EquityMetrix LLC, a technology-enabled service provider of big data solutions to land data management issues in the oil and gas industry, today announced a $5 million growth investment from Peterson Partners. The funding will accelerate the development of new services to help manage oil and gas operating companies, mineral interest owners and energy investors identify revenue underpayments and misallocations.
“Peterson Partners’ deep experience in growth equity investments makes them the perfect strategic partner for us,” said Tom Agnew, CEO and founder of EquityMetrix. “On average, we recover 1 percent of total revenue, which has unlocked tens of millions of dollars in unclaimed revenue for our clients. With this capital infusion, we look forward to accelerating our growth and introducing new services that deliver significant value for our customers.”
As the leading expert in revenue recovery, land data management and land data assurance, EquityMetrix’s cloud-based software combines image processing, machine learning, spatial processing and data mining to analyze and organize Exploration & Production (E&P) records. In addition to uncovering missing data and tracking down lost records, the proprietary technology detects anomalies – such as poorly documented or incorrectly mapped assets, or agreement terms that are out of compliance – to pursue lost and underpaid revenues.
“Because many oil and gas companies do not have the technology to adequately manage their non-operating revenues, EquityMetrix solves a real pain point in this sector,” said Matthew Day, principal at Peterson Partners. “We are confident that EquityMetrix’s marquee client base and patented technology platform provide a competitive advantage that positions the company for a high trajectory of growth and success going forward.”
Since inception, EquityMetrix has organized millions of documents on more than 50,000 wells, and reconciled tens of thousands of leases, deeds and contracts for its clients.
EquityMetrix is the leading expert in revenue recovery, land data management, and land data assurance. The company has developed proprietary technology to detect anomalies and look for missing data. At the center of EquityMetrix’s work is a cloud-based data warehouse that combines image processing, machine learning, spatial processing and data mining. For more information, visit http://www.equitymetrix.com/
About Peterson Partners
Peterson Partners, based in Salt Lake City, Utah, is one of the Intermountain West’s most successful private equity firms. Specializing in small to mid-sized companies, Peterson Partners has a track record of successful investments including JetBlue, Vivint, EnergySolutions, 3form, Access CIG and Diamond Rental. Founded in 1995, Peterson Partners has managed over $500 million in committed capital through eight funds. For more information, visit www.petersonpartnerslp.com.