Bluware Acquires Kalkulo AS

- Ottar Hovind, Director of Simula Innovation stated, "We look forward to the next stage of growth. There are many synergies with Bluware's current capabilities and together we will help tackle some of the biggest issues facing the energy market today, utilizing new digital technologies." "Kalkulo has continuously targeted the transformation of cutting-edge computational research into end-user value for geological and geophysical modeling. Empowered by Bluware's technology, we will tackle challenging problems, to the benefit of existing and new clients," says Dr. Are Magnus Bruaset, CEO of Kalkulo. "We are very excited about joining forces with Kalkulo. The quality of their team, technology, and clients fit perfectly with Bluware's strengths. There will be significant value created for our clients in this acquisition," commented Dan Piette, CEO of Bluware. Kalkulo's expertise in machine learning, data analysis, and computational modeling blend effectively with Bluware's focus to enable oil and gas companies to create business value from massive amounts of data. The value created by this acquisition brings to market a comprehensive and scalable software platform and interactive deep learning micro-services, along with consulting experience for E&P companies to accelerate their digital transformation initiatives. Kalkulo's staff will collaborate with Bluware in Oslo, Norway forming a local powerhouse, prepared to serve European clients with industry-leading expertise and technology. Renevo Capital Limited acted as the exclusive financial advisor to Kalkulo AS. About Bluware Corp.Bluware Corp. is a privately-owned company enabling oil and gas companies to drive business innovation utilizing artificial intelligence and machine learning for solving the most challenging objectives in the petrotechnical world. Bluware's Headwave software platform is being utilized by some of the biggest names in E&P to accelerate digital transformation and cloud initiatives. Visit www.bluware.com. About Kalkulo ASKalkulo was established in 2006 as a commercial subsidiary of Simula Research Laboratory. While the original mission for Kalkulo was to take care of the technology development connected to a comprehensive and long-term R&D collaboration with Equinor®, the business has grown to cover a diversified portfolio of clients primarily in the energy sector. While most of Kalkulo's work is in the oil and gas sector, contributing advanced methods for computational modelling and data analysis, we are also involved in creating software solutions for renewable energy and for environmental monitoring. Visit www.kalkulo.no. About Renevo Capital LimitedRenevo Capital Limited provides independent M&A and private capital advisory services to TMT clients. Renevo differentiates itself from competitors as the team comprises of former entrepreneurs, individuals that have run large divisions of corporates, and investment bankers. Visit www.renevocap.com. CONTACT: marketing@bluware.com