CGG Sells its GeoSoftware Business to Topicus.com and Vela Software
Paris, France | Jul 30, 2021
CGG S.A. (“CGG”) and Topicus.com Inc. (“Topicus”) (TSXV: TOI) announced today that CGG has entered into an agreement with Topicus and Vela Software (“Vela”), for the sale of CGG’s GeoSoftware business (“GeoSoftware” or the “Company”). The closing of this transaction remains subject to mutually agreed closing conditions.
“Being a perpetual owner of businesses, Topicus and Vela look forward to maintaining the standard of excellence that CGG has instilled in the Company’s solutions," said Gabor Czegledy, CEO of Vela’s Energy Portfolio and Han Knooren, Group CEO of the TSS operating group within Topicus. "We are excited to welcome GeoSoftware and its employees, for the long term, into our portfolio. The GeoSoftware business will be owned jointly by Topicus and Vela, with Topicus owning 60% and Vela 40%”.
Sophie Zurquiyah, CEO, CGG, said: “GeoSoftware has a leading position in its market niche. We believe that Topicus and Vela, being software focused companies with a permanent hold philosophy, will be a great home for the business and its employees. We expect that together they will further invest and develop the GeoSoftware product suite, allowing the Company to grow its offerings and continue its success”.