Home » Oil and Gas Solutions » Merrick's Radio Frequency Identification (RFID) technology and assets have been acquired by AXON Energy Products (AXON).
Merrick's Radio Frequency Identification (RFID) technology and assets have been acquired by AXON Energy Products (AXON).
AXON ENERGY PRODUCTS ACQUIRES MERRICK RFID TECHNOLOGYaxonep.com
Houston, Texas (March 11, 2013) - AXON Energy Products (AXON) has recently closed on an agreement to acquire the Radio Frequency Identification (RFID) technology and assets of Merrick Systems, Inc. (Merrick), through its subsidiary, AXON Tubular Products, Inc.
The acquisition of the Merrick RFID technology and assets is a strategic fit and further demonstrates AXON's commitment to developing RFID technology for managing oilfield drilling assets, as well as, becoming a leading manufacturer for upstream oilfield equipment. Currently, AXON engineers, manufactures, and provides premium thread connections for drilling tubulars, as well as, RFID tag products, asset management services and software for the oil and gas drilling sector.
"Merrick's Diamond RFID tag suite has gained worldwide recognition and interest. Combined with AXON's market access and experience, the technology can foster AXON's goal of becoming the industry's leading global provider of rugged RFID-based solutions. This would also further establish RFID as the preferred technology for managing equipment and tubulars that are regularly subject to extreme oilfield conditions," stated Kemal Farid (CEO, Merrick).
The combined comprehensive product lineup, in addition to engineering and support capabilities, result in the resource base necessary to provide global oilfield RFID solutions. AXON's new RFID team will be led by Daniel Pacheco (President, AXON Tubular Products) and Ian Binmore (Vice President of RFID Products).
"We are excited about further expanding our product line to provide greater value to our customers. The RFID technology, along with our internal, technology-focused product growth, will certainly help AXON in meeting the growing demands of our dynamic industry," said Gary Stratulate (CEO, AXON Energy Products).
RFID technology allows companies to manage and optimize oilfield assets and equipment used in onshore, offshore, surface, and drilling oilfield operations. Components and assets can be managed throughout their life cycle - from raw material, through manufacturing, distribution, deployment, maintenance, inspection, certification, and redeployment. This complete visibility into the asset history and usage helps increase operational efficiency, leads to significant cost and time savings, and reduces health, safety and environmental risks.
Merrick is an experienced global market leader providing Production Management & Accounting, and Reservoir Information software to the oil and gas industry. For 20 years Merrick has partnered with leading exploration and production companies, to provide energy professionals and companies with the data they need, timely and accurately, to manage their production, assets, and operations, daily and monthly, through comprehensive and innovative offerings.
Headquartered in Houston, Merrick is partnering with customers in the US, Americas, Europe, MENA, and South East Asia - and serving their needs as they grow and expand. Merrick is a portfolio company of HitecVision, a leading private equity investor providing capital and competence to growth companies in the oil and gas sector in Europe and North America. To learn more, visit www.MerrickSystems.com.
Headquartered in Houston, Texas, AXON is a global oilfield equipment company specializing in pressure products, well intervention products, drilling products, rig concept and design, downhole products, and tubular products. AXON is a growth stage investment partnered with HitecVision, a leading private equity investor in the European and North American oil and gas sector. For more information regarding this transaction, please contact Jeff Merecka (Chief Financial Officer, AXON Energy Products) at 832.581.4100. axonep.com