Merrick Systems Receives Majority Investment from HitecVision
Houston, TX, December 27, 2011 - Merrick Systems, a leading provider of information technology solutions for the oil and gas industry, is pleased to announce a majority investment from HitecVision, a leading oil and gas focused private equity firm.
HitecVision is a leading private equity investor in the international oil and gas industry focusing on middle market investments in oilfield services companies, technology companies, and exploration and production (E&P) companies. Headquartered in Stavanger, Norway with offices in Oslo and Houston, HitecVision has invested in numerous companies across the oil and gas industry and has funded several successful technology companies including KSI, RigNet and SPT.
"For Merrick, HitecVision is the right partner for many reasons, the foremost being that they share our vision of making Merrick the leading global provider of technology solutions for oil and gas production and operational needs. HitecVision's expertise in successfully developing their portfolio companies will further add to the strength of Merrick's existing leadership," stated Samina Farid, Chairman of Merrick Systems.
"HitecVision has been looking to invest in a company with our particular areas of expertise for some time. Its recent investment is a recognition of the strength of Merrick's technologies in the energy market" added Kemal Farid, CEO of Merrick Systems.
The founders of Merrick Systems, Samina Farid, Chairman, and Kemal Farid, CEO, will remain significant shareholders in Merrick.
Merrick Systems, Inc. is an established market leader providing industrial information technologies for the upstream and midstream oil and gas industry. Recognized for its industry expertise and innovative technologies, Merrick is committed to delivering best of breed solutions to improve production operations extending oil and gas producing asset life, lowering lifting costs, increasing production and optimizing operations. Headquartered in Houston, Merrick is establishing a global infrastructure to sell, implement and support its technologies around the world.
Addressing production, engineering and asset tracking, Merrick's integrated applications include real-time surveillance and optimization; field operations management; field data capture; hydrocarbon production accounting; mobile computing for field and drilling operations; technical data management and ruggedized RFID for asset tracking and management under extreme environmental conditions. To learn more, visit www.MerrickSystems.com.
HitecVision is the largest private equity investor in Europe specialized exclusively in the oil and gas sector. HitecVision currently manages four funds with a total committed capital base of about USD 3 billion. The funds invest in growth companies in the oil and gas sector. HitecVision has a 22-person investment team based out of Stavanger (head office), Oslo, and Houston. To learn more, visit www.HitecVision.com.