TietoEVRY Agrees to Sell Oil-and-Gas Software to Thoma Bravo

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Finnish software company TietoEVRY Oyj agreed to sell businesses that serve the oil and gas industries to companies owned by private equity firm Thoma Bravo.

Thoma Bravo will combine the assets, which include TietoEVRY’s energy components and the DaWinci logistics management businesses, with its Quorum Software and Aucerna portfolio companies, the companies said in a statement on Monday. The agreement values the TietoEVRY assets at 155 million euros ($188 million).

Quorum’s Chief Executive Officer Gene Austin will lead the combined company, which will be based in Houston. The businesses will have annual revenue of “well over” $300 million, and will aim to serve users looking for ways to be more efficient after the pandemic reduced energy usage, he said in an interview.

“2020 was a really challenging year for energy, and with the pandemic just sucking demand out of the marketplace,” Austin said. “As a result what you see now with our customers is a real focus as they look forward on efficiency, on profitability and on really trying to optimize their business as much as possible.”

Quorum’s software helps companies manage finances, accounting and their workflows while Aucerna’s products contribute to strategic planning for well building and how reserves will hold up. TietoEVRY’s programs, which also help energy companies with planning, managing production and handling their supply chains, will give the group a more global reach.

Thoma Bravo is a private equity company focused on investments in the software and technology industries with more than $73 billion in assets under management. The firm acquired Quorum in 2018 and Alberta, Canada-based Aucerna in 2019.

©2021 Bloomberg L.P.

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