Alpine 4 Technologies Ltd. acquired Horizon Well Testing oilfield services company for $5.5 million, effective immediately, a Jan. 11 press release said.

Alpine 4 uses its 6th Sense Auto inventory management system to create inventory management software for Horizon’s heavy equipment asset base. The new software package will allow real-time reporting of equipment in the field—the first in the oil service industry, according to Alpine 4, the press release said.

Horizon will also be using one of Alpine 4's subsidiary company's automotive aftermarket safety device products called BrakeActive.

Payment of the $5.5 million will be through cash and stock.

Alpine 4 appointed Michael Steele as the president of Horizon, the press release added.

Steele has more than 20 years’ experience in executive and project management. He earned a bachelor’s degree and a master’s degree from the University of Arizona.

Horizon Well Testing is based in McAlester, Okla.