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TMCNet:  Oildex Celebrates Milestone Anniversary with Record-Breaking Customer Adoption and Yearly Revenue Growth

[February 18, 2014]

Oildex Celebrates Milestone Anniversary with Record-Breaking Customer Adoption and Yearly Revenue Growth

DENVER & HOUSTON --(Business Wire)--

Oildex, the innovator of smart information management solutions for the oil and gas industry, is celebrating its 15-year anniversary and a record-breaking year of customer adoption and revenue growth.

Since 1999, Oildex has delivered SaaS (News - Alert) solutions proven to dramatically improve accounting processes for the North American oil and gas industry. In its fifteen year history, Oildex:

  • Created the industry-leading smart data exchange for managing revenue transactions
  • Delivered the first owner relations solution for managing royalty information for Operators
  • Innovated cloud-based oil and gas solutions when the world was client-server
  • Developed the first ePayables solution tailor-made for oil and gas enterprises
  • Grew the largest network of industry specific eInvoicing suppliers

Oildex initiated a stratgy for rapid corporate growth in mid-2012. Compared to 2012, the company's new business grew an unprecedented 141% and total yearly revenue increased more than 20%, far exceeding its targets for 2013.

At a network level, Oildex increased its community of eInvoicing supplier connections by 62%; the number of total registered users increased by nearly 10%.

To ensure the company continues to deliver world-class customer service and support, Oildex increased hiring by 80%, adding staff across all areas of the organization. Thousands of oil and gas companies and hundreds of thousands of users rely on Oildex to manage and protect over $182,000,000,000 in annual transaction data. Furthermore, Oildex's Professional Services (PSO) team streamlined their process for customer implementations, performing 78% more system go-lives in 2013 than the previous year and increased services revenue 290%.

Oildex added new capabilities to Spendworks in 2013, including an enhanced user experience, smart terms and discount functionality, mobile invoice approval and an improved eInvoicing platform for suppliers.

"Oildex's outstanding progress is due to the work of its exceptional team, our fantastic customers, and our strategy for continued growth," said Richard D. Slack, President and CEO of Oildex. "Ultimately, what's most rewarding is enabling bottom-line success for our customers. As the market leader, we pride ourselves on our ability to dramatically improve operational accounting processes for the oil and gas industry and deliver unparalleled service and support. While the accomplishments of the past decade and a half are a good start, I am truly excited about the growth ahead for Oildex and, more importantly, our community of oil and gas operators, their suppliers and partners."

About Oildex - Oildex provides smart information management and business process automation Software-as-a-Service (SaaS) solutions to over 7,900 companies and 130,000 registered users in the oil and gas industry. The Oildex suite of services streamlines operations, enabling companies to shift from paper-based to electronic processes and provides tools for companies to track and understand their transactions in near-real time.


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