FPE Capital secures successful exit from Ikon Science in sale to Great Hill Partners

LONDON, UK, October 12, 2018 – Ikon Science Ltd., the leading subsurface Geoprediction software provider, announced today that it has secured investment from Great Hill Partners, a leading Boston-based private equity firm focused on investments in high growth technology companies. Ikon is a leading provider of subsurface geoprediction software to the largest upstream oil and gas producers in the world, helping its customers to reduce operational risk, improve cost efficiency and make better investment decisions. It has a deep history of product innovation and its flagship products, RokDoc and JiFi, are seen as best in class in the industry. The new investment sees FPE Capital and Tullow Oil successfully exit following a period of strong growth.

Christopher Gaffney, Managing Partner at Great Hill Partners, and Eric Ahlgren, Vice President at Great Hill Partners, will join the Ikon Science board alongside Martyn Millwood Hargrave, Founder and Chairman, and Mark Bashforth, CEO.

“We are enthusiastic about our new investment in Ikon Science”

“The company is growing fast while maintaining profitability, a combination that attests to the quality of its products, data, and employees. In the fast evolving market of data driven solutions for subsurface GeoPrediction, we see a significant growth opportunity for Ikon Science and its software platform, and expect that with its current track record, strong product innovation and efficient operations they will continue to lead the industry.”

said Managing Partner Christopher Gaffney.

“We are very excited about this new chapter in Ikon Science’s growth story,"

”The company will continue to focus on delivering value to our blue chip customer base of IOC’s Independents and NOC’s. We are also investing heavily in growing and improving our data analytics and ML capability, and in product innovation to deliver high quality results where and when our customers need it. We look forward to working with Great Hill Partners to accelerate our growth and deliver competitive advantage.”

said Mark Bashforth CEO.

David Barbour, Managing Partner of FPE Capital, commented

“It has been a pleasure working with Martyn and Mark at Ikon Science. We are delighted to have supported the team in aggressively building share in the geophysical software market. This market continues to go through significant structural change and we wish them well for the future as they continue their growth.”

Houlihan Lokey served as financial advisor and Shoosmiths LLP as legal advisor to Ikon Science.

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For further information, please contact:

For Ikon Science:

Martyn Millwood Hargrave +44 (0) 20 8943 1122

Mark Bashforth +1 713 914 0300

For Great Hill Partners:

Chris Gaffney +1 617 790 9400

For FPE:

David Barbour, FPE Capital +44 (0)20 3912 8801

Reg Hoare, Managing Director, MHP Communications +44 (0)20 3128 8793

Kelsey Traynor, Associate Director, MHP Communications +44 (0)20 3128 8215

About Ikon Science

Ikon Science provides comprehensive software technology and consulting services that increase the value of oil and gas reserves while reducing drilling costs and operational uncertainty. Through its RokDoc software platform and integrated geoscience consulting business, Ikon Science brings the expertise and innovation required to build knowledge and confidence in sub-surface decision-making, predicting safer, cheaper and more efficient exploration, reservoir optimization and drilling. https://www.ikonscience.com

About Great Hill Partners

Great Hill Partners is a Boston-based private equity firm that has raised over $5 billion in commitments since inception to finance the acquisition, recapitalization, or expansion of growth companies in the communications, financial technology, healthcare, information services, Internet, media, retail, consumer, and software industries. Great Hill targets investments of $25 million to $200 million. For more information, visit www.greathillpartners.com.

FPE Capital

FPE Capital is a growth-focused private equity investor in the UK lower mid-market. It targets businesses with recurring revenues that offer significant growth potential in large markets undergoing structural change. It is authorised and regulated by the Financial Conduct Authority. www.fpecapital.com