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UK - Energy Ventures, HitecVision and Scottish Equity Partners sells MTEM to PGS makng 9x

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HitecVision, Energy Ventures and Scotish Equity Partners have sold MTEM to PGS for USD 275m, making a 9x money multiple. 22% MTEM of the company was owned by the three investors, while 35% was owned by the University of Edinburgh. After the transaction has completed, PGS will own 100% of the shares. HitecVision, Energy Ventures and Scotish Private Equity Partners invested ТЃ10m in 2004 in MTEM. Since then the compnay has grown from 4 employees to 70, and it has opened satalite offices in Houston, Calgary and Aberdeen.

MTME - an abbrevation for Multi-Transient Electro-Magnetic- has developed a EM technology with demonstrated, strong results in commercial operations. The company is the only player to offer a complete EM acquisition and processing technique both offshore and onshore, including in Transition Zone environments. MTME is originally a spinout of the University of Edinburgh, and was founded in 2004. Its headquartered is in Edinburgh with 67 employees.
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