In a strategic move to enhance its seismic data solutions, Calgary-based Computer Modelling Group (CMG) has acquired Germany’s Sharp Reflections, a leader in seismic processing and interpretation. CMG’s wholly-owned subsidiary purchased all Sharp shares, integrating a seismic platform that has set new standards for cloud-based data handling.
Sharp Reflections, known for its pioneering efforts in high-performance cloud computing, provides geophysicists and quantitative seismic interpreters with advanced workflows for massive prestack seismic datasets. The platform’s visualization and real-time analysis capabilities have transformed subsurface interpretation, reservoir characterization, and exploration, leading to faster, higher-quality decision-making.
CMG CEO Pramod Jain expressed enthusiasm for the acquisition, noting that Sharp is a “compelling opportunity to acquire a growing, founder-led business and expand our seismic solutions offering with a proven technology innovator.” Jain highlighted Sharp’s leading position in prestack seismic interpretation and real-time seismic processing, aligning with the rising demand for high-fidelity interpretation in oil and gas exploration.
Sharp Reflections, headquartered in Germany with operations across the U.S., Norway, and the U.K., serves a global clientele of major oil and gas companies.
Co-founder and CEO Bill Shea will remain to oversee the integration process. “CMG’s vision of acquiring and nurturing leading solutions in upstream oil and gas resonates deeply with me as a founder,” Shea commented. “I am confident that Sharp will achieve great things for our customers in the years to come.”
In the fiscal year ending July 31, 2024, Sharp reported $14.7 million in unaudited revenue, primarily from recurring software sales. The $37 million acquisition, funded from CMG’s cash reserves, also includes additional funds equivalent to Sharp’s cash at closing.
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