Denver, CO – June 29, 2015 – 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. AccelKKR
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.
