Ikon Science Gains Investment to Fuel Future Growth
World leader in GeoPrediction software and consulting services receives funding to expedite expansion plans and transform the technology landscape.
London – 16 October 2018 – Ikon Science announced today, that Great Hill Partners (GHP), a leading Boston-based private equity firm will acquire their global business. Houlihan Lokey served as financial advisor to Ikon Science.This investment creates the opportunity for Ikon Science to accelerate growth plans in line with customer demands and to cement their position as the leaders in bringing innovative and relevant technology to reservoir characterisation and production prediction in conventional and unconventional reservoirs.“We are very excited about this new chapter in Ikon Science’s growth story,” said Mark Bashforth CEO. “The company will continue to focus on delivering value to our blue chip customer base of IOC’s, Independents and NOC’s. We also are investing heavily in growing and improving our data analytics and Machine Learning capability, and in product innovation to deliver high quality results where and when our customers need it. We look forward to working with Great Hill Partners to accelerate our growth and deliver competitive advantage.”
The announcement was made at the Anaheim SEG at which Ikon Science released its latest expanded version of the RokDoc platform. RokDoc 6.6.0 provides onshore data handling and support for unconventional workflows, and delivers powerful new workflows to extend field life and maximise value of large datasets through improved knowledge management and Machine Learning.
Martyn Millwood Hargrave Chairman at Ikon Science and Mark Bashforth CEO will be joined on the board by Christopher Gaffney Managing Partner at GHP and Eric Ahlgren Vice President GHP.
“We are enthusiastic about our new investment in Ikon Science” said Christopher Gaffney, managing partner at Great Hill Partners. “The company is growing fast while maintaining profitability, a combination that attests to the quality of its products, data, and employees. In the fast evolving market of data driven solutions, we see a significant growth opportunity for Ikon Science and its unique GeoPrediction software platform, and expect that, with its current track record, strong product innovation and efficient operations, they will continue to lead the industry.”
About Ikon Science
Ikon Science was founded in 2001 to develop quantitative subsurface software technology and solutions that increase the value of oil and gas reserves while reducing drilling costs and operational uncertainty. Through its RokDoc software platform and integrated data and solutions, Ikon Science brings the expertise and innovation required to build knowledge and confidence in sub-surface decision-making, predicting safer, cheaper and more efficient exploration, reservoir optimisation and drilling
About Great Hill Partners
Great Hill Partners is a Boston-based private equity firm that has raised over $5 billion in commitments since inception to finance the acquisition, recapitalisation, or expansion of growth companies in the communications, financial technology, healthcare, information services, internet, media, retail, consumer, and software industries. Great Hill targets investments of $25 million to $200 million. For more information, visit www.greathillpartners.com.