Oildex, which provides B2B automation services geared towards the oil and gas industry, has just made a strategic acquisition to strengthen its procure-to-pay offerings.
In an announcement made Monday (June 29), Oildex revealed it had reached an agreement to buy Automatic Data Processing’s Procure-to-Pay unit, a deal the companies said will combine two major players in the financial supply chain automation industry.
Oildex will completely absorb the business, which will include the acquisition of OpenInvoice, the accounts payable automation tool that helps businesses manage their financial supply chain and maintain financial documents and transactions. The service provides B2B payments services as well as e-invoicing, royalty checks, gas plant documents and other key B2B finance features unique to the energy and gas sector.
“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,” said Oildex CEO Richard Slack in a statement. “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.”
According to reports, Oildex already operates for more than 1,100 corporate customers and is connected to more than 50,000 suppliers throughout the U.S. and Canada. It focuses its financial supply management services for the gas market, which it says has “a long and successful track record of partnering with leading operators, suppliers, service providers and mineral rights owners.”
Financial details of the takeover were not reported by the company.
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