DrillingInfo, an innovative technology player serving the oil-and-gas exploration industry, provides cloud technology to power better decision-making in the industry.
DrillingInfo was founded in 1999 by 20-year oil-and-gas industry veteran Allen Gilmer and three colleagues. Originally the company offered a relatively simple database with information about well-leasing and mapping, but it later evolved into a more-sophisticated, SaaS-based, analytical and management-application solution for the energy industry. DrillingInfo carved out a high-tech niche in the then-$1 trillion global market for oil and gas exploration by initially targeting small, independent producers, helping them determine where to drill for oil and gas and optimize drilling, production and related workflows. The company’s larger customers then introduced DrillingInfo to larger industry players, enabling a more grassroots, bottoms-up sales model that made the company a very cost-effective and integrated solution for oil-and-gas companies. In 2012, Battery and Insight Venture Partners bought control of the business through a large financing round.
- DrillingInfo management recognized Battery’s experience scaling B2B, software-as-a-service companies, as well as the experience of its buyout team in growing companies organically and through targeted acquisitions. During Battery’s ownership, DrillingInfo completed seven add-on acquisitions.
- As a board observer, Battery partner Jesse Feldman also advised the company on product strategy, international expansion and other topics.
In 2018, Genstar Capital announced an agreement to acquire DrillingInfo. Three years later, private-equity firm Hellman & Friedman acquired a majority interest in the company, then called Enverus, from Genstar.
The presented case study investment was made in particular economic and market conditions. There can be no assurance that Battery Venture would elect, or be able, to exploit similar opportunities in a similar manner under similar or different economic and market conditions. More generally, there can be no assurances that the Battery vehicles will have comparable investment opportunities in the future. No assumptions should be made that any investments identified above were profitable. It should not be assumed that recommendations made in the future will be profitable or comparable to the portfolio company described in this case study. For a full list of all Battery Ventures investments, please click here.
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