Drillinginfo acquires Pattern Recognition Technologies

12/5/2017

AUSTIN -- Drillinginfo, the energy industry's leading SaaS and data analytics company, announced today it has acquired Dallas-based Pattern Recognition Technologies (PRT), a global leader in energy forecasting. This acquisition marks a significant addition to Drillinginfo’s current offerings while diversifying its solution-focused capabilities as the foremost analytics firm in the energy industry.

PRT is the leading provider of short-term power demand and price forecasts to the electric, gas, solar and wind markets, with an operating history of more than 20 years. PRT’s forecasts help utilities, including 70% of the largest ones in North America, realize cost savings through operational efficiencies and hedging, while also providing insights to inform arbitrage opportunities for power traders. This acquisition expands Drillinginfo’s offerings in the power and utilities sector, including electricity market participants, generation owners, power companies, investors, analysts, and traders involved in electric, gas, solar, and/or demand forecasting.

PRT specializes in using machine learning technologies to predict how much energy will be needed in an electricity market or by a load-serving entity such as a utility, municipality, retail or electric provider. It uses similar technologies to forecast power generation of renewable resources such as wind and solar farms. PRT’s predictions cover various forecast horizons, spanning from hours ahead to several days and weeks out. These forecasts are used by customers to optimize their operational and energy transaction decisions.

In the short term, Drillinginfo plans to implement PRT’s technologies into its existing downstream and trading business portfolios, both in the U.S and in international markets. Longer term, it expects to leverage the technology across all its products and services to deliver more accurate, predictive modeling.

This acquisition falls squarely in line with the company’s commitment to tirelessly develop products and services that transform data into wisdom as it solidifies its reputation as the foremost analytics firm in the energy industry.

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