Leader in Digital Transformation for Oil and Gas Enhances Solution Portfolio to Accelerate Digitization and Drive Operational Efficiency
HOUSTON--(BUSINESS WIRE, June 19, 2019)--Quorum Software (Quorum), a Thoma Bravo portfolio company and the leader in digital transformation for the oil and gas industry, announced today that it has acquired Dallas-based Archeio Technologies, the leading provider of oil and gas document classification and smart search technology. The acquisition expands and strengthens Quorum’s industry-leading software and services with a cloud-based document management tool built to make oil and gas operations more secure, agile and compliant.
“This is a natural fit into our portfolio and gives us a variety of opportunities to expand how we help our customers. The combination of Archeio and Quorum will increase the efficiency of workflows across our Upstream solutions,” said Gene Austin, chief executive officer of Quorum. “We want to make it easier to find the information locked in land, accounting or well files, whether that person is searching from the field or the office, is a partner or interest owner, or is performing diligence.”
Founded in 2014, Archeio Technologies enhances Quorum’s solutions in the areas of oil and gas document management, data classification and enterprise search. Purpose-built for oil and gas, Archeio helps operators streamline transactions and back-office business processes. Using a proven taxonomy through intelligent text recognition, automation and metadata tagging, Archeio has experienced strong customer growth from large, publicly-traded companies and independent operators looking to solve the unstructured data challenge.
“The oil and gas industry is challenged to manage a complex system that generates vast amounts of data, much of which is unclassified and often not digitized,” said Rex Womble, the co-founder and CEO for Archeio. “By joining the Quorum team, we can better help the industry progress in modernizing the back-office and build out innovative solutions that speed A&D processes as well as simplify the relationship with external partners.”
Quorum provides integrated solutions for its customers’ core processing demands across the upstream, midstream and downstream segments of the oil and gas value chain. The company’s portfolio of innovative software addresses a broad spectrum of energy companies’ needs, from operations to accounting, plant management and financial forecasting. Quorum is the preferred software provider to over 75% of the largest oil and gas producers in the United States, and its technology powers 80,000 miles of pipeline and accounts for 80% of all natural gas processed in the U.S.
Kirkland & Ellis LLP was legal advisor to Quorum. Bell Nunnally was legal advisor to Archeio. Financial details of the acquisition were not disclosed.
About Quorum Software
Quorum offers an industry-leading portfolio of finance, operations and accounting software that empowers energy companies of all sizes to conquer their most complex business challenges. From the field to the back office, defying complexity is coded in our DNA and our software. This unmatched experience is why Quorum is the choice of eight of the largest public energy companies worldwide, 75 percent of LNG exporters throughout North America and 80 percent of all natural gas processed in the United States. Designed for digital transformation, the myQuorum software platform delivers open standards, mobile-first design and cloud technologies to empower innovation at the speed of thought. At Quorum, we’re helping visionary leaders transform their business, and the energy industry, for a digital world. For more information, visit quorumsoftware.com.
About Archeio Technologies
Archeio Technologies provides an innovative way for oil and gas companies to securely manage and intelligently search well and land information. Based in Dallas, Archeio helps operators efficiently access, classify, and organize unstructured data and documents through services, automation, and its cloud-based information management platform. Founded in 2014, Archeio has a growing customer base that includes large, publicly traded companies and independent operators. The company’s software is currently used to manage information for thousands of well and land assets across North America.
Read the official press release here.