Renevo Capital acts as exclusive financial advisor on sale of Kalkulo AS to Bluware Corp.

HOUSTON, TX, April 29, 2019
Bluware Corp, creator of the digital innovation platform for moving seismic data to the cloud and leader in digital transformation in geosciences, announced the acquisition of Oslo-based Kalkulo AS today. Since its inception in 2006 as a commercial subsidiary of Simula Research Laboratory, Kalkulo has established comprehensive and long-term R&D collaborations with Equinor® as well as other highly respected energy companies. Already a leader in R&D and software for computational modeling, Kalkulo also brings deep expertise in machine learning, data science, high performance computing and cloud.
Ottar Hovind, director of Simula Innovation stated, “There is real excitement as we look forward to the new company’s next stage of growth. There are many synergies with Bluware’s current capabilities and together the new company will help tackle some of the biggest issues facing the energy market today utilizing new digital technologies. We are also proud to announce our second and most major exit so far.”

“Kalkulo has continuously targeted the transformation of bleeding-edge computational research into end-user value for energy companies with challenging needs for geological and geophysical modeling. Empowered by Bluware’s technology and complementary competence we will be able to tackle even larger and tougher problems, to the benefit of existing and new clients.” says Dr. Are Magnus Bruaset, CEO of Kalkulo.

“We are very excited about joining forces with Kalkulo. The quality of their people, their technology, and their clients fits perfectly with Bluware’s strengths. It is not often you see two companies that fit so well together, technically, culturally, and strategically. There will be a lot of value created for our clients in this acquisition.” commented Dan Piette, CEO of Bluware.

Kalkulo’s capabilities and expertise in machine learning, data analysis and computational modelling blend in nicely with Bluware’s focus on enabling Oil & Gas companies to create business value from massive amounts of data. The value created by this acquisition brings to market a comprehensive and scalable software platform and geoscience & interactive deep learning micro-services along with consulting experience for E&P companies accelerating their digital transformation initiatives bridging Physics and Machine Learning, and transformation to the Cloud.

Kalkulo’s staff will collocate with Bluware employees in Oslo forming a local powerhouse, prepared to serve European lighthouse clients with industry-leading expertise and technology.

Renevo Capital Limited acted as exclusive financial adviser to Kalkulo AS.

About Bluware Corp.
Bluware Corp. is a privately-owned company enabling Oil & Gas Companies to drive innovation and business value-generation utilizing Artificial Intelligence and Machine Learning. Earlier this year, Shell and Anadarko announced that they selected Bluware’s platform and technologies. Bluware’s platform and technologies are also in use with two other supermajors, two large national oil companies as well as independents and leading ISVs.

Bluware is actively engaged with the Open Subsurface Data Universe (OSDU), and contributed and open-sourced the OpenVDS technology for unlimited, universal seismic data storage and data handling in the cloud to OSDU. For more information, visit www.bluware.com

About Kalkulo AS
Kalkulo was established in 2006 as a commercial subsidiary of Simula Research Laboratory. While the original mission for Kalkulo was to take care of the technology development connected to a comprehensive and long-term R&D collaboration with Statoil (from 2018 rebranded as Equinor), the business has grown to cover a diversified portfolio of clients primarily in the energy sector. While most of Kalkulo’s work is in the oil and gas sector, contributing advanced methods for computational modelling and data analysis, we are also involved in creating software solutions for renewable energy and for environmental monitoring. For more information, visit www.kalkulo.no

About Renevo Capital Limited
Renevo Capital Limited provides independent M&A and private capital advisory services to TMT clients. Renevo differentiates itself from competitors as the team comprises of former entrepreneurs, individuals that have run large divisions of corporates, and investment bankers. Renevo is headquartered in London and has further offices in San Francisco and Shanghai. For more information, visit renevocap.com.