Geospace Technologies announced that it has acquired from PGS Americas Inc. all intellectual property and related assets of PGS’s OptoSeis fiber optic sensing technology business. Geospace intends to retain PGS’s employees and will continue operating the business in Austin, Texas.
Terms of the transaction include an initial cash payment at closing of $1.8 million and contingent cash payments of up to an additional $23.2 million over a five-and-a-half-year earn-out period. The contingent cash payments will be derived from revenues generated during the earn-out period from products and services utilizing the OptoSeis fiber optic technology.
Geospace Technologies Corp. designs and manufactures seismic instruments and equipment primarily for the oil and gas industry to locate, characterize, and monitor hydrocarbon-producing reservoirs.