Petrotechnics

In 1989, from a back bedroom in Aberdeen, Scotland, Phil Murray launched Petrotechnics with a clear mission: to keep people safe in hazardous industries. The company started small, with just two employees developing its initial software. Petrotechnics focused on creating solutions to help companies in sectors like oil and gas, chemical, and rail make better-informed operational decisions and reduce risk. Their software provided tools for visualizing operations and managing frontline risk mitigation through systems like electronic permits to work. The company's journey involved steady growth and strategic expansion. By offering both software and expert consulting services, Petrotechnics established a global reputation. A significant turning point came in 2013 when the Business Growth Fund (BGF) invested £6 million, taking a minority stake to fuel an aggressive global growth strategy. This investment helped the company scale, even during downturns in its core oil and gas market. After years of building a strong customer base and superior technology, Petrotechnics caught the eye of a larger player. In January 2019, the company was acquired by Sphera, a U.S.-based global provider of Integrated Risk Management software. The acquisition was a strategic move for Sphera, allowing it to integrate Petrotechnics' robust operational risk software into its own suite of products, extending its capabilities from risk identification to mitigation. At the time of the sale, CEO Phil Murray was the majority shareholder.