The Business Growth Fund (BGF) has invested £6million in Petrotechnics, taking a minority stake in the Aberdeen oil and gas technology firm.
Petrotechnics chief executive Phil Murray remains the majority shareholder following the deal.
The company, which specialises in software to improve frontline operational performance and risk management in hazardous industries, said the investment would help to drive its aggressive global growth strategy.
It added the deal would help it to reach new markets, recruit talent and continue with innovative projects such as the global roll-out of its business-performance and predictive-risk software platform, Proscient.
Mr Murray said: “With BGF’s guidance and contributions, we can truly take our organisation to the next level of growth.
“There is great potential for oil and gas operators worldwide to significantly improve their operational performance and enhance how they manage operational risk.”
Petrotechnics, founded by Mr Murray in 1990, employs 105 people at offices in Aberdeen, the US, Singapore and Saudi Arabia. Its systems are used to help maximise oil and gas production and reduce operational risk at more than 385 sites on six continents.
More than 50,000 people at some of the biggest energy companies use its technology daily, with systems installed in more than 80% of the North Sea and 40% of Gulf of Mexico assets.
BGF investment director Mike Sibson, who joins the technology firm’s board, said Petrotechnics represented an exciting opportunity for the fund. He added: “It has demonstrated its ability to deliver complex software solutions to major oil and gas companies throughout the world.
“There is an increased priority on the management of operational risk and safety in hazardous industries, with several major incidents over the last decade demonstrating the potential consequences of poor control of work.
“The company’s large installed base, the new software product Proscient, and the excellent reputation of Petrotechnics is an exciting combination.
“We are also delighted to be backing Phil and the team, who are genuine experts in their field.”
BGF is an independent company backed by five of the UK’s main banking groups: Barclays, HSBC, Lloyds, Royal Bank of Scotland and Standard Chartered.
It was established to provide growth capital to ambitious and growing small and medium enterprises (SMEs) around the UK.
Petrotechnics represents its fifth investment in the oil and gas sector and brings the total invested by BGF in Scottish SMEs to date to £30million.
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