Oildex Acquires PDS Energy Financial Data Exchange Products and Services
DENVER CO – July 12, 2017 – Oildex, a service of Transzap, Inc. (“Oildex”), today announced it has acquired the financial and accounting data exchange products and services of PDS Energy Information, Inc. (“PDS Energy”). This transaction, which includes PDS’s Owner Relations products and services, creates the #1 digital data exchange platform and network in the oil and gas industry. PDS Energy will continue to focus on providing operational data through their Well Data Exchange and production exchange services to oil and gas market participants.
Oildex operates the largest business network in the oil and gas industry. Its software and services enable over 250 operators, 61,000 suppliers, millions of mineral rights owners and dozens of financial institutions in North America to connect, automate and collaborate digitally. The Oildex network allows businesses in the oil and gas ecosystem to seamlessly collaborate across their financial supply chains, automate key business processes, eliminate the high cost and errors of paper, and obtain access to key data to make more informed business decisions.
This combination of Oildex and PDS Energy’s financial data exchange operation means companies within the oil and gas ecosystem can now partner with a single provider to automate their entire financial supply chain and securely exchange digital statements including royalty and revenue detail (CDEX), joint interest bills (JIB), gas statements and more with all their business partners. Combined with our market-leading AP automation and electronic invoicing solutions, Oildex is the only company to offer end-to-end financial supply chain automation solutions to the North America oil and gas industry.
“This business combination will strengthen the ability for businesses in the oil and gas ecosystem to improve operational efficiency, have better visibility into cash management and create more profitable business relations through automation, connections and collaboration,” said Richard Slack, CEO of Oildex. “By combining our digital statement inventories, we can move the industry closer to its goal of 100% secure digital data exchange with 0% manual processing.”
“Over the past 20 years, the PDS Energy and Oildex digital data exchange services have grown to be the leaders in providing financial and accounting data to North American oil and gas participants," said Barry Barksdale, President and founder of PDS Energy. "The combination of these two businesses creates a world class offering that will move the industry closer to becoming fully digital.”
More information about the transaction is available on the Oildex blog. Terms of the transaction were not announced.
Oildex is transforming the way oil and gas companies manage their financial operations. Over 250 operators, 61,000 suppliers, dozens of financial institution and millions of mineral rights owners in North America use the Oildex network to seamlessly and securely collaborate across their financial supply chains, automate key business processes, eliminate the high cost and errors of paper, and obtain access to key data to make more informed business decisions. Oildex is privately held, backed by Accel-KKR, and is headquartered in Denver, Colorado with offices in Houston, TX and Calgary, Canada. Learn more about Oildex at www.oildex.com
Accel-KKR is a technology-focused private equity firm with over $4 billion in assets under management. The firm invests primarily in software and technology-enabled businesses well positioned for topline and bottom-line growth. At the core of Accel-KKR's investment strategy is a commitment to developing strong partnerships with the management teams of its portfolio companies and a focus on building value through the significant resources available through the Accel-KKR network. Accel-KKR has a particular focus on buyouts and recapitalizations of family-owned or closely held private companies, going-private transactions, and divisional buyouts of larger companies. Accel- KKR invests across a range of structures, functions as minority or majority investors, and commits a wide range of capital. The firm has offices in Menlo Park, Atlanta, and London.