Oildex Announces Strategic Equity Partnership with Accel-KKR
Monday, February 24, 2014
Posted by: Maggie Reber-Wynn
OILDEX ANNOUNCES STRATEGIC EQUITY PARTNERSHIP WITH ACCEL-KKR
Technology-focused private equity firm invests in the growth of leading oil and gas information management platform provider
DENVER and HOUSTON –February 24, 2014–Transzap, Inc., the provider of Oildex smart information management solutions for the oil and gas industry, announced today it has received a majority equity investment to support its strategic growth from Accel-KKR, a leading technology-focused private equity firm. The new partnership enables Oildex to make continued investments in its customers, existing solutions, new product development initiatives and market expansion.
"Oildex’s reputation for delivering innovative cloud-based data exchange and process automation solutions to oil and gas company clients gave us the opportunity to choose from many interested partners,” saidRichard Slack, CEO of Transzap. "We quickly became convinced Accel-KKR will provide the support Oildex needs to break new ground and we are excited to team with them to further drive growth and continue our industry leadership.”
Oildex views Accel-KKR’s interest as an affirmation of the strength of its business automation solutions and data exchange platform and a reinforcement of the important role that these solutions play in the dynamic oil and gas market. As consolidation has changed the competitive landscape, Oildex remains strictly focused on delivering innovative cloud-based data management solutions and information platform to streamline oil and gas operational accounting processes, share knowledge, provide better visibility into cash management and support more profitable business relationships.
"Oildex has demonstrated all the characteristics that Accel-KKR looks for: a top management team, proven market leadership, a world-class client base, a superior service delivery model and an industry-leading technology platform,” said Tom Barnds, Managing Director at Accel-KKR.
"Rick and his team have demonstrated success in driving sustained and scalable growth,” added Dean Jacobson, Principal at Accel-KKR. "We look forward to bringing our considerable network to bear and working in partnership with Oildex’s capable, experienced management team to facilitate the execution of Oildex’s ambitious growth plan.”
Joe Porten, Vice President at Accel-KKR, will join Barnds and Jacobson as the newest members of Oildex’s board of directors.
Vaquero Capital LLC served as financial advisor to Transzap in connection with this transaction. The terms of the deal were not disclosed.
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