An overview of our sell-side M&A services
Rose Acquired by CMG
The addition of Rose to CMG expands the company’s subsurface risk and resource assessment capabilities, providing operators with deeper probabilistic analysis and technical expertise to support more informed exploration and development decisions.
Peter Carragher ,
Managing Partner, Rose
SEG guided Rose expertly, and with patience and good humor, through the complex transaction that met our strategic goals. This was a thorough process involving the key steps of generating wide interest, issuing many CIMs, and managing the pre-LOI process to reach an exclusivity period. SEG then guided us through the post-LOI SPA / Disclosures and numerous legal steps need to get to close. They negotiated a myriad of points on our behalf and coordinated all the players. Great service – we could not have done this without them.”
- Peter Carragher, Managing Partner, Rose
SEG served as exclusive advisor to Rose
Client Description
The company
Rose Subsurface Assessment has set the industry standard in probabilistic resource assessment and subsurface risk analysis solutions, helping operators make better risk-informed decisions.
The solution
Its flagship software, Geo Risk Analysis Studio, provides probabilistic analysis capabilities that support exploration prospects, development planning, and portfolio management workflows across oil and gas and carbon capture and storage projects.
Headquarters
Houston, TX
Backed By
Alpine Software Group (ASG), a fast growing software business that buys and builds market leading vertical SaaS companies. ASG is backed by Alpine Investors.
Investor Description
The company
Computer Modelling Group is a global software and consulting company that combines science and technology with deep industry expertise to solve complex subsurface and surface challenges for the new energy industry around the world.
Headquarters
Alberta, Canada
PRESS RELEASE OVERVIEW
SEG Client, Rose, Acquired by CMG
March 25, 2026 — Computer Modelling Group Ltd. (“CMG” or the “Company”) (TSX: CMG) today announces that it has acquired Rose Subsurface Assessment (“Rose”), a globally recognized provider of probabilistic subsurface risk analysis and resource assessment software, training, consulting, and operator consortium services for the global exploration and production industry.
Software Equity Group (SEG) served as the exclusive financial advisor to Rose.
Key Acquisition Highlights
• Purchase consideration USD $9.8 million, consisting of USD $8.8 million paid in cash at closing, plus an amount equivalent to Rose’s cash on hand immediately prior to closing, with the remainder subject to a customary holdback, and a potential earn out of up to USD $2.5 million tied to performance milestones
• Trailing twelve-month (TTM)1 revenue approximately USD$6.8 million
• Recurring revenue2 represents over half of total revenue
• Peter Carragher, currently Managing Partner at Rose, to be appointed as General Manager
“Rose is a recognized leader in probabilistic subsurface risk assessment, trusted by operators around the world for its rigorous methodology and decades of calibration,” commented Pramod Jain, Chief Executive Officer, CMG. “In welcoming Rose to CMG, we’re expanding our geoscience capabilities with a solution that is both scientifically robust and highly respected in the market. Rose’s software and expertise complement CMG’s seismic and reservoir simulation solutions in the operator workflow, creating a natural extension of our offerings. Its deep customer relationships and compelling software adoption potential make this an exciting acquisition for us. We are very pleased to welcome the Rose team to CMG.”
Peter Carragher, Managing Partner at Rose, commented, “We are incredibly proud of the business and the community of clients we’ve built over many years. What makes this next step meaningful is that both Rose and CMG are recognized for working closely with customers and delivering a level of service and expertise that sets us apart in the industry. Our shared commitment to deep technical engagement and responsive support creates a strong foundation for the future, and we see significant opportunity to extend that impact as part of CMG.”
About Rose
For decades, Rose has set the industry standard in probabilistic resource assessment and subsurface risk analysis. Its flagship software, Geo Risk Analysis Studio, enables a key piece of the subsurface workflow and enables operators to make better risk-informed decisions on exploration prospects, development planning, and portfolio management in both oil and gas and carbon capture and storage projects.
Rose operates two proprietary operator consortiums with over 30 members each, providing access to 25 years of calibration data and peer benchmarking. In addition, Rose offers specialized training programs grounded in its statistical methodology, as well as consulting services that support operators in applying Rose’s approach within their subsurface workflows.
For more information, http://www.roseassoc.com.
About CMG
CMG (TSX: CMG) is a global software and consulting company that combines science and technology with deep industry expertise to solve complex subsurface and surface challenges for the new energy industry around the world. CMG is headquartered in Calgary, AB, with offices globally. For more information, visit http://www.cmgl.ca.