PRESS RELEASE: CHRISTCHURCH, NZ – September 5, 2018 – Seequent, a world leader in visual data science, today announced it has closed a growth equity investment agreement with Accel-KKR, a leading Silicon Valley technology focused private equity firm. Terms of the investment were not disclosed.
The investment and additional support from Accel-KKR will further drive Seequent’s rapid global expansion, including new market development, product innovation and further acquisitions.
Seequent’s solutions enable customers to create rich stories and uncover valuable insights from geological data, and ultimately make better decisions about their earth, environment and energy challenges. The company has a global footprint of 13 offices around the globe and its technology is used in over 90 countries.
The company is known worldwide for its Leapfrog® 3D geological modelling solutions. First introduced to the mining and minerals industry close to 15 years ago, Leapfrog® helps uncover valuable insights from geological data and enables geologists and executives alike to confidently make critical time-sensitive investment and environmental decisions. The company has since launched Leapfrog versions for the civil engineering, geothermal energy and environmental industries, as well as other visualisation and collaboration technologies.
Shaun Maloney, Chief Executive of Seequent, says: “Since our inception, Seequent has grown into a market leader by focusing on delivering superior technology and service to our clients around the world. As we looked to our next phase of growth, we wanted an investment partner that was additive to our business in expertise and experience and was aligned with the Seequent vision to enable better decisions about earth environment and energy challenges. Accel-KKR are a great fit and wholeheartedly support our growth plan and the direction of the business.”
“We’re committed to helping Seequent reach its full potential and the opportunity to have an additional investment partner of the calibre of Accel-KKR to work alongside through this next stage in the company’s growth is a great result for the company. Accel-KKR bring significant resources, networks and expertise and the transaction provides a liquidity opportunity for the founding and existing shareholders,” says Seequent’s Chairman Nigel Bingham, a Managing Partner of Pencarrow Private Equity.
Bingham says Seequent has been one of the star performers in Pencarrow’s investment portfolio. “We’ve been very pleased to have helped Seequent to continue to achieve rapid, profitable, year on year growth and we welcome the opportunity to continue as an investor.”
“Seequent has a well-deserved reputation as a world-leading innovator in visual data science and has carved out some fantastic markets for its implicit modelling solutions and other collaboration technologies. We’re excited about the opportunity to work alongside the management team and board and look forward to investing in new innovation and markets to help Seequent build significant value,” says Accel-KKR Managing Director, Dean Jacobson. Jacobson, along with Tom Barnds and Andy Rich from Accel-KKR, will be joining the Seequent Board of Directors.
Maloney added, “We’ll continue our focus on mining and minerals, energy, and more recently the civil and environmental engineering sectors. Accel-KKR will bring very valuable business expertise and networks into new global markets, which will be particularly valuable for our newly launched Leapfrog® Works for the civil and environmental sectors which represent an enormous opportunity.”
Seequent’s global headquarters will remain in Christchurch and the company will continue to drive R&D from New Zealand, Canada and South Africa.
Seequent was advised on the transaction by Murray & Co (financial) and Chapman Tripp (legal).