DENVER--(BUSINESS WIRE)--Oildex, a service of Transzap, Inc. (“Oildex”), today announced that it has acquired the Procure-to-Pay (P2P) business of Automatic Data Processing, Inc. (Nasdaq: ADP), combining two leading technology providers in the fast-growing financial supply chain automation sector.
The combined company, which will operate as Oildex, is a leader in the accounts payable (AP) and business-to-business (B2B) automation segment within the broader financial supply chain automation sector, with over 1,100 customers, a network of more than 50,000 suppliers, and key operation centers in the United States and Canada. It supports a product portfolio that is uniquely positioned to meet the advancing needs of enterprises to manage complex financial supply chains, particularly in the oil and gas industry, where companies have a long and successful track record of partnering with leading operators, suppliers, service providers, and mineral rights owners.
The combination of Oildex solutions and the OpenInvoice™ AP automation solution brings together a unique set of technologies to manage the financial supply chain and support financial documents and transactions, including invoices, payments, royalty check stubs, joint interest bills, run tickets, gas plant documents, and more. This creates the opportunity for customers to work with a single technology provider with an adaptable technology backbone for all data types and formats supporting complex industries, particularly in the oil and gas market.
“We are thrilled to converge the highly complementary Oildex B2B solutions with the OpenInvoice™ automation solution to meet and exceed the needs of our customers today and in the future,” said Richard Slack, CEO of Oildex. “Together, our product portfolio is unparalleled in financial supply chain automation, and covers the unique needs of both large and small enterprises that manage a complex supply chain. Our combined platform for supply chain partners (buyers and suppliers) enables them to ‘connect once, and communicate with all’ for all of their business relationships."
Oildex is majority owned by Accel-KKR, a technology-focused private equity firm, which is making an incremental equity investment in the company to help facilitate the acquisition.
Terms of the transaction were not disclosed.
About Oildex
Oildex provides a complete, broad B2B automation offering for oil and gas companies. Services include: digital and scanned invoice processing (Spendworks™ and OpenInvoice™), owner relations web portals (Owner Relations Connect™), 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. For a full view of Oildex offerings visit www.oildex.com.
About Accel-KKR
Accel-KKR is a technology-focused private equity firm with over $2.5 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. For more information www.accel-kkr.com.
