Austin-based AI company Novi Labs on Wednesday announced the acquisition of Rotterdam-based energy data analytics provider ShaleProfile for an undisclosed amount. Upon closing the transaction on December 29, 2021, ShaleProfile is now a fully owned subsidiary of Novi Labs, Inc.
The Rotterdam company develops visualisation and analytics solutions for the US shale industry.
Why this acquisition?
The acquisition will enable Novi Labs to fully integrate ShaleProfile’s data aggregation pipeline with its AI-driven modeling and forecasting software.
Further, it will help Novi Labs and ShaleProfile customers work with a single partner that offers self-service software, machine learning and interactive models built on the most accurate, timely and complete data.
“The culture and vision of our two organisations could not be more aligned. This acquisition is about providing our customers with innovative and field-proven technologies for improving shale production economics,” says Scott Sherwood, CEO of Novi Labs.
As a part of the acquisition, CEO and founder of ShaleProfile, Enno Peters, will join Novi Labs as general manager of the Data Division.
“Combining the most up-to-date and accurate production and completion data with highly sophisticated well-spacing and subsurface data is unique,” says Peters.
“Geologists, completion, reservoir, and production engineers now have a single source for complete data and sophisticated analytics,” he adds.
ShaleProfile: What you need to know
Enno Peters founded ShaleProfile six years ago after becoming fascinated with the growth of unconventional drilling and its impact on the energy industry.
At that point, Peters wanted to create a simple platform that would allow anyone to understand the industry’s crucial insights such as well productivity, total production, completion trends, well economics, etc.
It was started as a free blog but became a full-time passion after sites such as OilPro recognised the value of the insights.
“Over time, more and more financial firms, operators, service companies, traders, mineral owners, and others learned about us through our blogs and thought leadership and decided to subscribe to our offering,” Peters mentions in a blog.
Novi Labs: What you need to know
Headquartered in Austin, TX, Novi Labs is the developer of artificial intelligence-driven business applications that help the oil & gas industry optimise the economic value of drilling programmes.
The company uses data science to deliver intuitive analytics that simplifies complex decisions with actionable data and insights needed to optimise capital allocation.