Velentium and ADV Integrity Announce Sale of Oil & Gas Division
ADV Integrity’s acquisition enables Velentium to focus on medical device design, development, and manufacturing.
HOUSTON, February 01, 2023--(BUSINESS WIRE)--Velentium, a professional engineering firm that specializes in the design and manufacturing of therapeutic and diagnostic active medical devices, today announced the sale of its oil & gas division to ADV Integrity, a Texas-based engineering consulting and business strategy firm primarily focused on serving the oil & gas pipeline industry.
"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 organization dedicated to their needs," said Dan Purvis, chief executive officer of Velentium. "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."
"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," said Dr. Chris Alexander, President and Founder of ADV Integrity, Inc. "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," Alexander added. "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 actively 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 revolutionize what has largely been "black-box", high-risk test activities. "We are truly proud of everything our oil & gas Solutions team accomplished, and we're excited to see how ADV Integrity takes this groundbreaking work and builds on it into the future," Purvis added.
"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," Purvis explained. "It also provides further clarity for operational focus and future capital investment."
Velentium’s oil & gas division represented approximately five percent of the company’s overall business.
Velentium is a Houston-based professional engineering firm specializing in the end-to-end design, development, manufacturing and post-market support of therapeutic and diagnostic active medical devices. The company's core competencies include active implantable medical devices, systems engineering, firmware & software, cybersecurity, mobile & cloud, electrical & mechanical engineering, human factors & usability, automated test systems, and CGMP manufacturing. With customers all over the world, Velentium has experience working with all sizes of clients, ranging from startups seeking seed funding to established Fortune 500 companies.
About ADV Integrity
ADV Integrity, Inc. (ADV) is a Houston-based engineering consulting firm focused on providing custom-engineered solutions for asset integrity assessment and management of onshore and offshore oil & gas equipment. They serve clients in the upstream, midstream, and downstream sectors. ADV seamlessly integrates full-scale testing, numerical modeling, metallurgy, and failure analysis to assess, validate, and predict mechanical performance of critical components and pipeline integrity. ADV’s full-scale testing allows oil & gas operators better understanding and interpretation of system capacities, including the influence of material properties, loads, and threats on pipeline system performance. As pipeline integrity subject matter experts, ADV has worked with operators from around the world to help them quantify the effects of threats on the integrity of their critical systems.
In addition to ADV’s pipeline operator clients, the company works with small and large technology companies to validate their technologies. ADV clients include advanced inspection companies, repair and rehabilitation technologies, manufacturers, tool companies, and consulting companies seeking to validate their numerical analysis results.
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