Add Energy Group has sold one of its subsidiaries to Vela Operating Group, a wholly owned division of Canadian listed company Constellation Software.
Vela will pay an undisclosed figure for Add Novatech, whose parent company is headquartered in Norway.
The subsidiary became a part of Add Energy back in 2008, but now joins a growing group of industry leading companies serving the energy and resource vertical markets within Vela Software.
Add Energy Group CEO, Ole Rygg, said: “As Add Novatech developed into a pure cloud-based software company, we recognized that other owners could internationalize and grow the company, also outside the oil industry, in a better way than we could do within Add Energy Group.
“As such we are pleased that Add Novatech now becomes a part of a global software company with huge competence, experience and reach within software development and sales”.
Gabor Czegledy, Vela Software’s portfolio manager, said: “We are very excited with our newest addition to the portfolio. This gives us a platform in the critically important asset environmental compliance segment for offshore oil and gas exploration and production.
“As permanent-hold investors, we are eager to partner with Add Novatech’s industry-leading employees and customers for the long-term.”
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