P2 Energy Solutions
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|Headquarters||Denver, CO USA|
Charles Goodman, President & CEO
Number of employees
P2 Energy Solutions provides financial and accounting management software, geospatial data, land asset management tools, well lifecycle management solutions, environmental, health & safety solutions and outsourcing services to both the upstream and mid-stream oil and gas sectors as well as the alternative energy sector.
Operating from its headquarters in Denver, Colorado, P2 also has offices in Houston, Texas; Calgary, Alberta, Canada; Fort Worth, Texas; San Antonio, Texas; Livingston, New Jersey; Tampa, Florida; Dubai, UAE; Tunis, Tunisia, Singapore and Perth, Australia.
P2 employs nearly 700 people and was a privately held portfolio company of Vista Equity Partners. On October 7, 2013 P2 Energy Solutions was acquired by a Boston based private equity firm: Advent International.
P2 Energy Solutions was founded in 1999 as Energy Auction Exchange with an ambitious plan to use the Internet to bring efficiencies to many aspects of the upstream petroleum industry. The Company raised its seed capital in 1999, using the proceeds to acquire the Oil & Gas Asset Clearinghouse of Houston. The Clearinghouse operated an open outcry auction of fractional interests in oil & gas properties. Shortly after this acquisition, EAE re-branded itself as Petroleum Place with the goal of becoming the vertical industry Internet portal for the upstream petroleum industry. More specifically, it intended to offer a series of products and services that would serve to facilitate the discovery, evaluation, acquisition and management of oil & gas properties.
In 2000, Petroleum Place raised approximately $100 million in two rounds of financing from venture capital groups and petroleum industry "strategic" investors. It filed an S-1 to register its shares for public offering in May 2000, but these plans were shelved because of the rapidly eroding interest in Internet IPO's.
Petroleum Place then went on a series of acquisitions beginning with Paradigm Technologies, developer of an accounting and Enterprise Resource Planning (ERP) product known as Excalibur, which served many mid-sized to large independent upstream petroleum companies. That transaction was followed in 2002 with the acquisition of Novistar, another upstream accounting software package which had previously been Oracle Energy. Petroleum Place created P2 Energy Solutions from its Paradigm business and merged it with Novistar. P2 Energy Solutions then became the principal operating entity for the software business, while the Clearinghouse remained a separate subsidiary of Petroleum Place.
P2 Energy Solutions then proceeded to make additional acquisitions of software developers and other providers of products and services for the upstream petroleum industry (and consistent with Petroleum Place's original business plan). In 2003, P2 acquired spatial data solution, Tobin International. In 2005, it acquired Calgary based QByte, which developed ERP software for the Canadian upstream market. It then made further acquisitions of Wellcore, based in Calgary, in 2008.
In 2008, the investors of P2 Energy Solutions and of Petroleum Place sold their business interests (P2 Energy Solutions and the Clearinghouse) to a private equity group.
On April 22, 2014 P2 announced that the former SAP CEO: Léo Apotheker had been formally appointed to P2’s Board of Directors.
On November 13, 2014 P2 announced their intention to acquire Merrick Systems.
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- Press Release: Former SAP CEO Léo Apotheker Rounds out P2 Board of Directors
- P2 Energy Solutions to Acquire Merrick Systems