Menlo Park, CA – September 18, 2018 – Accel-KKR, a technology-focused private equity firm, announced today that Oildex, the leading provider of financial automation software and services for the North American Oil & Gas industry, has been acquired by Drillinginfo, the leading energy SaaS and data analytics company for the energy industry. Accel-KKR led a recap of Oildex in February 2014.
During the 4 years under Accel-KKR’s ownership, Oildex has seen tremendous success including:
• Revenue and EBITDA growth of more than 400 percent
• Expanded breadth of the product portfolio making Oildex the only company that can offer end-to-end financial automation solutions for the Oil & Gas Industry
• Increased total headcount by more than 3x
• Completed three add-on acquisitions: the procure-to-pay business of ADP in June 2015, the financial and accounting data exchange business of PDS Energy in July 2017, and Phoenix DAS in September 2017
“We are excited about the transformation that Oildex has made since our initial investment in 2014,” said Dean Jacobson, Managing Director at Accel-KKR. “The team has worked hard to bring more solutions and greater value to our customers who are benefitting from an all-in-one financial supply chain platform.”
“Accel-KKR brought significant resources and operational expertise to the business at a time when the oil & gas industry has become increasingly more digital,” said Craig Charlton, CEO of Oildex. “We are well-positioned to continue this momentum and build out the next phase of our corporate strategy and products.”
Tom Barnds, Managing Director of Accel-KKR said, “We are excited about the possibilities that Oildex will have as part of Drillinginfo and look forward to watching their continued success.”
Accel-KKR will maintain a minority equity ownership position in Drillinginfo going forward.
Accel-KKR is a technology-focused investment firm with over $5 billion in capital commitments. The firm focuses on software and IT-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 significant resources available through the Accel-KKR network. Accel-KKR focuses on middle-market companies and provides a broad range of capital solutions including buyout capital, minority-growth investments, and credit alternatives. Accel-KKR also invests across a wide range of transaction types including private company recapitalizations, divisional carve-outs and going-private transactions. Accel-KKR is headquartered in Menlo Park with additional offices in Atlanta and London.
Oildex 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.