Name

Carina Software Group

Legal name

Carina Software Group

Website

https://carinasw.com

Company type

Private

Founded year

2017

Operating status

Operating

Headcount range

11–50 employees

Ownership category

akta.pro rank

Product category

Vertical Market Software (Energy Sector)

NAICS

Software Publishers (51321)

SIC

Services-Prepackaged Software (7372)

akta.pro primary industry

Software/Application Support (SaaS, Enterprise Apps) (BPAAACAC)

Keywords

• Vertical market software
• Energy sector software
• Acquisition holding company
• Subsurface data management
• Oil and gas software

Headquarters

HQ city

Toronto

HQ country

Canada

HQ region

North America

Offices23 records

Markets served

GTM type

B2B

Offering type

Software

Cost components

Personnel, Technology or R&D, Marketing or Sales, Operations, Infrastructure

Revenue model

1. Software Subscriptions and Licenses (Portfolio Companies): Carina generates revenue through its portfolio of vertical market software companies, primarily via recurring software subscriptions and licenses. Portfolio companies serve the energy sector with mission-critical software. Acquisition criteria specify that target companies should have 30%+ recurring revenue (platform acquisitions) or 50%+ recurring revenue (tuck-in acquisitions), indicating the revenue model is heavily weighted toward recurring streams.
2. Professional Services and Consulting: Portfolio companies such as Interica, ProPeople, and Envirosoft provide professional services and consulting alongside their software products. Interica provides consultancy and data management services. Envirotech's Environmental Management Division offers consulting and implementation services related to emission studies, management and reporting compliance. These services are a secondary revenue stream complementing software subscriptions.
3. Acquisition-Driven Growth: Carina grows primarily through acquiring software companies rather than organic product development alone. The company buys and holds software businesses permanently, generating returns through the operational performance and growth of the acquired portfolio. Constellation Software (parent) has completed over 500 acquisitions since 1995 and typically completes over 100 per year, with $223M in completed acquisitions recorded in Q3 2023 alone.

Go-to-market motion3 records

Distribution channels2 records

Marketing channels4 records

Core offering

Carina Software Group is a buy-and-hold-forever acquisition holding company that acquires, equips, and enables vertical market software companies serving the energy sector. Rather than offering a single unified product, Carina owns and operates a portfolio of 20+ specialized software brands (including RokDoc, Petrosys, MOSAIC, Envirosoft, Navarik, CEI/PRG, SeaRoc, and Ikon Science) that provide mission-critical software for oil & gas exploration, production accounting, emissions compliance, subsurface data management, pressure vessel design, marine operations, and renewable energy to enterprise customers globally.

Product overview

Carina Software Group is a buy-and-hold-forever acquisition company that owns and operates a portfolio of vertical market software businesses serving the energy sector. Rather than offering a single unified product, Carina operates as an aggregator of specialized software companies including: IKON Science (RokDoc geopredictive platform, Curate data management), Petrosys (subsurface data management), Interica (PARS archive solutions), Navarik (inspection management), Omnira Software/MOSAIC (reserves management), Verdazo (visual analytics), Envirosoft/NEMS (emissions compliance), CEI/PRG (pressure vessel design), and 15+ other specialized companies covering oil & gas, forestry, geospatial analytics, and marine operations. Each portfolio company operates independently while benefiting from shared resources, capital, and the Constellation Software infrastructure.

Differentiator

Problem solved

Functional benefit

Products and services

• RokDoc (Ikon Science) Geopredictive software providing rock physics, reservoir characterization, pore pressure prediction, and geomechanics capabilities for subsurface discovery and production optimization. Used by oil & gas exploration teams.
• Curate (Ikon Science) Next-generation subsurface well and seismic data management platform providing integrated data workflows for oil & gas operators.
• Ascertra Information management software for projects and asset operations, ensuring teams use reliable information and documents to design, construct, and operate complex assets in the energy sector.
• CEI Software (DesignCalcs and ProWrite) Pressure vessel design and welding compliance software including DesignCalcs for pressure vessel design using industry body code calculations, and ProWrite for welding procedure documentation and welder management supporting ASME and AWS compliance.
• Envirosoft Oil and gas emissions compliance management and ESG reporting solutions including integrated software suite and expert consulting services for environmental, regulatory, and compliance needs.
• Geoactive Interactive petrophysical well data interpretation and correlations software for the energy sector.
• GeoSoftware Geophysical and petrophysical interpretation and modeling software solutions for reservoir characterization.
• Interica / PARS Oil and gas subsurface data management software and consultancy services with industry-leading PARS archive solution for information management.
• Navarik Oil and gas inspection management SaaS platform for cargo inspection management, automating standardization and business intelligence for oil loss claims and inspection firm performance.
• NEMS Environmental reporting software and management systems for offshore oil and gas operations, helping clients reduce emissions and stay compliant with environmental targets.
• MOSAIC (Omnira Software) Integrated petroleum economic, decline analysis, reserves management, and budgeting solution enabling oil and gas companies to achieve greater standardization, faster execution, and improved productivity from projects to corporate reporting.
• Petrosys Subsurface data management software that connects, manages, processes, and maps subsurface data (seismic, well, geoscience) enabling trusted, interoperable workflows across complex global energy environments. Used at over 300 sites globally.
• Paulin Research Group (NozzlePro, FEPipe, FEATools) Finite Element Analysis software products including NozzlePro, FEPipe, and FEATools serving the pressure vessel and piping industries to reduce material and labor costs while increasing safety and reliability.
• ProPeople On and offshore scheduling software reducing risk of complex staff scheduling based on competence, skills, and availability for oil and gas operations.
• SeaRoc / SeaPlanner / SitePlanner Onshore and offshore marine personnel and operations software including SeaPlanner for offshore wind projects (supported 31 offshore wind projects with 24,000+ personnel and 500 subcontractors) and SitePlanner for land-based construction and site management.
• Verdazo Analytics Visual analytics software integrating any data source and providing advanced analytics capabilities for diagnostic, multivariate, and predictive analyses in oil and gas production enhancement.
• ConiferSoft Forest management and lumber software providing fit-for-purpose ERP solutions specialized for the forestry industry.
• Maron Systems Oil logistics, accounting, and shipping management solutions for the refining, shipping, and terminal sectors.
• Talus Exploration Archives Seismic data management software streamlining the entire geological and geophysical data lifecycle from acquisition and storage to retrieval and collaboration.
• Rezatec Geospatial data analytics for water, forestry, and agriculture helping leaders manage risk or yield of assets and prioritize capital and operational investment.
• Axis (Adept Solutions) Comprehensive production accounting solution used by oil companies worldwide for business-critical activities of production allocation and reporting with improved data integrity and operational insight.
• roundLAB Wellbore positioning and survey management specialist providing survey accuracy enhancement capabilities including Multi Station Analysis (MSA) to reduce systematic error in magnetic wellbore surveys and minimize ellipsoid of uncertainty, as well as sag correction to reduce TVD error and improve well placement accuracy.

Quantifiable outcome

• Petrosys software used at over 300 sites globally
• +2 more outcomes

Named customers9 records

Segments5 records

Ideal customer profiles5 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature15 records

Scale indicators12 records

Recent moves6 records

Expansion highlights5 records

Others

• Emerson (Aspen Technology): Industrial automation conglomerate whose Aspen Technology division competes in industrial asset and energy software. Also acquired Paradigm (geoscience), making it a direct competitor in E&P interpretation and modeling software served by Carina portfolio companies.

Broad incumbents

• Hexagon AB: Global geospatial and industrial software company with overlapping capabilities in subsurface data, mapping, and asset performance. Adjacent competitor to Petrosys and several other Carina portfolio brands in geospatial E&P workflows.
• SLB (Schlumberger): Largest oilfield services company, with the DELFI E&P software platform as a direct competitor to several Carina portfolio products (IKON Science's RokDoc, Petrosys, GeoSoftware). A broad incumbent with overlapping upstream software offerings.
• Halliburton / Landmark: Major oilfield services company with the Landmark DecisionSpace geoscience and reservoir software suite. A broad incumbent competing with IKON Science, Geoactive, GeoSoftware, and Petrosys in subsurface interpretation and data management.

Emerging players

• Thoma Bravo: Large-cap PE firm focused on enterprise and vertical market software. Competes with Carina for software acquisitions in the same target market, although typically with a 5-7 year hold rather than permanent capital.
• Hg Capital: European PE firm specializing in software and services investments, frequently buying VMS companies. While a PE firm rather than a permanent-capital vehicle, Hg targets similar founder-led VMS businesses and competes for tuck-in and platform acquisitions.

Direct peers

• Jonas Software: Sister operating group within Constellation Software that acquires and operates VMS companies in hospitality, food service, and related verticals. Uses the same buy-and-hold-forever acquisition model as Carina, providing a direct structural comparable.
• Lumine Group: Sister operating group within Constellation Software focused on communications and media VMS acquisitions. Operates the same perpetual-capital acquisition model as Carina, making it a direct strategic comparable.
• Volaris Group: Sister operating group within Constellation Software Inc., focused on acquiring and operating vertical market software businesses across multiple industries. Directly comparable to Carina's VMS acquisition-and-hold strategy, just in non-energy verticals.
• Roper Technologies: Public US technology conglomerate that acquires and operates niche, asset-light software and engineered products businesses. Closest large-cap public peer to Constellation/Carina's VMS acquisition-and-hold-forever strategy, with a similar focus on capital allocation discipline.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/carinasw

Revenue estimate

Valuation estimate

Number of profiles

Profiles5 records

Subsidiaries21 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Carina Software Group