BGF has announced the exit of its minority investment in Petrotechnics, following its acquisition by Sphera Solutions Inc.
BGF invested £6 million in the company in 2013 to support the development of Proscient – a software enterprise platform for operational excellence in hazardous industries.
The funding was also used for geographical expansion, with the company’s software now being used by more than 80 000 people from some of the biggest businesses in the oil and gas, rail and petrochemical sectors, across 22 countries.
Mike Sibson, an investor at BGF, said: “Petrotechnics has established a worldwide reputation for innovation and progress in the operational excellence sector, and the management team have worked to scale up the business even during the downturn within the broader industry. It has been our pleasure to work with the team and support their ambitions, and we wish the business every success as they enter the next phase of their growth.”
Phil Murray, CEO of Petrotechnics, said: “We are hugely proud of what the team has achieved at Petrotechnics through a focus on innovation, customer service and an acute understanding of the hazardous industries across the globe. The BGF investment was part of the successful launch of Proscient, and we’re looking forward to the next stage of our journey with Sphera.”
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