Newcastle AI software developer announces acquisition by Nordic investment group

Foster Findlay Associates Limited has announced that its entire share capital has been sold to Geoteric Holding AS, a newly formed Norwegian private limited company with Redback AS, Herfo Finans AS and Møkster Investering AS acting as cornerstone investors.

FFA’s largest shareholder was Energy Ventures III LP (“EV”), who has supported the investment and commercialisation phase to help Geoteric achieve its potential. EV will exit the company as part of the fund’s planned realisation of its assets.

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, commented: “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.”

Geoteric AI Seismic Interpretation enables rapid interpretation of seismic data without compromising on quality or accuracy; dramatically shortening subsurface project timelines allowing energy companies to add value as they fast track assets, operate more sustainably and achieve net zero targets.

Nicola Blanshard, CEO, added: “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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