Friday, August 19, 2011

IHS Closes Acquisition of Seismic Micro-Technology For $500M

ENGLEWOOD, Colo.---IHS Inc. (NYSE:IHS), the leading global source of information and analysis has completed the closing of its acquisition of Seismic Micro-Technology (SMT), a market leader for geoscience software. Arshad Matin, an Indian-American, is the President and CEO of SMT.

The acquisition closed for $500 million in cash and is the largest acquisition in IHS history.

“We are thrilled to welcome SMT to the IHS family and we expect integration to go quickly and smoothly. The combination of SMT’s KINGDOM software and IHS PETRA will create an integrated solution that will address many current customer needs regarding ease of use, increased productivity and increased accuracy,” said Jerre Stead, IHS chairman and chief executive officer.

Since 1984, SMT has provided the upstream exploration and production industry with easy to use, highly integrated, cost-effective software solutions. Headquartered in Houston, the company developed the first geoscience interpretation tools for the Microsoft Windows environment to help accelerate hydrocarbon exploration, collaboration and decision-making while delivering exceptional accuracy and consistency. Today, SMT is a global leader in Windows-based exploration and production software, and its solutions are used by geoscientists in more than 100 countries to evaluate potential reservoirs and plan field development.

“The convergence of information and analytics is the wave of the future in the marketplace, and the combination of KINGDOM and IHS PETRA seizes upon this significant growth opportunity,” said Arshad Matin. “Thousands and thousands of geoscientists are graduating annually, particularly in high-growth markets like Russia, India and China, and we believe this combined offering from IHS has the opportunity to become the workflow of choice for the profession.”

Arshad Matin joined Seismic Micro-Technology in June of 2007 where he is president, CEO, and board member. He is responsible for the strategy development, operations planning, and recruitment/development of world-class talent for SMT. Under his leadership, the company has enjoyed unprecedented growth in revenues and profits. He has led SMT’s expansion in new geographies and market segments which has allowed the company to become the global leader in G&G software market.

Before joining SMT, Mr. Matin was General Manager of the Compliance and Security Management business unit at Symantec Corporation which he joined in January 2006 through the company’s acquisition of BindView Corporation. At BindView, Mr. Matin was president and COO, directly overseeing products, sales, marketing, corporate development and services functions. He led the successful turn-around at BindView which established the company as the leader in IT policy compliance.

Prior to BindView, Mr. Matin was a partner at the Houston office of McKinsey & Company where he served clients in both high tech and energy industries. He started his career as software developer for Oregon-based Mentor Graphics Corporation.

Mr. Matin earned his MBA from the Wharton School, MS in computer engineering from the University of Texas at Austin, and BE in electrical engineering from Regional Engineering College in India. Mr. Matin, his wife and three daughters are residents of Houston.

 

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