Transzap Inc., the parent company of Oildex, a developer of cloud-based smart information management solutions for the energy industry, has received an investment of over $3 million from a large independent oil and gas exploration company to employ Spendworks, a SaaS-based solution proven to streamline invoice workflow and approval processes.
Access to Oildex’s network of tens of thousands of industry-specific vendor connections, paired with its dedicated vendor enablement service, will allow the oil and gas producer producer to receive digital invoices from its suppliers and process them through a secure web-based workflow, eliminating the need for paper-based processing. The agreement allows for 500 of the company’s users to access Spendworks where they will validate, code, route and approve invoices. Invoices that have been approved will upload into the company’s ERP system for payment. Additionally, Spendworks could help improve margins and drive-down costs by identifying and capturing early payment discount opportunities.
"Oildex's financial data platform offers oil and gas companies, their partners, and suppliers a community and framework for carrying out business over the Internet, resulting in substantial savings from no longer having to exchange core operating and financial information manually,” explained Oildex President and CEO, Richard Slack.
Transzap™, the parent company of 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.