HitecVision sells Knowledge Systems

HitecVision has sold its stake in Knowledge Systems, a Sugar Land, Texas-based provider of geopressure and geomechanical software, to Halliburton Inc (NYSE: HAL) for an undisclosed sum. The business was acquired through Landmark, a product service line of the acquirer's drilling and evaluation division.

HitecVision III invested in the business in 2004 and a trade sale was the favoured exit route. The returns on the exit are described as strong.

Knowledge Systems, founded in 1985, has 90 employees and offices in Sugar Land, Perth, Australia and Guilford in the UK. Its software is designed to better understand and predict wellbore pore pressure and geomechanics so that wells can be drilled and produced as safely and economically as possible. The service provides expert analysis, planning and real-time support to improve exploration and development projects.

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