THE American owner of Wood Mackenzie has bought another energy consultancy in a bumper deal it said would increase the growth potential of the Edinburgh-based business.
Verisk Analytics has agreed to acquire the Genscape information business from publishing group DMGT (Daily Mail and General Trust) for $364 million cash (£300m).
The deal has been agreed four years after Verisk bought oil and gas market specialist Wood Mackenzie in a £1.85 billon deal.
Read more: US buyer of Wood Mackenzie says £1.85bn deal not about cost-cutting
Verisk said Genscape will become part of Wood Mackenzie and will enhance its existing sector intelligence in energy data and analytics.
Kentucky-based Genscape says it operates the world’s largest network of in-field monitors. These gather information on the flow of commodities such as oil through the global supply chain. It also covers sectors such as agriculture, biofuels, and maritime freight.
Read more: North Sea upheaval set to continue as oil giant mulls sale of $2bn portfolio
Wood Mackenzie president Neal Anderson noted: “There is limited overlap between Wood Mackenzie’s customer base and the 1,300 customers that Genscape serves. This creates a significant opportunity to use our existing solutions for cross-sell to customers of the two businesses.”
Genscape has annual sales of $100m plus. It employs 300 people across the world.
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