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Saturday, April 10, 2021

Fort Worth-based oil and gas accounting software firm acquired

Houston-based Quorum Software, a Thoma Bravo portfolio company and a leader in digital transformation for the oil and gas industry, announced today that it has acquired Fort Worth-based OGsys, the leading provider of cloud-based oil and gas accounting software for small and medium-sized businesses. Quorum’s acquisition of OGsys complements its accounting solutions for mid-market and enterprise companies with upstream accounting software designed for growing businesses.

OGsys’s customer base includes more than 600 upstream oil and gas companies, They will now gain access to Quorum’s integrated suite of software – Upstream On Demand.

“Small and medium-sized oil and gas businesses are laser-focused on production, so they need a complete view into operations,” said Chuck Blanton, president and co-founder of OGsys. “Our customers will now benefit from having access to a full suite of industry-leading solutions that will support their growth. Together, we bring to the marketplace a true integration of accounting, production, well lifecycle and land management solutions that scale, drive efficiency and promote profitability.”

The combination of OGsys and Quorum will increase the value proposition for customers of both companies, according to a company news release. Quorum’s SMB customers, including more than 200 small businesses, will be able to extend their investments in land management, well lifecycle reporting and production solutions with state-of-the-art accounting software designed for the SMB market.

OGsys helps oil and gas operators, interest owners, mineral companies and private equity companies properly manage the complex accounting needs of the industry. OGsys not only expands Quorum’s Upstream On Demand with purpose-built oil and gas accounting software, but also addresses a technology gap in the marketplace for modernized, cloud-based accounting software. Now, small enterprises can improve accounting processes at an affordable price using a solution that can grow and scale with the full suite of capabilities needed to run a modern energy workplace.

“Adding OGsys to our already-strong lineup of upstream solutions further strengthens our Upstream On Demand suite,” said Gene Austin, chief executive officer of Quorum. “OGsys has been at the forefront of the industry’s move to modernize through the adoption of cloud-based oil and gas software. With accounting solutions that have deep functionality and ease of use, OGsys extends our reach into the small and medium-sized market and furthers the Quorum mission to streamline operations that drive growth and profitability across the energy value chain.”

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 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 80% 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., according to the news release.

Thoma Bravo is a leading private equity firm focused on the software and technology-enabled services sectors.

Kirkland & Ellis LLP was legal advisor to Quorum. Holland, Johns & Penny LLP was legal advisor to OGsys. Financial details of the acquisition were not disclosed.

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