Remember back to January of 2017 when McCoy bought 3PS from Pason.
So it's interesting to note that Pason appears to be reinterested in the same area of the business - automating workflows and processes at live well operations as then . This is from their (Pason) quarterly release today.
Additionally, in the second quarter, the Company increased its minority investment in Intelligent Wellhead Systems Inc. (IWS) and acquired a portion of outstanding common shares for total cash consideration of $7.1 million. IWS is a privately-owned oil and gas technology and service company that provides engineered controls, data acquisition, and software to automate workflows and processes at live well operations in the completions segment of the oil and gas industry. The Company's initial minority investment was made in 2019, and consisted of total consideration of $25.0 million. The investment consisted of initial cash consideration of $10.0 million and $15.0 million payable in three separate $5.0 million put options, exercisable at IWS' discretion for a period of up to three years. The first $5.0 million put obligation was exercised in the third quarter of 2020, while the second was exercised during the second quarter of 2021 to fund IWS' recent growth.