Austin-based Drillinginfo, which makes oilfield data analytics software, has acquired 10 companies since it was founded in 1999.
Now, it's the one being acquired.
The company, which has 675 employees in 13 offices around the globe, has agreed to be acquired by San Francisco-based Genstar Capital, a private equity firm that invests in software and industrial technology.
No financial details were revealed.
"Every day Drillinginfo delivers value to almost every kind of user in the energy sector from geoscientists to commodity traders, they're helping them be more productive together," Genstar Director Geoff Miller said in a news release. "Nobody else in the market does this. We see numerous opportunities to build the business and we plan to drive growth with a focus on expanding service offerings through selective acquisitions to enhance its industry-leading data and energy analytics solutions."
The acquisition comes about a week after Drillinginfo announced it had acquired 1Derrick and PLS's research and database business for an undisclosed amount. It also comes a couple months after the company partnered with fellow Austin startup MineralSoft, which makes oil and gas investment management software.
In March, Drillinginfo added about $8.7 million in new funding to an existing round of equity investment. The company has raised a total of about $200 million, according to Crunchbase. It has about 3,500 customers, globally.
Drillinginfo's largest investor had been Insight Venture Partners since 2012, when it made a $165 million investment. After this transaction, Genstar will be the new majority stakeholder and Insight will retain a minority position.
Other investors have included Battery Ventures, Lead Edge Capital and Main Street Capital, according to Crunchbase.
"We will continue to expand our range of product technologies to support our customers' growing needs anywhere in the world," Drillinginfo CEO and President Jeff Hughes said in the news release. "Genstar has a deep understanding of SaaS platforms like ours and we look forward to working together to further expand our suite of product offerings in areas important to our customers."
