Sphera, a Chicago-based provider of integrated risk management software and information services, has announced the acquisition of Petrotechnics, a provider of operational risk software for hazardous industries.
Scotland-based Petrotechnics was established in 1989 and has helped keep people safe in hazardous industries, such as oil and gas, chemical and rail, among others.
“Sphera’s acquisition of Petrotechnics expands our base of operation risk solutions through applications digitising and visualising risks at the operational level with real-time data from industrial internet of things devices,” said Paul Marushka, Sphera’s President and CEO.
“This acquisition builds upon our SpheraCloud product in extending our integrated risk management solution from risk identification to risk mitigation,” Maruska continued.
Petrotechnics’ solutions help companies visualise and connect their operations, maintenance and planning processes with frontline risk mitigation software that provides Safe System to Work and Electronic Permit to Work functionality.
The company’s software solutions are known for their data visualisation, configurable workflows, easy-to-use interface and real-time analysis and insights. With decades of collective experience, Petrotechnics also offers professional services from its expert thought leaders.
“With Sphera’a longstanding expertise and total commitment to operational excellence, petrotechnics decision to become a part of the Sphera suit of products and services was an easy on,” said Phil Murray, Petrotechnics’ CEO.
“The combination of our software with Sphera’s solutions, will help both our customers and Sphera’s clients enhance their ability to mitigate risks across their global operations,” Murray concluded.
Terms of the deal were not disclosed.