Oildex, a service of Transzap, Inc. (“Oildex”), today announced that it has acquired the Procure-to-Pay (P2P) business of Automatic Data Processing, Inc. (Nasdaq: ADP), combining two leading technology providers in the fast-growing financial supply chain automation sector.
The combined company, which will operate as Oildex, is a leader in the 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 key operation centers in the United States and Canada. It supports a product portfolio that is uniquely positioned to meet the advancing needs of enterprises to manage complex financial supply chains, particularly in the oil and gas industry, where companies have a long and successful track record of partnering with leading operators, suppliers, service providers, and mineral rights owners.
The combination of Oildex solutions and the OpenInvoiceTM AP automation solution brings together a unique set of technologies to manage the financial supply chain and support financial documents and transactions, including invoices, payments, royalty check stubs, joint interest bills, run tickets, gas plant documents, and more. This creates the opportunity for customers to work with a single technology provider with an adaptable technology backbone for all data types and formats supporting complex industries, particularly in the oil and gas market.
“We are thrilled to converge the highly complementary Oildex B2B solutions with the OpenInvoice automation solution to meet and exceed the needs of our customers today and in the future,” said Richard Slack, CEO of Oildex. “Together, our product portfolio is unparalleled in financial supply chain automation, and covers the unique needs of both large and small enterprises that manage a complex supply chain. Our combined platform for supply chain partners (buyers and suppliers) enables them to ‘connect once, and communicate with all’ for all of their business relationships.”
Oildex is majority owned by Accel-KKR, a technology-focused private equity firm, which is making an incremental equity investment in the company to help facilitate the acquisition.
Terms of the transaction were not disclosed.