Geoteric, a UK-based developer of AI-powered seismic interpretation software solutions and a portfolio company of EV Private equity, a decarbonisation technology investment firm, has been sold to a Consortium comprising of Herfo Finans AS (Herfo), the family office of the Hermansen Family, Redback AS (Redback), a technology investment firm, and Møkster Investering AS (Møkster), the family office of the Møkster Family.

UK-headquartered Geoteric develops AI applications for seismic interpretation, subsurface analysis, and geological modelling, which enables fast, accurate interpretation of 100% of the data in a seismic volume, even in complex geology. As a result, Geoteric’s technology, which is used in the Oil & Gas sector and for Energy Transition applications (e.g., Carbon Capture & Storage, and Offshore Wind), allowing energy companies to operate more sustainably and achieve net zero targets.

Norway-headquartered EV Private Equity is a technology-focused impact investor investing in decarbonisation technology. They are committed to building companies that accelerate emissions reduction solutions and supporting a transition to net zero. EV Private Equity has made 59 primary investments and currently has 16 companies in its portfolio.

Norway-headquartered Herfo is a financial investment arm of a family office which originated from retail business, shipping and transportation. Herfo’s venture and private equity business focuses on innovative and sustainable investments with the ambition of long-term value creation.

Norway-headquartered Redback is a private equity investor with strong roots in the energy industry. It focuses on visionary technology companies with potential to become successful international players in their field. Redback has extensive experience of maturing technical software and innovative engineering solutions in close cooperation with the portfolio company’s management.

EC M&A acted as the exclusive financial advisor to the shareholders of Geoteric on this transaction.