Oildex Named 2016 Finalist for Colorado Technology Association’s APEX Awards
Denver, CO — November 28, 2016 — Oildex, a service of Transzap, Inc. (“Oildex”) and the largest cloud-based financial supply chain automation solution in the oil and gas industry, is proud to announce it was named as a finalist for the Colorado Technology Association APEX Awards. Oildex was nominated in the Project of the Year category for the development of its game-changing technology, OpenInvoice Field Ticket.
The APEX Awards recognize Colorado’s technology excellence, highlighting remarkable leaders and innovators. Since 2001, the Colorado Technology Association has hosted this prestigious event bringing together the community and celebrating the exceptional people, companies and accomplishments of the year.
This year, Oildex was recognized for its customer-centric approach in developing a product that analysts say will save the oil and gas industry billions of dollars a year. PayStream Advisors’ Director of Research and Consulting stated, “This field ticket technology has the potential to be a game-changer in the large-scale upstream oil and gas sector. Given an average savings of $7 per field ticket in labor, PayStream Advisors, a Levvel Company estimates an average savings of 4.1 cents per barrel of oil produced, totaling approximately $840M in savings for the top 10 producers alone. Coupled with an ability to pay invoices earlier that offer early-payment discounts, this savings further increases to over $1.4 Billion in savings to those top 10 providers.”
The 15th annual APEX Awards winners were named during their annual awards banquet at the Seawell Grand Ballroom in the Denver Center for the Performing Arts. Ten awards were given over nine categories. Nominees were judged by key thought leaders in the Colorado technology community who have expertise related to the categories they are judging.
Oildex transforms the way oil and gas companies manage their financial operations. As the market leader and innovator of cloud-based solutions for oil and gas financial supply chain automation, Oildex provides functionality that is built for the industry, eliminates paper-based processes, and provides analytics for greater financial insight. The Oildex technology platform includes: digital and scanned invoice processing (SpendworksTM and OpenInvoiceTM), owner relations web portals (Owner Relations), royalty check stub detail and reporting (CDEX), joint interest bill processing (JIB), crude oil data exchange (CODE), gas plant document exchange (GPEX), production and sales volume reporting and much more. Oildex is a privately held company backed by Accel-KKR and is headquartered in Denver, Colorado with offices in Houston, TX and Calgary, Canada.
About Colorado Technology Association
The Colorado Technology Association (CTA) leads the network of companies and professionals fueling Colorado's economy, through technology. Since 1994, the association has represented Colorado’s technology industry, one of the fastest growing industries in the state. The CTA leads an inclusive network that benefits our member community, advocates for a pro-business and technology-friendly climate, influences the development of a robust talent pipeline and leads initiatives to help companies grow. For more information on Colorado Technology Association, please call 303.592.4070 or visit ColoradoTechnology.org.
Courtney Cook, Marketing Manager