Vista buys P2ES (July 2008)

Venture capital fund Vista Equity Partners (VEP) of San Francisco has acquired the parent company of both P2 Energy Solutions (P2ES—formerly Petroleum Place) and The Oil & Gas Asset Clearinghouse (OGAC). P2ES is an upstream software and data boutique—with products including Enterprise Upstream and Tobin Land. OGAC is an asset auction house and negotiated transactions unit.

Vista founder Robert Smith said, ‘We are long-term investors in technology companies that are committed to market leadership. P2ES’ domain expertise and vertical market focus have allowed them to help clients address issues facing the global oil and gas industry. We look forward to building out the platform with additional solutions.’

P2ES applications are used by 340 E&P companies. The company’s geospatial data products and services have been sold to over 2,000 customers including over 70 percent of the top 50 public E&P companies. The OGAC has closed $7 billion in oil and gas asset and corporate transactions since 1992. VEP has $2 billion invested in technology-based organizations and is to ‘recapitalize’ P2ES.

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