A multinational oilfield service company has acquired Cygnet Software of San Luis Obispo.
Weatherford International Ltd., a Swiss-based provider of mechanical solutions, technology and services for the drilling and production sectors of the oil and gas industry, acquired the company last month, expanding its presence to more than 350,000 wells worldwide.
Weatherford operates in more than 100 countries and employs more than 55,000 people.
“This represents a significant addition to our ability to provide a complete solution for unconventional resources,” said Dharmesh Mehta, vice president of production systems for Weatherford, in a prepared statement. “We can now provide a complete optimization solution to all shale producers around the world as well as provide integrated optimization to Cygnet’s existing clients.”
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Founded in 1994 by two PG&E engineers, Tom Black and Jeff Brady, Cygnet helps many of North America’s top oil and gas companies manage huge amounts of data. In a 2010 Tribune story, Cygnet President and CEO Chris Smith said the company, located in Railroad Square, experienced double-digit growth. At the time, the company had more than 70 employees.
Cygnet referred calls to Weatherford International, which did not respond to The Tribune.
Smith said in a news release that the acquisition “delivers the institutional horsepower necessary to propel Cygnet into both the international market and liquids product segments.” He also noted that the company is “excited about the areas of growth and the ongoing value to be delivered to our clients.”