Acquisition Will Solidify Drillinginfo as Number One Oil & Gas Financial Automation Solution in North America
Austin, Texas (December 20, 2018) – Drillinginfo, the leading energy SaaS and data analytics company, announced today it will acquire Cortex, a Network-as-a-Service company that enables automation of accounts payable and receivable (AP and AR) processes for the oil and gas industry. Drillinginfo’s announcement arrives nearly three months after its acquisition of Oildex in September 2018, staying the course on Drillinginfo’s commitment to transforming the way the industry connects, collaborates, and automates data exchanges in energy.
“Adding Cortex to our portfolio ties the oilpatch’s entire automated financial transaction process together and expands our presence in Canada, currently the world’s fourth largest oil producing nation,” said Jeff Hughes, CEO and President of Drillinginfo. “The continent’s shale formations certainly don’t follow borders or boundaries and the networks that Cortex and Drillinginfo bring together will likewise ensure ubiquitous connectivity across North America,” said Hughes.
Among other combined improvements, Drillinginfo is expected to fold in Cortex’s e-invoicing-as-a-service with the expanded workflow and document management solutions.
“The addition of Cortex will bring immediate value to both the buyers and suppliers, while eliminating the time-consuming tasks for customers to process redundant responsibilities in multiple portals,” continued Hughes. “There will be one portal for all your needs and the creation of the largest oil and gas network in our continent,” said Hughes.
“Joining Drillinginfo, with their reputation for problem-solving efficiencies to help customers make better, faster decisions, made tremendous sense on multiple levels. We’re excited to fix overlaps, consolidate redundancies and improve what is a needless headache for the industry.,” said Joel Leetzow, President & CEO of Cortex.
Drillinginfo delivers business-critical insights to the energy, power, and commodities markets. Its state-of-the-art SaaS platform offers sophisticated technology, powerful analytics, and industry-leading data. Drillinginfo’s solutions deliver value across upstream, midstream and downstream markets, empowering exploration and production (E&P), oilfield services, midstream, utilities, trading and risk, and capital markets companies to be more collaborative, efficient, and competitive. Drillinginfo delivers actionable intelligence over mobile, web, and desktop to analyze and reduce risk, conduct competitive benchmarking, and uncover market insights. Drillinginfo serves over 5,000 companies globally from its Austin, Texas, headquarters and has more than 1,000 employees. For more information visit drillinginfo.com.
Cortex is a service-centric, digital transformation solutions provider focused on revolutionizing B2B document exchange helping businesses save time and money by replacing traditional paper-based manual systems with AP and AR invoice automation. Companies on the Cortex Network are positioned for success with solutions that offer the scalability and flexibility needed to evolve with their unique business needs. Cortex specializes in the development and delivery of integrated electronic document intake and management solutions using flexible connection methods that leverage existing technologies and processes. Cortex is currently enabling digital transformation in over 11,000 companies in the Oil & Gas, Mining, Manufacturing and Sports & Entertainment industries. For more information, please visit cortex.net.