The combined company, which will operate as Oildex, is a provider of 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 operation centers in the US and Canada. Terms of the transaction were not disclosed.
Oildex provides a 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 others. Oildex is majority owned by Accel-KKR, a technology-focused private equity company.
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