Tyneside software specialist Geoteric is snapped up by Norwegian company

Coreena Ford

1 July 2024 at 8:40 am·2-min read

Nicola Blanshard CEO at Geoteric — -Credit: (Image: Geoteric)

Newcastle software specialist Foster Findlay Associates Ltd has been acquired by a newly formed Norwegian company.

The company, which specialises in AI seismic interpretation software, trades as Geoteric and has now transferred to new owners Geoteric Holding AS, enabling it to advance growth plans. Geoteric Holding AS, is a new private company formed with with Redback AS, Herfo Finans AS and Møkster Investering AS acting as main investors.

FFA’s largest shareholder was Energy Ventures III LP which will now exit the company. Nicola Blanshard will remain as CEO and Jan Grimnes, chairman at Geoteric, will be joined on the board by Ådne Grødem, CEO at Herfo Finans AS, Henrik Zetlitz Nessler, CEO at Møkster Investering AS and Bettina Bachmann, of TwoB Consulting GmbH.

Ådne Grødem, CEO at Herfo Finans AS, said: “We see significant growth potential for Geoteric and its unique AI Seismic Interpretation software, and expect that with its track record of product innovation, it will continue to lead the industry.

“We are enthusiastic about our new investment in Geoteric. The company has the winning combination of world leading products, a blue-chip customer base and highly skilled employees. We see significant growth potential for Geoteric and its unique AI Seismic Interpretation software, and expect that with its track record of product innovation, it will continue to lead the industry.

“In our opinion, the new investor group has both the skills and experience to support us in our growth strategy and enable us to take an even larger role in the subsurface market.”

Nicola Blanshard, CEO at Geoteric, said: “In our opinion, the new investor group has both the skills and experience to support us in our growth strategy and enable us to take an even larger role in the subsurface market.”

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Tyneside software specialist Geoteric is snapped up by Norwegian company

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