Merrick Systems sold to P2 Energy Solutions
HitecVision is pleased to announce the sale of Merrick Systems to the US software group P2 Energy Solutions.
In December 2011, the Fund acquired 70% of the shares in Merrick Systems and the senior management and founders retained the remaining 30%.
Merrick Systems has an established market position and a well regarded product in the hydrocarbon accounting space. During HitecVision’s ownership period the product range was broadened and successfully increased the distribution and reach in the US and internationally.
Merrick established sales offices in Calgary, Oslo, Singapore, and Bogota. During our ownership period, new clients were signed globally. In addition, the international offices generated a significant sales pipeline and continue to work closely with the international partners.