Pason acquires Verdazo Analytics, announces sale of assets
CALGARY -- Pason Systems Inc. has announced that it has acquired all of the issued and outstanding shares of Verdazo Analytics Inc.
Verdazo was a Calgary-based, privately owned software company offering discovery analytics. Founded in 2006, the Company’s product allows energy producers to make informed decisions on how to enhance production, improve operations, and increase overall profitability. Verdazo‘s clients include oil and gas producers, financial services companies, and energy services providers.
The Verdazo management team will continue to operate the day-to-day business as a wholly-owned subsidiary of Pason, and will enter into non-competition agreements. Consideration for the acquisition is comprised of a combination of cash and common shares of Pason, with approximately half of the consideration deferred over three years.
Strategic rationale
Verdazo’s product contains visual analysis tools, pre-built templates, and custom reports that work with multiple public and proprietary data sources. Discovery analytics is a sequence of explorations, each predicated on the discovery and insights of the last. The tool enables the user to take analyses wherever the data leads, powered by dynamic workflows that offer vast analytical possibilities.
The addition of Verdazo’s analytics platform for oil and gas production and operations will complement Pason’s drilling information ecosystem. By combining the two entities, Pason aims to provide customers with a holistic platform to analyze drilling, production, and operational data. Moreover, Verdazo will be able to leverage Pason’s established brand and footprint to grow into the U.S. market.
Sale of assets
The Corporation also announces that it has sold the operating assets of 3PS Inc., a wholly-owned subsidiary, to an arm’s length party. As a result of the divestiture, the Corporation expects to book a non-cash impairment charge, the majority of which relates to intangible assets, in fourth-quarter 2016.
