new niche in the North American unconventional sector. The problem they are addressing stems from the fact that completions data have historically suffered from data-quality and other issues that have made it difficult or impossible for engineers to properly analyze.
“The addition of FracNet to the Peloton Platform brings real-time quality precision and standardization to the completions space, something long enjoyed by the drilling sector,” Jocelyn McMinn, cofounder and managing director of Cevian, said in the statement.
Founded in 2019, Cevian was spun out from Canadian pressure pumper Trican which developed FracNet as a remote-monitoring service.