“It’s not really that we’re taking features from one and adding them to the other,” Beaupre said. Beaupre emphasized that Oildex intends to combine the two platforms into one solution set that will include the top features from OpenInvoice and Oildex under the Oildex brand name. Within the next 90 days, however, Beaupre said that Oildex will roll out precisely how they plan to converge the two solutions. In terms of the product roadmap, Beaupre told us that the current plan is to support both the Oildex and OpenInvoice platforms. The combined company now has 1,100 customers and more than 50,000 suppliers on its supplier network, with 20 million invoices processed per year across the Oildex and OpenInvoice platforms. “As a company our business is to connect and automate that entire oil and gas ecosystem that’s why we acquired OpenInvoice,” said Jennifer Beaupre, vice president of marketing for Oildex, in a recent interview with Ardent. ADP’s OpenInvoice is actually an outgrowth of ADP’s acquisition of DO2 Technologies in 2010, which was another eInvoicing player with a strong focus on the oil and gas industry.
Oildex has focused on the financial supply chain in oil and gas since its founding in 1999, and has built a solution designed to manage not only electronic invoicing (eInvoicing), but also owner relations and joint interest billing-both critical financial needs for the oil and gas industry.
The acquisition has two immediate consequences: ADP’s exit from the AP automation space, and a consolidation of two competing solutions with strong footprints in the oil and gas industry. In late June, Oildex announced that it acquired ADP’s accounts payable automation business, including the “OpenInvoice” solution-for an undisclosed purchase price.
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