Aberdeen-based software business Petrotechnics has secured a £6 million commitment from the Business Growth Fund (BGF) to expand into new geographical regions.
Technology business Petrotechnics produces software aimed at improving frontline operational performance and risk management in hazardous industries.
Its software, Proscient, is reportedly used by 50,000 people from organisations – including what it describes as the three largest independent oil and gas companies – to reduce the number and length of unplanned plant shutdowns, decrease permit and contractor wait times and instill a ‘safety culture’ within a business.
The £6 million equity investment will now be used to recruit new staff, invest in the software products and expand into new regions.
Phil Murray, CEO of Petrotechnics, says that the BGF will bring ‘guidance’ to the business he founded in 1990.
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Murray, who has previously worked at BP for ten years, adds, ‘We believe there is a big opportunity for customers to significantly improve their operational performance and improve how they manage operational risk.’
In the five years leading up to its investment from the BGF, Petrotechnics has generated annual revenues in the range of £10 million to £15 million and has employed 100 staff.
As part of the deal, BGF investment director Mike Sibson is joining the board of Petrotechnics. Sibson says, ‘Petrotechnics has demonstrated its ability to deliver complex software solutions to major oil and gas companies throughout the world.
‘There is an increased priority on the management of operational risk and safety in hazardous industries, with several major incidents over the last decade demonstrating the potential consequences of poor control of work.’
The BGF has now closed five deals in the oil and gas sector and Simon Munro, BGF’s regional director for Scotland, predicts that 2013 will see similar transactions being completed as it builds towards its 30-40 deals-a-year target.
GrowthBusiness was granted an exclusive look at the Business Growth Fund’s portfolio to see how investment was being used. Click here to find out more.