Oildex processes over $170B in transaction detail through its smart information management platform

Oildex

Oildex, a developer of cloud-based information management solutions for the energy industry, saw record growth in 2012 through its smart information management platform.

In 2012, Oildex processed $170 billion in transaction detail through its smart information management platform – an increase of more than 18% over the previous year. This volume is one of the highest on record in the energy industry's cloud financial services arena. Today, more than 7,900 companies and 130,000 registered users in the oil and gas industry rely on Oildex’s financial data platform to exchange, process, and analyze their critical business information.

Oildex’s recent investment and deployment of the Oracle 11g database, provides the company with even higher system performance and even greater capacity for growth. Within the coming year, the company plans to release new versions of its ePayables and eRevenue solutions, along with new products focused on innovative analytics and data management. The company has also grown its executive management, software development, operations, human resources, sales, and project management teams, as well as expanded its Denver-based corporate headquarters.

“Oildex has grown significantly over the past year. We are proud to deliver solutions that dramatically improve business efficiencies and operational productivity for thousands of oil and gas companies,” said Richard Slack, Oildex president and CEO. “Oildex’s investments and growth are testaments to the company’s success in developing and deploying smart data management solutions. We plan to continue to expand our presence in the market with new products – allowing oil and gas companies and their customers to more productively manage their critical business information."

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 natural gas industry. The Oildex suite of services streamlines operations, enabling companies to shift from paper-based processes to electronic, and provides tools for companies to track and understand their transactions in near-real time. Currently available services include: digital and scanned invoice processing (Spendworks™), owner/producer relations data posting (Owner Relations Connect™), check stub reporting (Checkstub Connect™ - CDEX), scanned check stub reporting (CDEX Complete™), joint interest bill processing (JIB Connect™), scanned JIB processing (JIB Complete™), crude oil data exchange (Run Ticket Connect™ - CODE), and production and sales volume reporting. Transzap has offices in Denver and Houston.

 

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