M&A Deal Summary

Spike Exploration Acquires BRIDGE Energy Group

On November 14, 2013, Spike Exploration acquired information technology company BRIDGE Energy Group from Lime Rock Partners and Updata Partners for 164M USD

Acquisition Highlights
  • This is Spike Exploration’s 1st transaction in the Information Technology sector.
  • This is Spike Exploration’s largest (disclosed) transaction.
  • This is Spike Exploration’s 1st transaction in the United States.
  • This is Spike Exploration’s 1st transaction in Massachusetts.
Investment Fate
  • BRIDGE Energy Group was divested to a consortium of strategic buyers in 2019.

M&A Deal Summary
Date 2013-11-14
Target BRIDGE Energy Group
Sector Information Technology
Buyer(s) Spike Exploration
Sellers(s) Lime Rock Partners
Updata Partners
Deal Type Add-on Acquisition
Deal Value 164M USD

Target

BRIDGE Energy Group

Marlborough, Massachusetts, United States
BRIDGE Energy Group, Inc. is a provider of operational technology (OT), Information technology (IT) and domain consulting and systems integration expertise to improve their grid reliability, work, and asset management and customer operations. BRIDGE Energy Group was founded in 2004 and is based in Marlborough, Massachusetts.

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Buyer(S) 1

Buyer

Spike Exploration

Stavanger, Norway
Category Company
Founded 2012
Sector Oil/Gas Exploration
DESCRIPTION

Spike Exploration is an independent E&P company that will pursue exploration and appraisal opportunities in the North Sea. Spike Exploration was founded in 2012 and is based in Stavanger, Norway.

DEAL STATS #
Overall 1 of 1
Sector (Information Technology) 1 of 1
Type (Add-on Acquisition) 1 of 1
State (Massachusetts) 1 of 1
Country (United States) 1 of 1
Year (2013) 1 of 1
Size (of disclosed) 1 of 1
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2019-06-03 BRIDGE Energy Group

Marlborough, Massachusetts, United States

BRIDGE Energy Group, Inc. is a provider of operational technology (OT), Information technology (IT) and domain consulting and systems integration expertise to improve their grid reliability, work, and asset management and customer operations. BRIDGE Energy Group was founded in 2004 and is based in Marlborough, Massachusetts.

Sell -

Seller(S) 2

SELLER

Lime Rock Partners

Westport, Connecticut, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1998
PE ASSETS 10.4B USD
Size Mega
Type Sector Focused
DESCRIPTION

Lime Rock Partners is a private investment firm focused on growth capital investments in the energy industry. Specifically, Lime Rock looks for companies engaged in exploration & production, energy service, and oil service technology in North America and Europe. Lime Rock's target investment size is $50 to $150 million in businesses valued up to $500 million. Lime Rock Partners was formed in 1998 and is affiliated with Lime Rock Resources. Lime Rock Partners has offices in Westport, Connecticut; Aberdeen, Scotland; and Houston, Texas.

DEAL STATS #
Overall 25 of 62
Sector (Information Technology) 1 of 2
Type (Add-on Acquisition) 11 of 25
State (Massachusetts) 1 of 1
Country (United States) 11 of 29
Year (2013) 6 of 6
Size (of disclosed) 9 of 15
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2013-10-09 Black Shire Energy

Calgary, Alberta, Canada

Black Shire is an oil and gas producing company focused on the acquisition and exploitation of mature conventional assets in Western Canada. Led by Suzanne West, its first project is the Provost oil field in eastern Alberta.

Sell $358M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2013-12-01 Augustus Energy Partners II

Billings, Montana, United States

Augustus Energy Partners II is an oil and gas producing company focused on the acquisition and development of properties in the Rocky Mountain region. Augustus Energy Partners II is based in Billings, Montana.

Buy -
SELLER

Updata Partners

Washington, District of Columbia, United States

Investor Investor Investor Investor Investor

Category Growth Capital Firm
Founded 1998
PE ASSETS 1.5B USD
Size Middle-Market
Type Sector Focused
DESCRIPTION

Updata Partners is the investment affiliate of Updata Advisors, an East Coast US based investment bank. Updata Partners looks to invest in growth oriented information technology businesses from early-stage to buyout, with revenues up to $50 million. Updata Partners typically invests between $15 and $100 million as a lead or co-lead investor. Within information technology, Updata has specific interest in; infrastructure software, physical and digital security, storage software, educational software, internet and interactive technology, media and wireless infrastructure and services, financial technology software, retail technology, business intelligence, subscription-based and on-demand information services, and business services. Updata Partners was formed in 1998 and is based in Washington DC.

DEAL STATS #
Overall 21 of 45
Sector (Information Technology) 4 of 9
Type (Add-on Acquisition) 16 of 32
State (Massachusetts) 3 of 5
Country (United States) 21 of 41
Year (2013) 3 of 4
Size (of disclosed) 7 of 10
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2013-08-20 Alert Logic

Houston, Texas, United States

Alert Logic is a provider of network, system, and application SaaS solutions for customers of hosting and cloud service providers. Alert Logic was founded in 2002 and is based in Houston, Texas.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2013-12-20 ForeSee Results

Ann Arbor, Michigan, United States

ForeSee Results, Inc. is a provider of software solutions to retail, financial services, utilities, and the public sector to measure and benchmark a 360-degree view of the customer across every touchpoint in digital, location, and contact center. ForeSee Results was founded in 2001 and is based in Ann Arbor, Michigan.

Sell -
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