Silicon Valley private equity firm Accel-KKR has made an investment in Christchurch-based developer of visual data science software Seequent (formerly ARANZ Geo). Terms of the investment were not disclosed, but it has been reported that Seequent has sold 70 percent of its equity for around $100m.
Accel-KKR said Seequent's global headquarters would remain in Christchurch and the company would continue to run R&D from New Zealand, Canada and South Africa. Accel-KKR managing director, Dean Jacobson along with founding partner Tom Barnds and vice president Andy Rich will join the board of Seequent. Seequent also received funding from Wellington-based private equity firm Pencarrow in 2014. Nigel Bingham, a managing partner of Pencarrow Private Equity and Seequent's chairman, said Seequent had been one of the star performers in Pencarrow's investment portfolio, and the company would continue to be an investor in Seequent.
Seequent is best known for its Leapfrog 3D geological modelling solutions for the mining and minerals industry. Leapfrog, released 15 years ago, helps uncover insights from geological data and enables geologists and executives to make time-sensitive investment and environmental decisions.
The company has since launched Leapfrog versions for the civil engineering, geothermal energy and environmental industries, as well as other visualisation and collaboration technologies.
Last month it was appointed the exclusive global reseller of iPoint data management and visualisation software for the geothermal industry from Perigon, a company based in Aberdeen, Scotland.
Seequent CEO Shaun Maloney said the company would continue to focus on mining and minerals, energy, and more recently the civil and environmental engineering sectors.
"Accel-KKR will bring very valuable business expertise and networks into new global markets, which will be particularly valuable for our newly launched Leapfrog Works for the civil and environmental sectors which represent an enormous opportunity," he said.