Velentium sells oil & gas division to increase medtech focus
Velentium, an engineering firm that specialises in the design and manufacturing of therapeutic and diagnostic active medical devices, has sold oil & gas division to ADV Integrity, a Texas-based engineering consulting and business strategy firm primarily focused on serving the oil & gas pipeline industry.
Dan Purvis, chief executive officer of Velentium, said: “Since Velentium’s inception in 2012, the medical device design, development, and manufacturing part of our company has grown exponentially. While the oil & gas side of Velentium has historically been healthy and attractive, our strategic plan calls for us to further shift our attention to medical devices. As we make this pivot, we wanted to do right by our oil & gas clients and felt that they would be better served by an organisation dedicated to their needs. Chris Alexander has built a solid oil & gas services company with ADV Integrity, and will be able to provide a positive long-term path forward for our oil & gas-sector clients.”
Dr Chris Alexander, president and founder of ADV Integrity, said: “We’re excited about the addition of [Oasis Testing co-founder and Velentium Solutions senior program manager] Demetri White and the assets of Velentium Solutions. Our company is now better positioned to serve the needs of the upstream industry. We can combine the strengths of our existing full-scale test and materials labs, along with the capabilities of our materials and analysis groups, to support a larger client base.
“We also deeply appreciate the Velentium leadership, including co-founders Dan Purvis and Tim Carroll, for their approach to the transaction. They ensured that it was a win-win for both companies, as well as for the industries we serve.”
Velentium’s oil & gas sector had been a part of the company since its inception. The oil & gas practice primarily focused on high-pressure high-temperature (HPHT) test systems and automated monitoring for oil & gas, hydraulics, and pneumatics applications. Velentium previously acquired Oasis Testing in 2020, incorporating its expertise and assets into its existing oil & gas operations, dubbed Velentium Solutions. Velentium Solutions was able to develop HPHT test systems and services that serve the largest oil field service companies in the world. Its test engineers pioneered new methods of remote sensing, reporting real-time intelligence, and conducting enhanced data analytics with the potential to revolutionise what has largely been “black-box”, high-risk test activities.
Purvis added: “We are truly proud of everything our oil & gas Solutions team accomplished, and we're excited to see how ADV Integrity takes this ground-breaking work and builds on it into the future.
“With the sale of our oil & gas division, Velentium is narrowing its focus on our current and future medtech clients. Our wholehearted desire is to help them bring more innovative products to the market than ever before. It also provides further clarity for operational focus and future capital investment.”
Velentium’s oil & gas division represented approximately 5% of the company’s overall business.