Palo Alto, CA – May 31, 2011 – CygNet Software, the leading Enterprise Operations Platform (EOP) provider delivering SCADA and operational applications, has announced its acquisition by Weatherford International Ltd., one of the largest global providers of innovative mechanical solutions, technology and services for the drilling and production sectors of the oil and gas industry. Weatherford will use this acquisition to significantly enhance their Field Office software suite, enabling them to provide a wide-ranging set of tools for monitoring, evaluating and controlling production operations.
Clients can use CygNet’s Enterprise Operations Platform (EOP) to collect, manage, and distribute large amounts of real-time and historical data, including field, production, and business systems data. This provides users at all levels of an organization access to the information they need to support daily operations and make informed strategic decisions. CygNet’s technology will enhance Weatherford’s clients’ ability to create insight from data gathered from industry control and measurement devices, delivering both native installations and hosted Software-as-a-Service (SaaS) offerings.
“This represents a significant addition to our ability to provide a complete solution for unconventional resources. We can now provide a complete optimization solution to all shale producers around the world, as well as provide integrated optimization to CygNet’s existing clients.” – Dharmesh Mehta, VP of Production Systems, Weatherford International Ltd.
“This acquisition delivers the institutional horsepower necessary to propel CygNet into both the international market and liquids production segments. With our leadership position in the North American gas production segment, access to these additional markets, as well as Weatherford’s leading suite of production optimization applications, we are excited about the areas of growth and the ongoing value to be delivered to our clients.” – Chris Smith, President and CEO, CygNet Software
Woodside Capital Partners served as the exclusive financial advisor to CygNet Software in this transaction.
About CygNet Software
CygNet Software empowers leading oil and gas companies to increase their operational efficiency, market responsiveness, and regulatory compliance. CygNet’s Enterprise Operations Platform (EOP) provides a platform for collecting, managing, and distributing massive amounts of real-time and historical data from field, production, and business systems, giving users at all organizational levels the information they need to support daily operations and make informed strategic decisions. CygNet’s packaged vertical solutions and expert professional services team reduce the risk, time, and cost of deployment. Over 100 companies, representing more than half of North America’s domestic gas production and thousands of miles of major transmission pipelines, are operating on CygNet today.
About Weatherford International Ltd.
Weatherford is a Swiss-based, multi-national oilfield service company. It is one of the largest global providers of innovative mechanical solutions, technology and services for the drilling and production sectors of the oil and gas industry. Weatherford operates in over 100 countries and employs over 55,000 people worldwide.
About Woodside Capital Partners
Woodside Capital Partners is a global, independent investment bank that delivers world-class strategic and financial advice to emerging growth companies in the technology and life sciences sectors. With a strong track record in M&A, strategic partnerships and private placements, Woodside Capital Partners has been providing worldwide investment banking services since 2001, with leading domain experience in software, Internet services, electronic communications and materials, and healthcare. Woodside Capital Partners is headquartered in Silicon Valley, with an office in London. Securities offered through Woodside Capital Securities LLC, member FINRA/SIPC. For more information, please visit www.woodsidecap.com.