Scottish-American software and energy company Ziyen Inc. has announced its move to new office premises in Aberdeen as plans for international growth in the oil and gas industry gather pace.
Founded last year in San Diego, California, by Inverness-born Alastair Caithness, the tech business is on track to be listed on the NASDAQ Stock Market in early 2018 – pending approval of its initial public offering (IPO).
The firm, which also has a satellite office in Inverness, will support the Granite City operation with the appointment of experienced industry figures who are expected to be announced in the coming weeks.
The move to the new facility at Aberdeen Innovation Park, Balgownie Drive follows the recent $36million acquisition of an oil well in mid-western United States, and the creation of a new division: Ziyen Energy.
Located in Evansville, Indiana, the asset consists of six separate wells – each producing oil which will be extracted by using the latest in sustainable technology.
The multimillion-dollar deal allows Ziyen to trade as a petroleum company, rather than as a software firm – making the company more attractive to potential investors and shareholders – whilst simultaneously aiding expansion within the United States energy market.
Alastair Caithness, the company’s CEO, worked in Aberdeen for several years prior to relocating to California. He commented: “With a record number of Scottish companies actively looking to enter the global market, both in the United States and other oil-producing regions, it is perhaps surprising to see a company like Ziyen moving in the opposite direction. However, we see enormous potential for our service offering in the UK, particularly around new technology.
“The Aberdeen office gives us a fantastic platform for growth, both in Scotland and internationally. Of course, the oil and gas industry is much-changed in recent years but we are confident that there are still opportunities out there for companies with the right skillset and solutions.
“We are targeting stock market entry for Ziyen with an IPO in 2018. With just over 100 companies going public in the United States last year, acquiring our own asset in Indiana will allow us to list with the NASDAQ, NYSE or OTCQX exchanges with a higher share price, and compete directly for investment with several well-known, household names.”
Ziyen was founded in 2016 to develop cutting-edge procurement software that would provide clients with both government and private contracts from a specific industry via procurement portals.
The company’s long-standing aim is to develop streamlined technology and facilitate the process by which customers can access procurement information and contracts on a global scale.
In 2017, Ziyen diversified to create a specialist energy division, Ziyen Energy, which aims to produce oil in the United States with advanced extraction methods and technology implemented and guided by career experts in the oil and gas industry.