Drillinginfo Acquires Pattern Recognition Technologies

Published: Dec 05 2017
Deal Summary

Drillinginfo, Inc., a developer and provider of solutions for the oil and gas industry, has acquired Pattern Recognition Technologies Inc. (PRT), a provider of energy forecasting services.

PRT is a provider of short-term power demand and price forecasts to the electric, gas, solar and wind markets, with an operating history of more than 20 years. The company’s forecasts help utilities, including 70% in North America, realize cost savings through operational efficiencies and hedging, while also providing insights to inform arbitrage opportunities for power traders. PRT specializes in using machine learning technologies to predict how much energy will be needed in an electricity market or by a load-serving entity such as a utility, municipality, retail or electric provider. It uses similar technologies to forecast power generation of renewable resources such as wind and solar farms. PRT's predictions cover various forecast horizons, spanning from hours ahead to several days and weeks out. These forecasts are used by customers to optimize their operational and energy transaction decisions.

This acquisition marks a significant addition to Drillinginfo's current offerings while diversifying its solution-focused capabilities in the energy industry.

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