IHS Inc., a global provider of industry and technical information, has purchased OPIS – the Oil Price Information Service – from UCG Holdings for $650 million in cash, the companies announced on Feb. 11.
Founded in 1980, OPIS collects and manages historical and real-time data on refined petroleum products, natural gas, crude oil and other fuels. In trucking it is known for extensive coverage of all aspects of the North American diesel fuel and gasoline markets.
OPIS CEO Brian Crotty confirmed the sale to Transport Topics and said he will remain in his job, as will the rest of OPIS management.
“The combination of IHS and OPIS will allow us to offer you significantly expanded pricing, news, analysis and workflow tools,” Crotty said.
Based in Englewood, Colorado, IHS became involved with trucking in July 2013 when the company bought R.L. Polk & Co., the Michigan-based firm that tracks vehicle registrations, including those of heavy-duty trucks.
IHS’s Global Insight division is also a frequent partner with American Trucking Associations in doing industry studies and participating in ATA’s annual Management Conference & Exhibition.
“IHS made it clear that they are buying our company because we have a successful, scalable model and great employees who make that possible. They value our strong reputation, our people and our methodologies, all of which will immediately bring value to the combined organization,” Crotty said.