Norwegian Investor Group (Redback, Herfo, Møkster) Acquires Geoteric
February 16, 2024
Foster Findlay Associates Ltd (trading as Geoteric), a Newcastle-based developer of AI seismic interpretation software, has been sold to Geoteric Holding AS — a newly formed Norwegian holding company backed by Redback AS, Herfo Finans AS and Møkster Investering AS. Energy Ventures III LP, the largest shareholder, will exit as part of the transaction; management (CEO Nicola Blanshard) remains and the new investor group will support Geoteric's next phase of growth in subsurface AI for the energy sector.
- Buyers
- Geoteric Holding AS, Redback AS, Herfo Finans AS, Møkster Investering AS
- Targets
- Foster Findlay Associates Limited (trading as Geoteric)
- Sellers
- Energy Ventures III LP
- Industry
- AI & Machine Learning
- Location
- Tyne and Wear, United Kingdom
- Transaction Type
- Buyout
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