DrillingInfo, the Austin-based startup digitizing the oil and gas industry, has been acquired by Genstar Capital, a private equity firm based in San Francisco.

To date, DrillingInfo has raised $199.7 million in funding, with the bulk coming from private equity investor Insight Venture Partners. Upon close of the deal, Genstar will become the new majority shareholder of the business with Insight Ventures retaining a significant minority stake. Financial terms of the deal were not disclosed.

Drillinginfo, with 675 employees at 13 offices, has created a data, analytics software platform for the energy industry. The company has made ten acquisitions since its founding in 1999. It has more than 3,500 customers in 50 countries and has more than 45,000 users on its platform.

“Our investment focus in the software sector is to identify companies with market-leading technologies operating in dynamic growth markets, Eli Weiss, Managing Director of Genstar, said in a news statement. “As with our earlier successful partnerships, we will provide the additional investment capital and resources to further broaden Drillinginfo’s customer relationships and execute their growth strategy.”

“Our growth is attributed to the unmatched quality of our products combined with an unwavering focus on the customer and supported by our incredibly talented team of people,” Jeff Hughes, CEO and President of Drillinginfo said in a news statement. “We are now doing a better job than ever of serving customers as large as supermajors and as small as sole proprietors. We will continue to expand our range of product technologies to support our customers’ growing needs anywhere in the world. Genstar has a deep understanding of SaaS platforms like ours and we look forward to working together to further expand our suite of product offerings in areas important to our customers.”

Drillinginfo has successfully completed over 10 acquisitions to further strengthen its business. Recently, Drillinginfo announced the acquisition of PLS, Inc.’s research and database business and 1Derrick, two highly-visible companies in the oil and gas industry that offer services for sourcing, valuing and analyzing asset transactions.