CALGARY, March 28, 2017 /CNW/ - Palantir Economic Solutions Ltd. ("Palantir") and Caesar Systems LLC, trading as PetroVR ("PetroVR" or "Caesar Systems") announced today that they have entered into a definitive merger agreement under which Palantir and PetroVR will combine in a stock-for-stock merger transaction (the "Transaction").
The combined company will be called Palantir Solutions Inc. and will bring together two highly complementary platforms to create the largest independent software company in the oil and gas planning space in terms of delivery capability, development capability and revenue. The combined company will be strongly positioned to provide integrated, dynamic planning solutions, in addition to having greater global reach and financial strength with increased working capital, balance sheet strength, financial flexibility and free cash flow to comfortably fund future growth.
Ken Blott, President and Chief Executive Officer of PetroVR, said, "The combination of Palantir and PetroVR creates the best, most diversified oil and gas planning software company in the world. Together, the merged company will have the finest business and field development planning software designed for use by National Oil Companies, Majors, Super-Majors and Independent oil and gas companies operating unconventional, conventional, mature and deep water assets."
Jason Ambrose, Managing Director and Chief Executive Officer of Palantir, added, "This is also a combination of two companies, management and staff that have a shared vision and talented teams who are dedicated to serving customers and providing software that meets the planning needs of multi-functional asset teams, corporate planning groups and executive decision makers. We look forward to welcoming PetroVR employees who will join the existing Palantir teams as we move forward as one company. In building on our existing strengths, the new Palantir Solutions Inc. will be very well positioned for future growth and continued value creation for our shareholders and our clients."
Compelling Value Proposition
- Two leading software platforms: PetroVR and Palantir's PlanningSpace™ will form the industry leading oil and gas planning software application.
- World-wide Delivery and Support Network: 9 offices in 8 countries provide global support coverage and create an unrivaled delivery capability for the combined company.
- Palantir-Landmark Strategic Alliance: PetroVR will join Palantir as part of the Halliburton-Landmark-Palantir alliance delivering Petroleum Investment Lifecycle Management solutions:
For Palantir, One-to-One Corporate Finance Group/Paladin CMS, E. Allan Tiller Law PLLC, Outside GC CA LLP and Quayle Munro Limited.
For PetroVR, Integrity Advisors, Inc., Baker Williams Matthiesen LLP and PKF Texas, PC.
SOURCE Palantir Solutions