Petrosys said that joining the Vela family, a subsidiary of TSX-listed Constellation Software, would open up a "new phase of growth" allowing stronger penetration of new markets, faster software development and more innovative research and development. 

 

It also provides access to a broad pool of management expertise and software development skills.

 

Vela tends to allow acquired companies to operate as stand-alone entities.

 

Petrosys founder Volker Hirsinger, who will continue in his role as vice president Americas, said the move would also bring longevity to his company's brand, products and customers in the oil and gas market.

 

"It will provide us with opportunities to thrive, whilst being able to enhance the Petrosys brand values of industry-leading technology and service that clients have come to trust," Dr Hirsinger said.

 

His continued role will now allow him the opportunity to engage more closely with Petrosys clients and partners in the Americas.

 

Vela vice president Damian McKay said that adding the Petrosys brand, product suite and knowledge base gave it a flagship brand and identity in the oil and gas sector. 

 

"By combining Petrosys domain knowledge, with the presence and the strength of the Vela group, we are excited about organic growth opportunities and this is the first of many acquisitions in the oil and gas market space," McKay said.

 

The Petrosys software suite produces maps and surface models and manages seismic, well, geoscience and other specialised data used in the search for oil and gas at more than 300 sites around the world.

 

Vela acquires, manages, and builds mission-critical vertical market software businesses globally, working with its companies to improve operations, grow through organic initiatives and acquire businesses that can strengthen market positioning.

 

Constellation Software has six operating groups that provide software for more than 80 vertical markets, with consolidated revenues exceeding $US2 billion ($A2.5 billion) with more than 11,000 employees across more than 250 offices worldwide.