iLandMan Sale to P2
a leading cloud-based land and lease management software provider
has been acquired by
a leader in upstream oil and gas software
Background
- Evangeline Securities (“Evangeline”) and Whitehawk Advisory (“Whitehawk”) were engaged by iLandman (“iLM”), an industry leading cloud-based land management software, to identify potential acquirers that could pay a premium valuation
- iLandMan developed their software through years of experience operating oil and gas production and land broker companies. The software was built to address the needs they encountered as operators of a small E&P company
- iLandMan is a SaaS-based, real-time tract- and formation-based software that provides complete access to all company projects, along with maps and reports that both increase efficiency and eliminate wasteful duplication of effort
Process
- After performing a full valuation analysis for iLandMan, Evangeline and Whitehawk targeted a select group of strategic competitors in the land management software space
- The auction process proved extremely successful, leading to multiple term sheets from competitors in the industry, thus allowing iLM to garner a premium valuation despite its smaller size and customer base
Result
- P2 Energy Solutions successfully completed the acquisition of iLM
- Per the deal announcement, iLM President Tim Supple remarked “iLandMan brings a deep set of capabilities that complements P2’s production, accounting, data, and land management offerings. We look forward to continuing our track record of innovation and customer success as part of P2”