Establishes market leader in financial supply chain automation for the Oil and Gas vertical
GREENWICH, Connecticut, June 29, 2015 /PRNewswire/ --Mooreland Partners (www.moorelandpartners.com), the leading independent investment bank providing M&A and private capital advisory services to the global technology industry, today announced that it acted as the exclusive financial advisor to Automatic Data Processing, Inc. (NASDAQ: ADP) http://www.kallidus.com/ on the sale of its ADP Procure-to-Pay ("P2P") business to Oildex, a portfolio company of Accel-KKR. The transaction solidifies Mooreland Partners' position among the most active advisors in Enterprise Software.
ADP P2P offers a robust, cloud-based accounts payable automation platform, OpenInvoice', which combines advanced electronic invoicing, price compliance, and spend visibility solutions with a network of more than 45,000 suppliers serving the O&G industry. The highly secure transaction network connects some of the world's largest buyers and suppliers of all sizes, from regionals to nationals and multi-national corporations. Oildex provides a broad business-to-business ("B2B") automation offering for O&G companies including invoice processing, owner relations web portals, royalty check stub detail and reporting, joint interest bill processing, crude oil data exchange, production and sales reporting, and more.
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"With this highly strategic transaction, Accel-KKR's Oildex combines forces with ADP's P2P business to offer the Oil & Gas industry a comprehensive financial supply chain automation suite," said Scot Sedlacek, Managing Director, Mooreland Partners.
The merged company creates a market leader in accounts payable ("AP") and B2B automation solutions 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. The combined company supports a product portfolio that is uniquely positioned to meet the advancing needs of businesses in multifaceted industries, including O&G operators, suppliers and service providers, who need to manage complex financial supply chains.
ABOUT MOORELAND PARTNERS
Founded in 2002, Mooreland Partners is a leading independent investment bank providing M&A and private capital advisory services to the global technology industry, serving clients from its offices in Silicon Valley, Greenwich (CT), and London. Mooreland's team of almost 50 banking professionals delivers industry domain and transaction expertise across all major technology sectors including communications technology, mobile and digital media, enterprise software and services, as well as industrial technology and electronics. Follow us on Twitter or learn more at www.moorelandpartners.com.
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