Geoforce, Inc., a Dallas, Texas-based provider of asset tracking solutions for the oil and gas industry, received a significant growth equity investment of undisclosed amount.
Backers included Houston Ventures and Palmetto Partners, which became minority shareholders and received representation on Geoforce’s Board of Directors.
The company intends to use the funds to expand its international operations to serve the global oil and gas industry, with a focus on Asia-Pacific and Europe, and other locations to follow, as well as to enlarge its product development team and its multi-national sales, marketing and customer support efforts.
Geoforce’s first international subsidiary, Geoforce do Brasil, was launched earlier in 2013, and is located in Macae.
Led by James MacLean, III, President and CEO, Geoforce provides equipment asset tracking & utilization solutions for the requirements of the oil and gas industry. It offers operational support services in all of the key North American Shale basins, the Gulf of Mexico, and other international producing regions. Customers include the major international oilfield services companies, mid-size and regionally-focused O&G operators, service providers, and equipment rental companies.
The company also has research and development offices in Bozeman, Montana.