P2 Energy Solutions to Acquire ISS Group Limited
P2 Energy Solutions Extends Its Leadership in Upstream Oil and Gas
Software to Provide Complete and Integrated Production Solutions
DENVER, CO -- (Marketwired) -- 06/03/13 -- P2 Energy Solutions
("P2") today announced its intention to acquire ASX listed ISS Group
Limited ("ISS") under an all cash offer of AUD $0.33 per ISS share.
ISS's leading BabelFish(TM) product suite and production operations
expertise will round out P2's broad range of products and services to
provide the most complete and integrated production solution for the
upstream oil and gas market. The BabelFish(TM) product suite is
focused on the production operations domain, with complex event
processing, notifications, data analysis and real time visualizations
among BabelFish's(TM) core strengths.
P2's acquisition of ISS will enable the convergence of business and
production operations systems for participants in the upstream oil
and gas industry. As customers strive to maximize the operational
efficiency of their producing assets, more effective integration of
engineering, operations, and business functions is required. The
BabelFish(TM) product suite in combination with P2's industry-leading
applications for finance, accounting, land management and operations
will provide exploration and production companies with a single
supplier for the solutions they need to run their businesses and
maximize profitability. In addition, ISS works with multinational
mining, metals and minerals customers and will bring this domain
knowledge and experience to P2.
"Energy companies are seeking a more comprehensive production
optimization solution that can inter-operate with their business and
back office functions," said Charles Goodman, P2's President and CEO.
"By combining P2's rich history in finance, accounting and
operational applications with ISS's integrated production operations
systems, customers will be empowered to focus on their core business
objectives. P2 is excited to offer our customers and the upstream oil
and gas industry a more comprehensive production solution that can
scale both across their business and around the globe."
The proposed acquisition of ISS signals P2's commitment to providing
the most comprehensive suite of products for the oil and gas
industry. P2 continues to make significant, ongoing R&D investments
and to optimize the overall customer experience for its 1,200
customers, including 49 of the Oil and Gas Journal's top 50
Commenting on the impact of the proposed acquisition, Richard Pang,
ISS CEO, said, "ISS speaks to the needs of engineering and
operations, while P2's broad solution portfolio offers best-in-class
business solutions. As the industry evolves and the pace of
operations quickens, integrated technology solutions are needed in
order for customers to make more informed decisions faster and get
the most out of their exploration and production investments. We are
excited to be on this journey with our customers as part of P2's
expanded global presence and functional offering."
The acquisition will be effected via a scheme of arrangement between
ISS and eligible ISS shareholders. Whilst the acquisition is subject
to customary shareholder and regulatory approvals and other customary
conditions, P2 expects the transaction to be completed in the third
quarter of calendar 2013.
P2 Energy Solutions is the only technology company that provides a
comprehensive range of software, geospatial data, land management
tools, and outsourcing services, to the energy industry. More than
1,200 energy companies around the world use P2 products and services
daily to improve decision-making, gain clarity into complex workflow
scenarios, and optimize upstream efficiency. For more information
about P2, visit www.p2energysolutions.com.
Based in Perth, Australia, ISS Group Limited has a large installed
base in the AustralAsia market, with customers ranging from national
oil companies, global super majors and a large array of independent
operators. ISS was established in 1995 and has a blue chip customer
base including Chevron, BHP Billiton, Woodside, Santos, PTTEP, Rio
Tinto, Shell, BG Group, BP, Hess Corporation, Maersk Oil, Petronas
and Fortescue Metals. For more information about ISS, visit
Phone: (303) 390-9344
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