Business
Pason Announces Acquisition of Verdazo Analytics and the Sale of Assets
Pason Announces Acquisition of Verdazo Analytics and the Sale of Assets Canada New...
About this update from Pason Systems Inc.
[{"type":"text","content":"\n\n\n\nPason Announces Acquisition of Verdazo Analytics and the Sale of Assets\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\n\nCanada NewsWire\nCALGARY, Jan. 4, 2017\n\n\n\nCALGARY, Jan. 4, 2017 /CNW/ - Pason Systems Inc. (\"Pason\" or the \"Corporation\") (TSX: PSI) is pleased to announce that it has acquired all of the issued and outstanding shares of Verdazo Analytics Inc. (\"Verdazo\"). \n\nSummary of the AcquisitionVerdazo was a Calgary-based, privately owned software company offering discovery analytics. Founded in 2006, the Company's product allows energy producers to make informed decisions on how to enhance production, improve operations, and increase overall profitability. Verdazo's clients include oil and gas producers, financial services companies, and energy services providers. Verdazo's leadership team has decades of experience and are recognized as thought leaders in data analytics in the Canadian oil and gas industry.\n\nThe Verdazo management team will continue to operate the day-to-day business as a wholly owned subsidiary of Pason and will enter into non-competition agreements. Consideration for the acquisition is comprised of a combination of cash and common shares of Pason, with approximately half of the consideration deferred over three years.\n\nStrategic RationaleVerdazo's product contains powerful visual analysis tools, pre-built templates, and custom reports that work with multiple public and proprietary data sources. Discovery analytics is a sequence of explorations, each predicated on the discovery and insights of the last. The tool enables the user to take analyses wherever the data leads, powered by dynamic workflows that offer vast analytical possibilities.\n\nThe addition of Verdazo's strong analytics platform for oil and gas production and operations will complement Pason's market leading drilling information ecosystem. By combining the two entities, Pason aims to provide customers with a holistic platform to analyze drilling, production, and operational data. Moreover, Verdazo will be able to leverage Pason's established brand an...