AUSTIN, Texas, Sept. 18, 2018 /PRNewswire/ -- Drillinginfo,
the leading energy SaaS and data analytics company, has acquired
Oildex, the largest oil & gas financial automation software
firm in North America. This
combination will transform the way the industry connects,
collaborates, and automates data exchange for financial
transactions and field operations.
"By acquiring Oildex, we immediately expand our E&P and
Oilfield Services base and reach across the energy value chain with
Oildex's full suite of financial automation solutions for
automating invoicing, payments, field tickets, and data exchange.
Oildex is a leader in managing relations between operators and
their valued mineral rights owners, which enables us to accelerate
our growth priority in the large mineral owner market. Our common
core customer base and approaches to platforms in the cloud spark
an immediate synergy," said Jeff
Hughes, CEO and President of Drillinginfo.
"Drillinginfo has a reputation for enabling energy companies to
gain efficiencies and understand competitive positioning," added
Craig Charlton, CEO Oildex, an
Accel-KKR portfolio company. "They have evolved beyond just
focusing on upstream activity to driving value creation for
customers across multiple oil & gas market segments. Together
we will be able to apply more of our problem-solving capabilities
to help the oil & gas industry," said Charlton.
The Oildex network excels at enabling seamless and secure
collaboration across business partners, automating critical
business processes, and eliminating the high cost and errors
associated with handling paper. Drillinginfo's vast store of
current and historic industry data combined with built-in analytics
will complement these capabilities in a way that no other
combination could.
Additionally, solutions for oilfield services (OFS) are an area
of rapid innovation and growth for both companies. Combining
Drillinginfo's powerful OFS mobile app with Oildex's OpenTicket and
the broader suite of Oildex's field services management tools will
provide an unmatched end-to-end SaaS platform for oilfield
services. Drillinginfo will connect workflows from lead generation
to job delivery and payment processing, reducing costs, improving
resource utilization, and increasing productivity and transparency
to make better business decisions. This incredible combination for
oil & gas service providers is scalable and can serve the needs
of customers ranging from small regional businesses all the way to
global OFS companies.
Minerals represent a growth area for both companies' solutions,
which will only get stronger as a result of the combination. In
today's "cash is king" market environment, operators are
increasingly outsourcing non-core services like owner relations,
including check stub processing, call centers, and payments. This
frees up precious resources and sharpens focus on their actual
competitive advantage — drilling better wells.
"We aim to provide a decision support platform combined with
financial automation that adds far more value than simple process
efficiency within any one segment or function," added Hughes. "The
extensive and growing network of industry participants will create
a multiplier effect of value for every business served. We couldn't
be more excited."
Oildex is hosting its annual User Conference September 18-20 in Park
City, Utah.
The Oildex team will join Drillinginfo and add their
teams from downtown Denver,
Houston, Calgary, Austin, and Tennessee, along with several
remote location team members. This marks the first acquisition
Drillinginfo has made after Genstar Capital purchased a
majority stake in the company from Insight Venture
Partners in July 2018.
About Drillinginfo
Drillinginfo delivers
business-critical insights to the energy, power, and commodities
markets. Our state-of-the-art SaaS platform offers
sophisticated technology, powerful analytics, and industry-leading
data. Our solutions deliver value across upstream, midstream and
downstream markets, empowering exploration and production
(E&P), oilfield services, midstream, utilities, trading and
risk, and capital markets companies to be more collaborative,
efficient, and competitive. Drillinginfo delivers actionable
intelligence over mobile, web, and desktop to analyze and reduce
risk, conduct competitive benchmarking, and uncover market
insights. Drillinginfo serves over 3,500 companies globally from
its Austin, Texas, headquarters
and has approximately 675 employees. For more information visit
drillinginfo.com.
About Oildex
Oildex, an Accel-KKR portfolio company,
is transforming the way the oil and gas industry connects,
collaborates and automates. More than 1,100 operators, 74,000
registered service providers, dozens of financial institutions and
millions of mineral rights owners use the Oildex Network to
seamlessly and securely collaborate with their business partners,
automate critical business processes, eliminate the high cost and
errors associated with the handling of paper, and obtain access to
key data to make more informed business decisions. Oildex is
headquartered in Denver and has
offices in Calgary; Houston;
Austin; Fayetteville, Arkansas, and Tennessee. Learn more about Oildex
at https://www.oildex.com.
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SOURCE Drillinginfo