On September 3rd, we announced that Geoforce had accepted a significant round of financing from Houston Ventures and Palmetto Partners, two of Houston’s most respected investment firms. For those who know me well, I thought I’d proactively address a few questions that are surely headed my way, such as:
Why now? Haven’t you always wanted to maintain full control of Geoforce, so that you can mold it into a company that excelled across the board?
You’ve made it into your sixth year without institutional equity investors, and the company is already financially sound. Has something changed?
Will anything at Geoforce be different going forward?
For Geoforce, the decision to manufacture the GT-1 domestically made the best sense for our business.
We are very proud of Geoforce’s recently released GT-1 Satellite GPS Asset Tracker’s superior ruggedness, global reach, as well as its revolutionary capabilities. And we are equally proud of another key difference between the GT-1 and other products on the market. It is designed and manufactured entirely in the United States.
As I’m sure you know by now, on September 1st Geoforce completed the acquisition of Sypes Canyon Communications.
It’s funny that Geoforce’s first acquisition would be a satellite device company, because, for years, I swore that we would never build our own hardware. I’ve always believed that the real value delivered is not in a piece of equipment – it comes in using the data to solve business problems for our customers. So it was always our intention to rely on outside partners to make the hardware we deploy, using a “best of breed” strategy.
So what changed? Well, in the end we simply were dissatisfied with the hardware products offered in the market to serve the Oil & Gas industry. We needed something that was more rugged, more global, in fact something revolutionary. The only way to do that was to have something built just for us.
I usually don’t get too excited about awards Geoforce receives, and we’ve received a number of them in the past couple of years, like Boston Strategies’ Oil & Gas Supply Chain Excellence Award, and LAGCOE’s Spotlight on New Technology Award. Don’t get me wrong, the recognition is nice, but most awards are somewhat subjective – and they aren’t necessarily an indicator of business success. Remember the company that won the coveted Malcolm Baldridge Quality Award some time ago, and then was bankrupt a few years after that?
We narrowly missed the Top Five companies, who were feted at a major event last Friday at the Tech Titans Gala at the Hilton Anatole. Ranking in that group would have been nice, but just missing out does have a couple of silver linings:
It gives us a great goal for next year.
That was one less business dinner we had to attend to keep us away from the kids (on a weekend no less).
I really do need to brag about the team a little bit. Each year, Geoforce has managed to double its business, and that would not be possible without an amazing team of people in every area: developers, business development and sales, operations, finance and administration. Kudos to the entire group, this recognition belongs to all of you.
John McNulty Joins Geoforce as Head of Software Product Development
It’s been an exciting and eventful first quarter of 2012 at Geoforce, Inc. We continued our rapid growth and added several meaningful new customers and added new functionality to our GPS asset tracking software platform. To manage these new opportunities, John McNulty has joined Geoforce as head of software product development. In this role, John oversees the strategy and development of the firm’s web-based software platform and products which integrate a range of wireless-based technologies.
John brings to Geoforce deep experience identifying, creating and delivering software products for high-growth mobile and telecommunications companies and has the management acumen to ensure we successfully bring to market the new products customers are seeking to expand their businesses. Continue reading →
Thanks for stopping by the new Geoforce blog. We are truly excited about the opportunity this forum will offer to interact with our customers around the world. Our team will use this blog to discuss technology, ideas and events that impact our industry, our company and our customers. We hope you will find the discussion insightful, engaging, and enjoyable.
For an opening topic, I’ll share the Geoforce Story.
Starting my career as a field engineer with Schlumberger, I experienced first-hand the need for real-time visibility of equipment and materials. Performing some of the early deep-water exploration in the Gulf of Mexico for BP required millions of dollars’ worth of equipment to arrive at the right rig – at the right time – or risk downtime that would cost my client as much as $400,000 per day. The job out there is tough enough without having to worry about where the equipment is and how it is doing. Any assets used must be properly maintained and rugged – without fail. Through these experiences, the concept for an enterprise-grade technology platform that could provide up-to-the-minute visibility of field equipment began to take shape. Continue reading →