P2 Energy Solutions
| Company type | Private |
|---|---|
| Industry | Software, Oil and gas |
| Founded | 1999 |
| Headquarters | Denver , United States |
Area served | Upstream and midstream oil and gas industries, alternative energy sectors |
Number of employees | 700 (2011) |
| Parent | IFS AB |
P2 Energy Solutions specializes in delivering software for financial and accounting management, geospatial information, land asset oversight, well lifecycle administration, environmental health and safety compliance, along with outsourcing services tailored to upstream and midstream oil and gas industries as well as alternative energy sectors.
The company is headquartered in Denver, Colorado and maintains offices in Houston, Texas, Calgary, Alberta, Fort Worth, Texas, San Antonio, Texas, Livingston, New Jersey, Tampa, Florida, Dubai, UAE, Tunis, Singapore, and Perth, Australia. As of 2011, P2 employed nearly 700 staff members. Previously held privately under Vista Equity Partners' portfolio, the enterprise was purchased by Boston-based private equity firm Advent International on October 7, 2013.
History
Established in 1999 under the name Energy Auction Exchange with the goal of improving efficiencies in the upstream petroleum sector through Internet solutions, the company soon acquired Houston’s Oil & Gas Asset Clearinghouse. It subsequently rebranded as Petroleum Place to position itself as a vertical portal within the industry.
In 2000, Petroleum Place secured about $100 million from venture capitalists and strategic petroleum investors but postponed its initial public offering plans due to waning enthusiasm in the Internet market.
The company began expanding via acquisitions starting with Paradigm Technologies—creator of the Excalibur accounting and ERP platform for independent upstream operators—followed by Novistar (previously Oracle Energy). These entities were consolidated into what became P2 Energy Solutions.
Growth continued in 2011 with the procurement of Explorer Software Solutions, WellPoint Systems, and Beyond Compliance. In 2013, P2 completed its acquisition of ISS Group Ltd., an Australian publicly traded company, finalizing the transaction by August.
In April 2014, Léo Apotheker, former CEO of SAP, joined P2’s board of directors. Later that year in November, P2 revealed intentions to acquire Merrick Systems.
Most recently in November 2022, P2 was acquired by IFS AB, after which its product offerings were rebranded under IFS Energy & Resources.