SitePro today announced a financing round led by Cottonwood Venture Partners (CVP). The financing will enable SitePro add increased value to its...
SitePro Announces Acquisition of Integrated Control Solutions (ICS)
SitePro announces the acquisition of Integrated Control Solutions (ICS), bringing together two cutting-edge oilfield automation providers.
LUBBOCK, Texas, Nov. 4, 2019 - SitePro, the leading automation technology solutions and service provider for the energy industry, today announced the acquisition of Integrated Control Solutions (ICS). The acquisition of ICS brings together two cutting-edge oilfield automation providers, both with unique technology and managed services and solutions, that combine to provide Upstream & Midstream Operators with a state-of-the-art automation software platform and best in class reliable service.
SitePro's acquisition of ICS combines two veteran leadership teams and increases service availability in the operating regions the company serves. Randy Greer and Dominic Whitworth, who have led ICS for more than a decade, bring a wealth of knowledge and industry expertise to SitePro along with a great team.
David Bateman, Chairman of the Board and Co-Chief Executive Officer of SitePro said, "The ICS acquisition is a key part of our corporate development strategy to expand the number of sites automated with our platform and solidify unmatched customer service for the markets in which we operate. We are extremely excited to have ICS founders, Randy Greer and Dominic Whitworth, retaining ownership in SitePro and joining our management team. Randy and Dominic's industry expertise and commitment to customer service will help accelerate SitePro to its next growth phase."
Randy Greer, Co-founder of ICS added, "We are thrilled for the next chapter of ICS. By combining our existing solutions and decades of industry experience with SitePro's advanced software platform, we are positioned to drive innovation in the industry like never before."
Fluid management operations in the oil & gas industry represent one of the largest logistical challenges and costs within the upstream and midstream sectors, especially upstream water sourcing and disposal. In a market that is forcing efficiency and cost reductions, operators are rapidly adopting automation technology to reduce costs, increase transparency, boost safety, and enhance environmental responsibility.
Aaron Phillips, President and Co-Chief Executive Office of SitePro said, "The digital solutions for fluid management provided by ICS will integrate nicely with SitePro's existing platform. The combined technology stack of both companies provides an unmatched level of technical capability. We are excited to have Dominic and his engineering team join forces with SitePro to continue advancing our technology and product offerings."
Dominic Whitworth, Co-founder of ICS added, "I am extremely excited to take ICS's proven technology and combine it with SitePro's cutting-edge platform. Our combined technologies will enable us to provide a broad range of value-add services to the market. The ability to collaborate with SitePro's innovative development team will expedite the advancement of the digital oilfield revolution."
The transaction was financed through a combination of a debt facility provided by J.P Morgan and SitePro's existing shareholder group, including Cottonwood Venture Partners and several family offices.
Alton McDowell, co-head of J.P. Morgan Commercial Banking's Technology and Disruptive Commerce group said "We're excited to help finance SitePro's acquisition of ICS. Bringing together two leading energy technology automation providers will help the combined company realize key efficiencies and enable its continued growth."
Ryan Gurney, Managing Partner of Cottonwood Venture Partners concluded, "Our continued investment in SitePro is a result of our conviction in the company's vision, technology, and management team. We are excited for the next chapter of growth."
Dwyer Murphy Calvert LLP and Jackson Walker LLP served as legal counsel for SitePro and ICS, respectively.
SitePro is an energy technology company focused on delivering digital transformation solutions for the upstream oil and gas industry. Since launching as a service product in 2012, SitePro has become the fastest growing technology solutions and services provider in the nation, offering an operational and business advantage to upstream and midstream operators, helping them save time and money while increasing their commitment to safe operations and the environment. SitePro was built for the energy industry by a team of oil and gas professionals who understand the work that goes into fueling the global economy. The SitePro team consists of highly knowledgeable industry professionals from engineering, computer science, field service and business backgrounds giving them the distinct advantage of knowing the oil and gas industry inside and out.