Denver Business Journal
By Jackson Guilfoil
A software company that models oil and gas operations and that has an employee base in Denver has been acquired for an undisclosed price.
ResFrac, based in Palo Alto, simulates various oil and gas production techniques, like drilling and fracking, to help companies get the best possible return from their wells by digitally testing various designs. It was bought by Banneker Partners, a San Francisco private equity firm.
“This is something that we have been thinking about doing for the last probably year or two,” CEO Mark McClure said. “We’ve been running the company cash flow positive, growing just on our own cash flow for quite a few years … and we’ve kind of gotten to the point where we’ve built this really strong position in the market.”