DENVER, CO and HOUSTON, TX – February 23, 2016 – Oildex, a Service of Transzap Inc. (“Oildex”) announced today that they have been recognized by the OFS Portal community as an approved business network for their members. Oildex is a market leader in cloud-based solutions for oil and gas financial supply chain automation. Oildex will provide a B2B network that enables both oilfield service companies and oil and gas operators to eliminate paper-based transactions and automate their AP processes. “Oildex is excited to partner with OFS Portal as an approved business network offering our cloud-based solutions to their members helping to eliminate paper-based transactions and digitize the supply chain,” said Mike Weiss, Chief Technology Officer of Oildex.
While the OFS Portal community continues to grow, they strive to keep their commitment to focus on cost-effective supply chain digitization. Following Oildex’s acquisition of OpenInvoice™, OFS Portal has played a role to migrate current Oildex customers from the Spendworks product platform over to OpenInvoice and will continue to deliver on their commitment to those operators. We have also teamed up to help introduce Oildex’s new cloud-based solution, Fieldticket, to the market through the use of Petroleum Industry Data Exchange (PIDX) Standards. The OpenInvoice field ticket solution, available later this year, provides Engineers with real-time visibility of committed spend weeks before the invoice arrives and reduces the administrative load on Field Supervisors by providing an efficient, mobile, way to approve tickets. By automating the invoice to field ticket reconciliation process the OpenInvoice solution allows Account Payable clerks and invoice approvers to focus on the exceptions.
Oildex is part of the existing OFS Portal Community; the community now has eight members, more than 25 networks and 236 oil company buyers.
Oildex transforms the way oil and gas companies manage their financial operations. As a market leader and innovator of cloud-based solutions for oil and gas financial supply chain automation, Oildex provides functionality that is built for the industry, eliminates paper-based processes, and provides analytics for greater financial insight. The Oildex technology platform includes: digital and scanned invoice processing (SpendworksTM and OpenInvoiceTM), owner relations web portals (Owner Relations), 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.