Calgary-based Peloton Computer Enterprises, a provider of well data and drilling software solutions for the oil and gas industry, has closed a growth equity financing round led by Silver Lake Kraftwerk. Alongside the fund of Menlo Park, Calif.-based private equity group Silver Lake, TriWest Capital Partners and HarbourVest Partners also participated in investing an undisclosed sum.
Peloton lists over 450 clients of all sizes in the oil and gas industry, including 21 of the 25 largest North American exploration and production firms. The Canadian company’s customers leverage its software to manage, streamline and optimize operations. Peloton’s technology is intended to improve decision making through better data management during the comprehensive well lifecycle, including drilling, well operations and production.
The company which first launched its WellView solution in 1991, currently has 12 offices around the world, including its most recently opened space in Denver, Colorado which started operating in early August.
Bryce Lee, Managing Director at Silver Lake Kraftwerk, says the firm is “thrilled” to partner with Peloton as they head into their next phase of growth.
“The company is uniquely positioned to help oil and gas companies optimize their operations through superior data-driven insights from a modern software suite. We look forward to working with management to continue their product-first strategy, including exploring potential investments in new product capabilities and M&A opportunities,” said Lee.